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The drive towards decarbonizing economies through electrification and clean energy is gaining momentum, with battery technologies playing a crucial role in enabling the green transition. Despite the clean nature of renewable energy sources compared to fossil fuels, their power output can be inconsistent. For instance, solar power generation stops once the sun sets.
One solution to address the variability of solar plants is to store excess energy during daylight hours for use at times of higher demand, typically later in the day when sunlight is scarce. Moonwatt, a Dutch clean tech startup established in September last year, is developing a battery-based energy storage system tailored for solar power plants to manage this variability. The team has designed specialized battery enclosures, inverter power electronics for grid connection, and the necessary software for system integration and management.
Moonwatt’s approach aims to help solar plants increase revenue by selling more solar energy at optimal prices and reduce operational costs by sharing electrical infrastructure. The targeted solar plants are those with energy production capacities exceeding a few hundred kilowatts, excluding residential photovoltaic installations.
The startup’s energy storage system utilizes sodium-ion batteries for storing solar energy, offering a cost-effective alternative to lithium-ion batteries due to the availability of cheaper raw materials. While sodium-ion batteries may have size and weight limitations compared to lithium-ion batteries, they are gaining traction as a more affordable storage option for stationary renewable energy installations.
Moonwatt’s value proposition to solar power plants is the ability to increase their capacity factor up to 80%, potentially doubling their internal rate of return (IRR). Co-founder Valentin Rota highlights the opportunity for partners to significantly boost their returns through the integration of the energy storage system.
The founding team of Moonwatt, with experience in battery technology from their time at Tesla and other companies, recognized the growing need for dedicated solar energy storage solutions as solar energy production expands globally. By leveraging their expertise in battery hardware, the team aims to provide the first solar-dedicated battery storage product in the market.
As solar energy production continues to rise globally, Moonwatt anticipates a shift towards dedicated storage solutions tailored for solar power plants. The startup’s use of sodium-ion battery technology, distributed storage architecture, and proximity to solar panels for efficient energy dispatch set it apart in the market.
“Our main objective, utilizing these three features, is to decrease the electricity cost of dispatchable solar plants,” he explains.
Seed funding to accelerate growth
Although the business and its prototype product are still in their early stages, Moonwatt has successfully secured an €8 million seed funding round (equivalent to around $8.3 million) to accelerate their storage technology to market. The company plans to begin with a pilot installation in Europe next year, with expectations to commence commercial deployments by 2027.
The seed round is co-led by Daphni and LEA Partners, with contributions from Founders Future, AFI Ventures (by Ventech), and Kima Ventures, in addition to strategic business angels and customers.
Paul Bazin, partner at Daphni, expressed support for Moonwatt’s approach, referring to it as “the breakthrough the industry has been missing.” He emphasized the necessity for improved energy storage to facilitate the continued growth of renewable power.
Moonwatt’s focus on solar energy is driven by its attractive economics and widespread adoption globally. By concentrating solely on solar, the startup can make design decisions aimed at maximizing plant efficiency and reducing grid connection costs.
Looking ahead, the integration of solar and storage at a low voltage level is seen as a key strategy to optimize grid capacity usage and overall balance of plant costs. By combining solar and storage, energy usage can be shifted to more efficiently utilize grid capacity, making the entire system more cost-effective.
Ultimately, the goal for Moonwatt is to empower solar plants to transition from mere developers to potential energy traders with flexible assets, enabling them to operate more efficiently in the evolving energy landscape.
