Battery startup Moxion went bankrupt. Now its founder is back to ‘finish what we started’

A little over a year ago, Moxion Power, a portable battery startup, shut down, joining the ranks of notable bankruptcies that shook the climate tech sector in 2024. Despite raising over $110 million in efforts to replace diesel generators at events and construction sites, Moxion couldn't navigate the challenging business landscape. The company, which had to lay off over 400 employees, liquidated its assets. Now, Paul Huelskamp, the co-founder of Moxion, is back with a new venture called Anode Technology Company, aiming to achieve the same vision while avoiding past pitfalls. "We started Anode with that goal to kind of finish what we started," said Huelskamp, who now serves as Anode’s CEO. The startup is making waves with its recent announcement of $9 million in seed funding, led by Eclipse Ventures, with partner Jiten Behl at the helm of the deal. Behl, previously Rivian’s chief growth officer, was motivated to invest after witnessing the challenges in electric vehicle (EV) charging infrastructure. Behl emphasized that the issue lies not in the cost of the EVs themselves but in the inadequate charging facilities. "You need a mini power plant to charge 150 vans, and that infrastructure does not exist at depots," he noted. Consequently, many fleets, including Waymo in San Francisco, are still reliant on diesel generators. Behl pointed out that businesses are in search of grid-independent solutions to offer them greater flexibility. While other companies like Sparkcharge and Power Sonic are venturing into mobile battery-powered EV charging, Huelskamp asserts that Anode’s unique integrated hardware will set it apart. Anode has developed an inverter tailored for specific markets such as EV charging, construction, and live events. Their mobile battery is designed to be more compact than Moxion’s previous 600 kilowatt-hour unit, allowing for easier transportation on flatbed trucks. "We are optimizing for the lowest cost of delivered energy," explained Huelskamp, highlighting various factors that influence costs, such as energy capacity per truck and the number of trips required. He acknowledged that at Moxion, they underestimated these operational requirements. In a strategic shift, Anode plans to partner with contract manufacturers for battery production, a departure from Moxion’s all-in-house approach. Huelskamp reflected, "One of the main lessons learned is it’s really tough as a startup to take on that part of manufacturing." As an investor, Behl values the insights gained from Moxion's challenges, allowing him to invest in Anode with a clearer understanding of potential pitfalls. The market for EV charging depots is still developing, while sectors like construction and live events are more established, often relying on fossil fuel generators that are both expensive and inefficient. Huelskamp believes this presents an opportunity for Anode, stating, "We’re charging our batteries at three, four, five cents per kilowatt hour, while the industry is accustomed to paying several dollars per kilowatt hour." Looking ahead, Huelskamp mentioned that Anode plans to leverage AI to refine its operations, including optimizing charging and delivery processes. This innovation could drive costs down to levels comparable to grid electricity, although not quite as low as off-peak rates. "As we scale operations and enhance efficiencies while benefiting from declining battery costs, we believe we can approach grid pricing," he concluded.