Exowatt, a next-generation renewable energy company, announced a first-of-its-kind modular energy platform designed to power energy-intensive data centers and a $20 million seed round from a16z, Atomic, and Sam Altman. With the growth of AI technology, the demand and the energy costs for data centers, Exowatt’s solution arrives at a critical time.
Exowatt’s flagship product, the Exowatt P3, represents a significant innovation in energy technology. It consists of a modular, 3-in-1 system, heat collector, battery, and engine capable of providing dispatchable power and heat throughout the day. Unlike traditional solar panels that convert sunlight into electricity directly, Exowatt utilizes a unique approach by storing solar energy in a thermal battery, which could retain this energy for up to 24 hours per day.
Exowatt’s P3 modules are designed to fit the space of a standard 40-foot shipping container. And they can be deployed on small and large commercial and industrial projects, linearly scaling with workload size and infrastructure requirements.
Exowatt’s approach features storing heat instead of electricity, enabling it to store energy at a fraction of the cost of electrochemical batteries without any supply chain dependency on scarce rare earth materials. Its heat engine design will enable it to dispatch electricity 24 hours a day, ensuring that Exowatt’s energy solutions are reliable around the clock, regardless of weather conditions.
As the company’s technology scales, Exowatt expects to offer electricity for as low as $0.01 per kilowatt-hour, or even less in some cases, making it lower cost than fossil fuels and other renewable energy alternatives.
Exowatt currently has a backlog of demand for over 500 megawatts for data centers across the U.S. and plans to begin deployments later this year. And with this $20 million seed funding, Exowatt plans to expand its team and deploy the Exowatt P3 with its first set of data center customers.
Jack Abraham and Hannan Parvizian launched Exowatt at Atomic to tackle the significant energy needs of AI and data centers. Parvizian brings extensive experience from the energy sector and a background in building complex hardware products at scale, having worked at Tesla, General Electric, and Siemens and founded and sold a company that created and sold advanced delivery drones. And Abraham has started dozens of companies and built Atomic into the leading venture studio.
KEY QUOTES:
“Unlike traditional solutions that require significant upfront costs and extended setup times, Exowatt’s modular system can be deployed rapidly and cost-effectively – and it’s available this year. Exowatt is built to respond quickly to the escalating energy demands of the modern world, especially those spurred by the rapid growth of AI.”
– Exowatt CEO and Co-Founder Hannan Parvizian
“AI models have been doubling in size every three months—a pace that requires significantly more data center power. In order to keep up with AI advancements, we need more sustainable energy solutions, which is why we started Exowatt. Our mission is to provide extremely low-cost energy that advances the capabilities of global AI infrastructure while protecting our planet.”
– Jack Abraham, CEO of Atomic and Co-Founder of Exowatt
“Exowatt is an innovative company helping to meet our country’s growing energy needs. By committing to full U.S. manufacturing with domestically sourced components, Exowatt will significantly strengthen our national infrastructure and resilience.”
– Katherine Boyle, General Partner at Andreessen Horowitz
