Exclusive: BoxPower raises $6.5M for solar microgrids
Solar microgrid developer BoxPower has closed a $6.5 million Series A, the company tells Axios exclusively.
Why it matters: The Grass Valley, Calif.-based company says its tech offers a clean alternative to the fossil fuel generators typically used for on-site power.
How it works: BoxPower's solar microgrids can be used to harden grid infrastructure or supply EV chargers, especially in remote areas.
- California utility PG&E, for example, is deploying BoxPower systems to replace vulnerable overhead power lines.
- "These systems change how energy is supplied to rural energy consumers," CFO Anderson Barkow tells Axios. They can also "take property or community off-grid."
What's happening: Aligned Climate Capital led BoxPower's Series A with a $5 million investment first announced in February.
- SIG, Technexus, Remarkable Ventures, and Climate Capital subsequently joined the all-equity round.