Reported financing total in November 2025; includes debt, not solely equity.
AI infrastructure · Dispatchable solar
Exowatt
Exowatt’s P3 platform collects sunlight, stores energy as heat and converts it into electricity on demand. Its ExoRise arm combines energy infrastructure with land for data centers.
01 / EARLY-STAGE SCENARIO
Explore what would have to happen.
Use post-investment, fully diluted entry equity value. Ending equity value is after debt. 0 ending value models a total loss. Dilution means ownership lost, not the percentage of a financing round.
No dollar valuation is verified. Both valuations are your assumptions; $140M raised is not an entry valuation.
Uses hypothetical pro-rata equity, your dilution and fee assumptions. It does not establish actual share rights.
ASSUMPTION SCENARIO · NOT A VERIFIED RETURN
ExowattEarly-stage equity sensitivity
Build a scenario before a public exit exists.
Enter the missing valuations or load the labeled example, then select Calculate.
This simplifies ownership to pro-rata equity. Preferred rights, SAFEs, option pools, conversion terms and actual investor eligibility are not established. Excludes taxes, recurring fund fees, distributions and liquidation preferences. No exit probability or investment recommendation is implied.
Formula, fee treatment & limits
Invested amount = cash outlay × (1 − upfront fee). Gross value = invested amount ÷ entry equity value × (1 − cumulative dilution) × ending equity value. Carry = max(gross value − original cash outlay, 0) × carry rate. Net value = gross value − carry.
Carry here is charged only after recovering the original cash outlay, including the upfront fee. Real fund waterfalls can differ. No share price is inferred from a funding amount or company valuation. Dollar values are rounded only for display; no dates or annualized return are inferred.
AI INFRASTRUCTURE / COMPANY RESEARCH
Can stored sunlight power AI after dark?
Reviewed Oct 1, 2026 · Dated public evidence; no live private-market quote.
No company valuation verified in the reviewed financing announcements.
- Origins
- Founded 2023 · Miami, Florida
- Founders
- Hannan Happi (named Hannan Parvizian in the launch release) and Jack Abraham
What the company is building
Collect → store → dispatch
P3 combines a heat collector, thermal battery and heat engine.
Company announcement ↗Up to 24 hours daily
Company-described capability, dependent on system design and operating conditions; not an independently verified availability guarantee.
Company announcement ↗90+ GWh
Company-reported signed demand backlog in January 2026. GWh is energy, not revenue or installed GW of generating capacity.
Company announcement ↗ExoRise pilot by end-2026
Announced target for powered-land projects in high-solar U.S. regions; completion not verified in this review.
Company announcement ↗Financing history
| Date | Event | Amount · reported currency | Meaning & source |
|---|---|---|---|
| Apr 22, 2024 | Seed | $20M | Announced backing from a16z, Atomic and Sam Altman. Exowatt launches with $20M ↗ |
| Apr 22, 2025 | Series A · equity portion | $35M | The $70M financing comprises $35M equity and $35M debt. Felicis led. Exowatt closes $70M Series A ↗ |
| Apr 22, 2025 | Series A · debt portion | $35M | Debt provided by HSBC Innovation Banking and other lenders; not company equity value. Exowatt closes $70M Series A ↗ |
| Nov 12, 2025 | Series A extension | $50M | MVP Ventures and 8090 Industries led; capital mix not separately established. Dateline November 12; page dated November 13. Exowatt announces additional $50M ↗ |
| Nov 12, 2025 | Cumulative financing reported | $140M | Includes prior debt financing; do not describe the total as venture equity alone. Exowatt announces additional $50M ↗ |
Business milestones
Launch and seed financing
P3 introduced as a modular thermal energy system for energy-intensive customers.
Source ↗ExoRise launched
Powered-land offering combines site development with dispatchable solar infrastructure.
Source ↗Project Abundance
New initiative and master plan describe a broader energy-scaling vision; this is a strategy announcement, not evidence of new financing or completed deployments.
Source ↗
CTM INTERPRETATION
The investment question
Thermal storage could shift solar output into hours when data centers still need power. The key questions are installed cost, actual delivered electricity, reliability and project financing at commercial scale.
What could work
Repeatable manufacturing and colocated power could shorten time-to-power if the hardware and development model work at scale.
What could break the thesis
Solar resource, land, thermal losses, heat-engine efficiency, permitting, capital intensity and debt service can change economics substantially.
What remains unknown
- The $140M financing headline is not a company valuation and cannot be used as the calculator’s entry valuation.
- The 2024 ambition of electricity as low as $0.01/kWh is a future scaling target, not verified realized project economics.
- Signed demand, pilot plans and strategy announcements do not establish delivered capacity, recognized revenue or binding project profitability.
- No verified per-share financing price, fully diluted capitalization, security conversion or investor liquidation waterfall is established in this profile.
- Audited revenue, margins, cash burn, runway and customer concentration were not verified in the reviewed public sources.
- Private shares may be illiquid, unavailable to a particular investor, diluted or worth zero. Scenario outputs do not establish investment access or a sale.
Source library
- Exowatt launches with $20M ↗2024-04-22 · Company announcement
- Exowatt closes $70M Series A ↗2025-04-22 · Company announcement
- Exowatt announces additional $50M ↗2025-11-12 · Company announcement
- Exowatt launches ExoRise ↗2026-01-21 · Company announcement
- Project Abundance announcement ↗2026-09-24 · Company announcement
Financial observations & original sources5 sourced observations · expand to inspect each record
Milestones & evidence
5 sourced observationsAnnouncement date
Seed
B · Reported financing$20M USD
funding raised
Announced backing from a16z, Atomic and Sam Altman.
Primary source checked
Exowatt · Exowatt launches with $20M (opens in a new tab)Evidence details
- Publisher
- Exowatt
- Source location
- Exowatt launches with $20M; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- EXOWATT-1
Announcement date
Series A · equity portion
B · Reported financing$35M USD
equity funding raised
The $70M financing comprises $35M equity and $35M debt. Felicis led.
Primary source checked
Exowatt · Exowatt closes $70M Series A (opens in a new tab)Evidence details
- Publisher
- Exowatt
- Source location
- Exowatt closes $70M Series A; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- EXOWATT-2
Announcement date
Series A · debt portion
B · Reported financing$35M USD
debt financing
Debt provided by HSBC Innovation Banking and other lenders; not company equity value.
Primary source checked
Exowatt · Exowatt closes $70M Series A (opens in a new tab)Evidence details
- Publisher
- Exowatt
- Source location
- Exowatt closes $70M Series A; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- EXOWATT-3
Announcement date
Series A extension
B · Reported financing$50M USD
funding raised
MVP Ventures and 8090 Industries led; capital mix not separately established. Dateline November 12; page dated November 13.
Primary source checked
Exowatt · Exowatt announces additional $50M (opens in a new tab)Evidence details
- Publisher
- Exowatt
- Source location
- Exowatt announces additional $50M; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- EXOWATT-4
Announcement date
Cumulative financing reported
B · Reported financing$140M USD
cumulative funding
Includes prior debt financing; do not describe the total as venture equity alone.
Primary source checked
Exowatt · Exowatt announces additional $50M (opens in a new tab)Evidence details
- Publisher
- Exowatt
- Source location
- Exowatt announces additional $50M; financing disclosure
- Share class
- Not established in this record
- Checked on
- Oct 1, 2026
- Observation ID
- EXOWATT-5
What’s missing matters.
There are no daily private-market prices between these observations. We do not fill the gaps with an invented curve. Investment returns require the specific security, entry terms, dilution and an actual exit or appropriate mark.
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