Richmond, California–based Moxion Power laid off 101 workers in June and shuttered its doors, following a wave of hype for its 75-kilowatt portable lithium-ion batteries that it hoped would replace diesel generators. The company attracted more than $110 million in funding from investors including Tamarack Global, Amazon, Microsoft, and Energy Impact Partners.
Lesson: Lithium-ion batteries continue to plunge down the cost curve, but they’re still not cheap enough to compete against generators powered by fossil fuel. Check your local movie set, construction site, or food truck’s current source of power for evidence.
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