Forget EVs – stationary batteries get all the buzzand investment, in the US today.
beginning Lunar Energy is the latest example. The six-year-old company, which builds battery packs for homeowners in California, Georgia, and Washington, said Wednesday it has completed two large rounds of funding. The startup showed up previously unannounced $130 million Series C and $102 million Series D. Series C was led by Activate Capital, while Series D was led by B Capital and Prelude Ventures.
The startup plans to use the funds to scale up manufacturing to 20,000 units by the end of this year before increasing to 100,000 by the end of 2028. In total, Lunar has raised more than $500 million from investors.
Stationary storage has been a bright spot for battery makers who have been hit with whiplash after the Trump administration and the GOP-controlled Congress. gutted a large part of the Inflation Reduction Actwhich has given companies incentives to build batteries in the US to supply the automotive industry.
As the grid strains under the weight of the economy of increasing electricity – along with the boom in the demand for data centers – the battery-connected grid has become one of the most versatile ways to boost its durability.
Lunar can call on a fleet of batteries, available in 15 kilowatt-hour and 30 kilowatt-hour modules, to deliver juice to the grid as needed. Virtual power plant (VPP) software can also control EV chargers and equipment, allowing them to supply electrons when demand is reduced.
Those VPPs expected in order to replace expensive and polluting peak power plants within a few years.
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The competition for space has been heating up lately. In October, Base Power raised $1 billionless than six months after raising a $200 million round for home battery-based VPP. Tesla also operates its own Powerwall-based VPP.
Outside of home settings, Tesla’s storage business has growing in leaps and boundswhile former Tesla executive JB Straubel’s startup Redwood Materials has opened its own energy storage division. Even Ford want in action.
Batteries have gone from a minor player just five years ago to a major asset in the grid. Its modularity makes it quick to build and easy to install, and while it’s still expensive compared to some fossil fuel power sources, prices have dropped rapidly. No wonder investors piled on.