Honda has led an £8.6m funding round in smart battery company Moixa that will enable the company’s expansion.

Honda has previously announced plans to tie up with Moixa on V2G solutions

The firm provides battery smart charging for homes and EVs using its GridShare technology; it currently has a combined 70MWh of capacity in the UK and Japan.

Funding, which has come from investors also including Japanese investment house Itochu Corporation, Contrarian Ventures and First Imagine! Ventures, will be used to support the company’s international growth and expansion of its business managing home batteries, EVs and smart charging, and aggregating battery capacity to provide grid services.

Simon Daniel, CEO of Moixa, said: “We are helping major brands make the transition to a low-carbon world of EVs, smart charging, and home energy generation and storage, by providing smart software which cuts costs for their customers and helps support the electricity network.”

The investment follows Honda’s announcement at the 2019 Geneva Motor Show of plans to team up with Moixa on V2G solutions, including further Moixa V2G trials in the UK.

Daniel added: “Japan and the UK are both energy islands, producing the majority of their electricity locally. Japanese companies recognise our expertise in managing large fleets of batteries and aggregating their spare capacity to help the grid accommodate large swings in solar and wind generation and growth in EV charging. We plan to expand into other countries, helping them manage the transition to a low-carbon and cost-effective energy system.”