- Safe panel-level energy storage developer announced it raised $1.5 million in seed funding
Yotta — a developer of safe panel-level energy storage announced it has raised $1.5 million in seed funding. Plus it received $300,000 in grants for the continued development and commercialization of the SolarLEAF — which is a simple and affordable energy storage technology with smart thermal protection. This round of funding allows Yotta to expand its beta testing to several new installations with strategic partners.
Wood Mackenzie estimates that the U.S. energy storage market is expected to reach $4.5 billion by 2023. And Yotta fills a void in the growing commercial and industrial (C&I) energy storage space by solving the issue of safety with large battery systems and making solar and storage installations more affordable.
And McKinsey & Company pointed out that the soft costs and balance of hardware can add upwards of 60% to total system costs often make energy storage installation too expensive to deploy. The SolarLEAF reduces these costs by eliminating the need for specialized installers and strict siting requirements that other energy storage technologies require. As a result, this simplicity enables solar installers and developers to expand their customer base and grow their business by delivering a scalable and cost-effective storage solution that can easily be installed anywhere.
Yotta had accelerated fundraising efforts in pursuit of Series A equity financing, which will be used to advance beta testing into commercialization including bankability study and UL certification.
“With the tremendous market opportunities we are seeing, it makes sense for us to ramp up our fundraising efforts so we’re in a solid position to respond as the market continues to gain speed,” said Yotta CEO Omeed Badkoobeh. “It’s important for Yotta to take advantage of the gap we see in the C&I market, and we’re prepared to do that.”
Backed with a strong IP portfolio, the SolarLEAF simplifies solar-integrated energy storage by making it easy and cost-effective for developers, installers, and consumers. And elegant engineering has caught the attention of investors and strategic partners alike. For example, Yotta teamed up with PanelClaw — a leading roof racking provider for flat roof systems and a tier 1 developer of lithium-ion batteries.
Yotta also made some key hires including former SunPower executive Phil Gilchrist as the company’s Director of Mechanical Design Engineering. And Yotta also hired former Draker executive Jeff Williams as Director of Electrical Engineering. With over 100 years of combined energy industry experience in product commercialization, the Yotta management team is poised to help lead the transition to renewables with the SolarLEAF.