Exowatt secures $70 M to power data centers
Backed by HSBC and Leonardo DiCaprio, Exowatt’s solar-thermal tech promises 24/7 power for energy-hungry data centers and industrial users.
Image for illustrative purposes
USA: Exowatt, a next-gen energy startup, has raised $70 M from major backers including HSBC’s venture arm, top Silicon Valley investors, and actor Leonardo DiCaprio, to fast-track the rollout of its P3 solar-thermal power systems for large-scale energy users like data centers.
The company’s flagship P3 system captures sunlight as heat using advanced optical lenses, stores it in a long-duration thermal battery, and converts it to electricity or heat on demand. This enables consistent, 24-hour energy delivery, which is critical for high-demand facilities. Installations can operate either grid-connected or independently “behind the meter,” bypassing multi-year interconnection delays common in some U.S. regions.
“We are scaling fast to meet the near-insatiable demand from data centers,” said CEO Hannan Happi. Exowatt expects to begin fulfilling its 90 GWh order backlog later this year and aims to ramp production to 100 GWh annually, potentially dropping costs to 1 – 2 cents / kWh.
In contrast to expensive onsite gas generators, Exowatt offers a cleaner, cheaper solution at ~4 cents / kWh today. The technology is well-suited for sunny regions like the U.S. South and West, delivering 35 – 40 % efficiency, rivaling top gas units.
Exowatt leverages U.S.-based contract manufacturing and abundant materials to keep costs low and reduce reliance on global supply chains, especially from China.
As data center energy needs soar, projected to hit 9 % of U.S. grid power by 2030, Exowatt’s modular, around-the-clock solution offers a scalable path forward.
Source: Utility Dive
#Data centers#energy storage#Exowatt#Hannan Happi#Leonardo DiCaprio#renewable power#solar energy#Thermal Battery#venture capital
