Bricks Capital Management Press Release – Investment in Moxion Power (Jan 2023)

Written By Taeyeon Terry Lee

Bricks Capital Management, a private equity firm backed by leading Korean EV battery companies, participates in a $100 million Series B round of Moxion Power, a California-based manufacturer of clean, mobile energy storage technology

  • Moxion Power’s battery-based, mobile energy storage products enable industries in need of mobile power (e.g., construction, entertainment, transportation and telecommunications) to move away from expensive and pollution-intensive diesel generators

  • Bricks Capital Management is a private equity firm focused on investing in global EV battery and mobility technology sectors through its newly funded BCM Global Battery Fund I; BCM has locations in Seoul and Silicon Valley

  • Bricks Capital Management and its strategic LPs will partner with Moxion Power in accelerating Moxion Power’s expansion of its U.S. manufacturing footprint

Moxion Power's mobile energy storage solution (Photo: Business Wire)

Seoul, South Korea – Bricks Capital Management (“BCM”) closed its investment in Moxion Power (“Moxion”), a Richmond, California-based manufacturer of clean, mobile energy storage technology that aims to replace diesel generators by providing clean, mobile power across various end-user segments, including construction, events & entertainment, transportation (EV fleet operators) and telecommunications companies. BCM also recently held the first close of BCM Global Battery Fund I, an EV & ESS battery focused private equity fund backed by leading Korean companies in the EV & ESS battery sector.

Several significant investors participated in Moxion’s Series B round, including Tamarack Global, Energy Impact Investors, Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies, and Rocketship.vc. Moxion Power plans to use the funding to scale production at its first two U.S. manufacturing facilities to meet the increasing demand for its mobile energy storage product lineup. Ahead of the Series B capital raise, Moxion Power secured a multiyear purchase agreement from Sunbelt Rentals, which also completed a strategic investment in Moxion Power, strengthening the partnership to electrify power rental equipment.

“Temporary power generation is a critical part of many industries, including construction, film production, live events, and disaster response. As these industries look to decarbonize, there’s enormous demand for cleaner alternatives to the fossil-fuel-burning generators that these industries have relied on historically. Moxion is thrilled to announce the next milestone on our mission to disrupt the fossil-fuel economy and establish key partnerships with these sustainable business leaders who are driving change at scale,” said Paul Huelskamp, Moxion’s Co-Founder and CEO.

“We are proud to partner with Moxion as they scale the U.S. manufacturing footprint of battery-based power generators and accelerate adoption from various end-user segments. We look forward to working with the Moxion team to identify ways to leverage partnerships with our strategic LPs in expanding Moxion’s reach within the U.S-Korea battery supply chain,” said Paul Kang and Hansol Kim, Co-Founders and Managing Partners of BCM.

For more information on Moxion’s Series B round, please see Moxion’s press release.

About Moxion Power

Moxion Power manufactures mobile energy storage products and technologies, which enable electrification in industries such as construction, transportation, events and entertainment, film production and telecommunications.

To learn more, please visit www.moxionpower.com. 

About Bricks Capital Management

Bricks Capital Management (“BCM”), founded in 2022, is a private equity firm based in South Korea. Backed by leading Korean companies in the EV & ESS battery sector, BCM specializes in partnering with global businesses in the electric vehicle battery and the mobility technology sectors that have leadership in safety, sustainability, and manufacturing innovation. The team is composed of investment professionals with specialized knowledge in the sectors and strong investment track record.

BCM recently held the first close of its EV battery-focused global private equity fund, BCM Global Battery Fund I (“GBF I”). As evidenced by BCM’s investment in Moxion Power, GBF I will focus on opportunities to partner exceptional founding teams with BCM’s network of leading players in the EV battery sector. BCM operates teams in Seoul and Silicon Valley with a focus on bridging valuable partnerships in U.S-Korea battery supply chains and creating value creation opportunities for portfolio companies.

For additional information about Bricks Capital Management, please visit BCM’s website at brickscm.com.

Taeyeon Terry Lee