The race to power the country’s AI buildout has turned into a scramble for options that can be brought online fast. Grid queues stretch for years. Permits lag. Data centers are expanding quicker than utilities can keep up.
In the middle of all this, a Miami startup wants to give operators another path: make their own power right next door.
Exowatt just raised $50 million to do that at speed, adding to the $140 million it has collected since launch. The company believes its heat-based solar unit, called the P3, can help data centers run through the night without fighting for limited grid capacity.
The pitch is simple enough: catch sunlight, store it as heat, release it later. It’s the kind of idea that has floated around clean energy circles for decades, yet never caught on at scale.
That gap is what Exowatt aims to fix.
The company’s CEO, Hannan Happi, shared in a statement that the new capital will fuel production as they prepare to announce new customers.
Investors see an opening. Andre de Baubigny of MVP Ventures put it bluntly in the release: “AI demand won’t wait for new transmission interconnections.” Rayyan Islam of 8090 Industries added that “Exowatt is converting momentum into megawatts.” Florida investors also joined in, with Robert Harvey of the Florida Opportunity Fund saying, “To stay competitive in the AI era, Florida needs reliable, clean megawatts at speed.”
But strong interest hasn’t quieted fundamental questions about the viability of Exowatt’s technology. A detailed Latitude Media report highlighted that much of the P3 combines older renewable hardware that once struggled with the same issues Exowatt now promises to solve. Some experts have raised doubts about whether Exowatt’s offering can beat standard solar panels paired with today’s storage, and whether the space needed to support large data centers makes the model realistic for most sites. Some pointed back to earlier solar-thermal efforts that faded once cheaper options took over.
Even with those mixed views, the tailwinds behind this sector are very real. Data center power demand in the U.S. is expected to triple by the end of the decade, driven mainly by AI. Many operators have already been told they will need to wait years for new grid capacity. That gap has pushed the industry to consider fresh ideas, from geothermal to long-duration storage to on-site generation. Exowatt sees itself in that group, offering a tool for customers who need power where they stand, not years down the line.
In an interview with TechCrunch, Happi emphasized that Exowatt is “not running short of any projects to do.”
The company sits at the intersection of two trends: the rise of AI and the push for domestic manufacturing. It was founded in 2023 by Happi and Atomic CEO Jack Abraham, who saw a chance to rethink how solar-heat systems could be built and delivered. The seed round included Sam Altman and Leonardo DiCaprio, a pairing that sparked curiosity long before the tech was made public.
Now, with new funding in hand, Exowatt faces a clear next step: prove that its bright orange units can match the promises, not merely the excitement. If they deliver, they could help reshape how some data centers secure power in the years ahead.
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