In an era where AI is remaking industries and data centers are racing to keep up with incessant energy needs, Florida-based company Exowatt is wagering heavily on a more straightforward power source: the sun. The firm has just closed on $70 million in Series A funding to expand a modular, solar-powered energy system designed specifically for energy-thirsty infrastructure.

At the heart of Exowatt’s pitch is the P3—a dispatchable solar system that doesn’t just generate power during the day but stores it as heat and converts it into electricity on demand. That flexibility, paired with its modularity, has positioned the P3 as a contender for AI facilities and industrial clients racing to reduce dependence on strained power grids.

Unlike conventional solar setups, P3’s design banks on thermal energy storage, which CEO Hannan Happi says solves a growing problem: how to deliver around-the-clock, clean energy without waiting on grid modernization. “We’ve already booked over 90 gigawatt hours in demand,” Happi said. “This funding lets us speed up production to meet that.”

Backers include Felicis, Andreessen Horowitz, Thrive Capital, and StepStone Group, with $35 million of the raise coming from equity and another $35 million in debt financing, primarily through HSBC Innovation Banking. As policymakers push for domestic tech resilience under initiatives like Trump’s Project Stargate, investors and regulators alike are paying attention to energy startups with boots on the ground and technology in motion.

The stakes are high. With AI’s energy footprint expected to surge, power constraints are already limiting expansion for hyperscalers. Exowatt’s approach could offer one route forward—keeping power local, stable, and carbon-light—without waiting years for new grid infrastructure. And in a market often full of promises, Exowatt appears to be delivering something tangible.