Moixa Technology is hoping to raise up to £20 million by the end of the year to fund its expansion into Europe, and has recently gained investment from three big beasts from the UK energy sector.

The energy storage company has attracted finance from Sam Laidlaw, a stalwart of the oil and gas industry and former chief executive of British Gas owner Centrica; Ian Marchant, a past CEO of big six utility SSE; and Brian Count, who served as chief executive of Innogy before it was bought by RWE.

According to Moixa’s chief executive Simon Daniel, some of the funding has already been released this year with further tranches to be raised in the autumn and again before Christmas to reach a total of between £10-20 million. This will partly be through asset funding to support lease financing, which Daniel says could see the company raise anywhere within the range of investment provided.

The amount is dependent on how much asset finance is available to the company, which will be predominantly for the UK, while equity funding will be used to expand the company’s presence in Europe.

Read the full story over on Energy Storage News.