Whalesbook
Exowatt has secured $50 million in a funding extension to its Series A round, bringing its total funding to $120 million. The company's core mission is to combat the energy demands of AI by providing solar power at an incredibly low cost of one cent per kilowatt-hour. Their solution involves a modular concentrated solar power (CSP) system, nicknamed "rocks in a box," which uses lenses to focus sunlight onto heat-storing bricks. This thermal energy can then be converted into electricity 24/7 using Stirling engines, even when the sun isn't shining, storing heat for up to five days.
This new capital will be used to scale production of their P3 units, with a backlog of 10 million units representing 90 gigawatt-hours of capacity already secured. Exowatt believes hitting a production rate of one million units per year will enable them to achieve their one-cent per kWh target. The technology aims to be more cost-effective and reliable than traditional photovoltaic solar panels paired with lithium-ion batteries, particularly for data centers that require continuous, high-volume power.
Impact:
This development could revolutionize the energy supply for data centers and other power-intensive industries. By offering a significantly cheaper and potentially more sustainable power source, Exowatt's technology could reduce operational costs for AI companies and cloud providers, while also contributing to grid stability. The success of this technology could pave the way for wider adoption of solar thermal solutions in energy markets globally. Rating: 8/10
Terms:
Concentrated Solar Power (CSP): A technology that uses mirrors or lenses to concentrate a large area of sunlight onto a small area, generating heat that can be used to produce electricity. Also known as solar thermal power.
Stirling Engine: A heat engine that operates by cyclic compression and expansion of a working fluid such as air or helium at different temperatures, which cause a cyclic change in volume and hence work. It converts heat energy into mechanical energy.
Photovoltaic (PV) Solar Panels: Solar panels that convert sunlight directly into electricity using the photovoltaic effect.
Lithium-ion Batteries: Rechargeable batteries commonly used for energy storage, known for their high energy density.