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Battery storage provider Viridi is taking over a California facility and a state grant from mobile battery startup Moxion Power after acquiring the company's assets for $7 million last year, the company tells Axios. 

Why it matters: Expanding the facility's automation and capacity will require additional fundraising, says Viridi CEO Jon Williams.

Zoom in: Viridi is taking over the lease of the 40,000-square-foot manufacturing facility in Richmond, California, and a $9.3 million grant from the California Energy Commission to outfit the facility.

Viridi, based in Buffalo, New York, will use the new facility to expand assembly and production to the West Coast. 

Viridi plans to hold a ribbon-cutting ceremony on its new facility on Monday afternoon, with remarks from CEC chair David Hochschild. 

Catch up quick: Moxion filed for bankruptcy in August after facing a cash crunch and laying off staff the month before. 

In 2022, the company closed a $100 million Series B round led by Tamarack Global and including Amazon Climate Pledge Fund, the Microsoft Climate Innovation Fund, and Energy Impact Partners.

In February 2024, Bloomberg reported that Moxion was seeking to raise a $200 million equity round at a near $1.5 billion valuation.

Zoom out: Viridi makes battery storage systems that are installed onsite at a company's building or property. 

The batteries can help companies access more energy, without utility upgrades, lower their energy costs, and boost grid reliability.

Viridi can produce half a gigawatt-hour of systems annually and hopes that the California market will allow that capacity to grow by two to three times over the next several years. 

Viridi raised a $95 million Series C round at a post-money valuation of $700 million in 2022, led by existing investor B. Thomas Golisano, and including Ashtead Group/Sunbelt Rentals and National Grid Partners.

The big picture: Batteries installed at buildings — called behind-the-meter battery systems — are an emerging but growing market.

Yet many companies have struggled, whipsawed by geopolitical and policy changes like tariffs. 

Williams says the tariffs could benefit U.S. battery assemblers and manufacturers but could get in the way of the growing clean energy market.

What's next: Viridi will continue to invest in building out assembly and eventually production at its new Richmond facility. 

The bottom line: One company's stumbles are another's opportunity.

Exclusive: Viridi takes over bankrupt Moxion's facility

Expanding the facility's automation and capacity will require additional fundraising, says Viridi CEO Jon Williams.

Mobile battery company Viridi took over the over 40,000 square-foot facility in Richmond, Calif., that was previously owned by Moxion before it went bankrupt. Photo courtesy of Viridi Parente, Inc.

Mobile battery company Viridi took over the over 40,000 square-foot facility, in Richmond, Calif., that was previously owned by Moxion before it went bankrupt. Photo courtesy of Viridi Parente

Battery storage provider Viridi is taking over a California facility and a state grant from mobile battery startup Moxion Power after acquiring the company&#x27;s assets for $7 million last year, the company tells Axios. Why it matters: Expanding the facility&#x27;s automation and capacity will require additional fundraising, says Viridi CEO Jon Williams.

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Exclusive: Viridi takes over bankrupt Moxion's facility

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