US Based Lunar Energy Raises $300 Mn To Expand RE Solutions

Global clean energy player, Lunar Energy has announced that it has raised $300 million in funding over two rounds by Sunrun, the USA’s leading residential solar and battery storage provider, and South Korea’s SK Group.

Furthermore, Lunar said that it also acquired Moixa, the leading global software company for distributed energy resources (DER) management. ITOCHU and Honda have now joined Lunar’s team of investors.

Kunal Girotra, Founder and CEO of Lunar Energy, said, “Lunar Energy was founded to build affordable hardware and software products for the residential sector to help homeowners generate, store and consume 100% clean energy and remove the usage of fossil fuels from every home. The first offering of our product ecosystem is a next-generation home battery system. It’s the first step towards our mission to electrify all homes and connect communities to form clean, resilient virtual power plants—freeing us from power outages, rising energy costs and harmful emissions.”

Lynn Jurich, Chair of Lunar Energy and co-founder, said, “Kunal, and the engineering team at Lunar Energy, are building at scale home electrification products that will dramatically accelerate the switch from fossil fuels to renewables. I’m excited to see Sunrun, and the industry at large, begin offering Lunar Energy solutions to millions of homes across the nation.”

Lunar said that the capital raised has been used to hire great talent, acquire Moixa, and invest in product development and manufacturing activities in order to bring Lunar’s first product to market later this year.

Ian Huh, Executive Vice President, SK E&S, held, “We believe that Lunar has the potential to revolutionize how homes across the US and the world use renewable power for both their own needs and also serve the needs of the broader power grid.”

The Moixa Acquisition

In acquiring UK-based software leader Moixa, Lunar said it will combine revolutionary new hardware with the proven GridShare software that manages the thousands of batteries across Europe and Japan. Currently, GridShare software—now Lunar Gridshare — is deployed at scale across 35,000 homes (330MWh of batteries) via ITOCHU in Japan, supports advanced smart charging services for Honda electric vehicles, and facilitated UPS’s transition to electric vehicle fleets in the UK.

“From our early patents in smart homes to managing the world’s largest single fleet of home batteries, our Gridshare software has led the industry for more than 10 years and significantly advanced smart home charging,” said Simon Daniel, CEO and co-founder of Moixa.

Lunar Energy  was founded in August, 2020 and its on a mission to transition homes worldwide to 100% clean energy. The company claims to be designing and engineering world’s best clean energy products to electrify all homes and connect communities to form clean, resilient virtual power plants.