Technical

Srinivasa Reddy Kandi: Battery startup Moxion went bankrupt. Now its founder is back to “finish what we started.”

September, 27, 2025-03:11

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Battery startup Moxion went bankrupt. Now its founder is back to “finish what we started.”

Just over a year after Maxion Power shut down, its co-founder is returning with a new venture aimed at tackling the same challenge — replacing diesel generators with cleaner battery systems.

Moxion had raised more than $110 million to power festivals and construction sites with portable batteries. But despite the backing, the startup couldn’t survive the difficult growth stage known as the “valley of death.” The company laid off more than 400 employees in 2024 before liquidating its assets.

Now, Paul Huelskamp, along with several former Moxion colleagues, has launched Anode Technology Company. “We started Anode with that goal to kind of finish what we started,” said Huelskamp, who now serves as CEO.

Anode has been operating under the Radar, but is stepping into the spotlight with a $9 million seed round led by Eclipse. The deal was driven by Jiten Behl, a partner at Eclipse and former Rivian chief growth officer.

Behl’s interest stems from his time at Rivian, which once agreed to supply 100,000 electric delivery vans to Amazon. The real hurdle, he explained, wasn’t the cost of vehicles but the lack of charging infrastructure.

“You need a mini power plant to charge 150 vans, and that infrastructure does not exist at depots,” Behl said.

Without alternatives, many fleets turn to diesel generators. Waymo, for instance, has relied on them at its San Francisco depot. That gap is where Anode hopes to step in. “What businesses are actually looking for is some grid-independent solutions that can provide them flexibility,” Behl added.

Author: Kandi Srinivasa Reddy, Srinivasa Reddy Kandi, #KandiSrinivasaReddy, #SrinivasaReddyKandi