Moxion Power raised $126M to replace diesel generators – used in construction sites, live events, film sets – with clean mobile battery-powered energy storage units. However, they aggressively ramped up production and headcount, as well as committed to large facilities, ahead of market demand. In addition, the battery units lacked bidirectional charging capabilities which customers needed to replace diesel generators. Moxion Power tried to raise $200M at the same time confidence in hardware-heavy startups was declined. Once funding dried up they shut down in 2024.
