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Exowatt
Miami, US Β· Founded 2023 Β· 28 known investors
Exowatt builds modular clean energy infrastructure systems designed for 24/7 solar power generation, targeting global AI infrastructure and critical industries that require reliable, ultra-low-cost sustainable power. The company manufactures its systems in the United States.
Also known as Exowatt Inc.
Founders & leadership
Exowatt was founded in 2023 by Hannan Happi and Hannan H..
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Investors Β· 28
Also in the syndicate Β· 13
Funding
SEC filings, press & company announcements$100M disclosed across 2 of 7 rounds Β· 2024β2026
- Undisclosed amountSeries AMay 2026Source β
- $50Mextension of its $70 million Series A roundNov 2025 Β· 2 sources
8090 Industries (lead), MVP Ventures (lead), DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, the Florida Opportunity Fund
Source β - $50MraisedNov 2025 Β· 2 sources
8090 Industries (lead), MVP Ventures (lead), Atomic, BAM, Bay Bridge Ventures, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, Overmatch, Protagonist, StepStone, The Florida Opportunity Fund
Source β
Source: company announcements and press reports β follow each round's link for the claim.
Company profile
researched Aug 2026Exowatt is an American renewable energy company headquartered in Miami, Florida, that designs and manufactures modular, full-stack energy systems intended to supply dispatchable power to energy-intensive users, principally AI and high-performance-computing data centers. Its flagship product, the Exowatt P3, captures solar energy with proprietary Fresnel-type optical lenses and heat exchangers, stores the energy as high-temperature heat in a sensible-heat thermal battery classified as long-duration energy storage (LDES), and converts the stored heat into electricity on demand through a proprietary heat engine. The company states the P3 can deliver up to 24 hours of dispatchable output per day, functioning as a baseload resource rather than an intermittent one, and that units are factory-built for rapid deployment with a design life of more than 30 years.
The systems are marketed as deployable either behind the meter or front of the meter, allowing customers to bring their own onsite power and avoid or shorten grid interconnection queues, and to be paired with existing solar PV, wind, natural gas or grid connections for dispatch optimization, arbitrage and virtual power plant participation. Exowatt emphasizes domestic sourcing of raw materials and U.S. manufacturing, and notes the systems do not rely on rare earth minerals. An accompanying software layer provides real-time monitoring, control and automation across single modules or fleets through an energy management system, together with a digital twin developed in collaboration with NVIDIA and AWS for predictive maintenance and corrective action.
The company positions the P3 against alternatives such as repowered nuclear or coal plants, new geothermal or nuclear build, colocation at existing solar and wind farms, and temporary gas generation, arguing these face scalability, siting, contracting or cost constraints. Exowatt was founded in 2023 by Hannan Happi and Jack Abraham and incubated at the venture studio Atomic.
Founding story
The company was founded in 2023 by Hannan Happi (CEO) and Jack Abraham (chairman and CEO of the venture studio Atomic), where Exowatt was incubated. It was created in response to rising energy demand from artificial intelligence and data centers, with the founders identifying a gap for renewable solutions able to deliver reliable baseload power. Happi's prior roles include Siemens, General Electric and Tesla; Abraham co-founded Hims & Hers Health and OpenStore. More than 50 design versions were considered before the thermal storage approach was chosen.
Business model
Exowatt designs, manufactures and sells/deploys modular P3 energy systems, taking reservations and orders through its website for commercial and government customers, and provides ongoing training, maintenance, technical support and software updates over the system lifetime. It also operates a business arm, referenced on its site as ExoRise, associated with delivering powered land and energy for hyperscale data centers. The November 2025 financing was described as supporting both domestic production scale-up and the financing of deployments.
Sources describe customer reservations and orders for P3 systems plus ongoing maintenance and support services; specific pricing or contract structures are not disclosed in the available material.
Traction
Exowatt reported a customer backlog exceeding 85 GWh by late 2024 and a demand backlog exceeding 90 GWh as of April 2025, reiterated in November 2025, spanning data centers, energy developers and hyperscalers in the U.S. Several commercial deployments were stated to be going live in 2025. Total funding reached $90 million by April 2025 and $140 million by November 2025.
Latest developments
In November 2025 Exowatt announced an additional $50 million led by MVP Ventures and 8090 Industries as an extension of its April 2025 Series A, bringing total funding to $140 million and funding U.S. manufacturing expansion and deployments near AI data centers. Company news listings also reference the launch of a business arm (ExoRise) to deliver powered land and energy for hyperscale data centers, an expansion to Austin, a Fast Company 2025 Next Big Thing in Tech award, inclusion in the a16z American Dynamism 50, and the June 2026 appointment of Suchet Singh as first CFO.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Exowatt is positioned as a dispatchable solar / thermal-storage entrant in the market for powering AI data centers, competing with grid expansion, repowered nuclear and coal, geothermal and new nuclear, colocation at existing renewables, portable gas generators and natural gas. It has been named to Andreessen Horowitz's American Dynamism 50 list of companies shaping the fight of the future and won Fast Company's 2025 Next Big Thing in Tech Award, per items listed on its news page.
Unlike photovoltaic solar or wind, which produce only when the resource is available, Exowatt stores solar energy as heat and converts it to electricity on demand, providing up to 24 hours of daily dispatch and addressing the duck-curve/intermittency problem. Additional claimed differentiators are behind-the-meter deployment that shortens interconnection timelines, linear modular scaling, factory build with low maintenance over a 30-year life, U.S. sourcing and manufacturing, and no reliance on rare earth minerals.
Technology
The P3 uses proprietary Fresnel lenses and heat exchangers to concentrate and collect solar heat, a high-temperature sensible-heat thermal battery for long-duration storage with low losses, and a proprietary heat engine to convert stored heat into electricity on demand, yielding up to 24 hours of daily dispatchable output. Modules are factory-built, scale linearly, avoid rare earth minerals, and are rated for a 30-plus-year lifespan. Software includes an energy management system aggregating field devices for fleet-level monitoring and control, and a digital twin built with NVIDIA and AWS for optimization and predictive maintenance. The company says it evaluated more than 50 design versions before settling on the thermal storage approach.
Go-to-market
Direct sales and project partnerships through a "Reserve Now" ordering flow and direct contact channel, supported by a product launch at the RE+ industry conference, press releases, and industry awards and rankings. Ideal projects are prioritized in high-irradiance U.S. regions and pipeline demand is aggregated as a GWh backlog from data centers, energy developers and hyperscalers.
Commercial and government organizations with energy-intensive needs: AI and HPC data centers, hyperscalers, utility companies and utility-scale energy projects, energy developers, defense and research users, and off-grid or remote infrastructure projects.
Geography
Headquartered in Miami, Florida, with U.S.-based design and manufacturing. The company says it currently serves customers across the United States and is exploring international expansion, prioritizing regions with average direct normal irradiance of about 5.5 kWh/m2/day such as Texas, Arizona, Nevada, New Mexico, Utah, Colorado and California. A news headline on the company site references an expansion to Austin.
History
Founded in 2023 and incubated at Atomic, Exowatt emerged from stealth in April 2024 with a $20 million seed round led by Andreessen Horowitz with Atomic and angel investors including Sam Altman and Leonardo DiCaprio. A debt facility was initially established during the seed round in August 2024. The P3 product was publicly unveiled at the RE+ conference in Anaheim, California in September 2024. In April 2025 the company closed a $70 million Series A led by Felicis, comprising $35 million equity and $35 million of debt from HSBC Innovation Banking and other lenders, bringing total funding to $90 million. In November 2025 it announced an additional $50 million extension led by MVP Ventures and 8090 Industries, taking total raised to $140 million. In June 2026 it appointed Suchet Singh as its first Chief Financial Officer.
Risks & controversies
The company's own FAQ describes a competitive and constrained energy market with slow, expensive grid expansion, interconnection delays and siting challenges. Reported traction is largely a demand backlog and pipeline rather than disclosed delivered capacity or revenue, and roughly half of the Series A was debt financing. The English Wikipedia article on Exowatt carries a maintenance banner flagging promotional content.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Founder mafia
2 people who came through Exowatt went on to found or lead other companies.
Competitors Β· 3
by search overlapCompanies competing with Exowatt for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 10
launches, deals, and filingsPress release announcing the appointment of Suchet Singh as CFO; coverage described him as the Miami-based company's first CFO.
Extension of the April 2025 Series A led by MVP Ventures and 8090 Industries, bringing total raised to $140 million, to expand U.S. manufacturing and deployments near AI data centers.
$50M source β
Series A led by Felicis comprising $35 million equity and $35 million debt from HSBC Innovation Banking and other lenders, bringing total funding to $90 million; proceeds directed to domestic production and deployment of the P3.
$70M source β
Listed among press items on the company's news section.
Included in a16z's list of 50 companies shaping the fight of the future.
Company news listing references an expansion to Austin as power constraints reshape AI infrastructure.
Exowatt states its digital twin, linking live physical systems to a virtual model for predictive maintenance and corrective action, was developed in collaboration with NVIDIA and AWS.
Company news listing references the launch of an arm (ExoRise appears in site navigation) to provide powered land and clean energy for hyperscale data centers.
Exowatt publicly launched its flagship modular dispatchable solar product, the Exowatt P3, at the RE+ clean energy conference in Anaheim, California.
The company exited stealth mode announcing a $20 million seed round led by Andreessen Horowitz with Atomic and angel investors including OpenAI CEO Sam Altman and Leonardo DiCaprio.
$20M source β
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Exowattexowatt.com Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Exowatt do?
- Miami-based renewable energy company building modular solar-thermal systems that store heat and dispatch electricity 24/7 for AI data centers.
- Who founded Exowatt?
- Exowatt was founded by Hannan Happi, Hannan H. in 2023.
- Who are Exowatt's investors?
- Exowatt's investors include Andreessen Horowitz, Atomic, Bay Bridge Ventures Climate, Black Flag, Bleu Capital, Felicis Ventures, Fundamental Ventures, Ineffable Ventures and 7 more.
- How much funding has Exowatt raised?
- Exowatt has disclosed $100M raised across 2 of its 7 known rounds.
- Where is Exowatt headquartered?
- Exowatt is headquartered in Miami, US.