Investing in Exowatt

As AI and cloud computing drive unprecedented demand for power, our existing energy infrastructure faces mounting pressure. Data centers for AI are projected to consume 165% more energy by 2030¹, creating an urgent need for innovative energy solutions that are both sustainable and scalable in the United States and globally.

This problem is compounded by the intermittent nature of renewable energy sources. While solar and wind power have seen remarkable growth, their variability creates significant inefficiencies in our power grid. The ability to effectively accumulate and deploy renewable energy when and where it's needed represents one of the most pressing challenges of our generation.

Thankfully, the team at Exowatt is more than up to it. 

Exowatt has developed a revolutionary full-stack energy system that addresses the fundamental challenges of generating, storing, and accessing renewable energy. 

What makes Exowatt truly exceptional is their relentless focus on reducing the Levelized Cost of Energy (LCOE). While most energy storage solutions struggle with high capital expenditures and complex regulatory hurdles, Exowatt has achieved an industry-leading LCOE of just 4 cents per kilowatt-hour. Their innovative approach utilizes a proprietary thermal storage system that can store energy for up to five days without the use of chemicals or moving parts, making it remarkably efficient and maintenance-free. With additional scale and existing clean energy incentives, they're on a path toward the "holy grail" of 1 cent per kilowatt-hour—a price point that would revolutionize the economics of renewable energy.

Exowatt was founded by Hannan Happi and Jack Abraham. Hannan’s impressive background spans work at Tesla, General Electric, and Siemens. Jack is one of the most ambitious serial entrepreneurs we’ve ever met. Under their leadership, Exowatt has assembled an exceptional team of engineers and scientists with deep expertise in materials science, thermal engineering, and energy systems.

After several meetings with the team, including visits to their facilities in Florida, we were convinced that Exowatt represents exactly the kind of transformative technology we seek to support at Felicis. Their approach combines deep technical innovation with practical deployability—a rare combination in the energy sector that positions them to deliver real-world impact at scale. As AI drives surging growth in power demand, solutions like Exowatt's will be critical to ensuring this growth is sustainable and economically viable.

We're honored to be partnering with Exowatt and leading their Series A funding round. We look forward to working together with their incredible collection of investors, including Atomic, Andreessen Horowitz, Sam Altman, and Leonardo DiCaprio, as they scale their technology and bring on a future where clean, reliable energy is abundantly available.

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^{1 Goldman Sachs Research reported this increase.}