Maana Electric Raises a First Equity Investment Round

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Maana Electric SA accelerated its next stage of growth with a successful first equity raise that will be dedicated mostly to business development for its TerraBox solution. The investment round was led by the Belgian public fund Noshaq, and included two business angels from Austria, Andreas Schoerkhuber and Stefan Lindtner, and LRLUX, a family office from Luxembourg.

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12/07/2022 |
  • Maana Electric

The TerraBox is a mobile factory which fits into several shipping containers and can be deployed around the world. What makes the TerraBox unique is the fact that it is able to produce solar panels using only sand and electricity as inputs. This allows the Terrabox to produce solar panels from local resources like desert sand, construction waste, industrial waste, excavation waste or mining tailings.

“With its clear and significant potential to positively impact the planet by reducing CO2 emissions, allowing more solar parks to be deployed and offering energy independence to some remote or isolated regions, Maana Electric sparked our immediate interest and attention. Noshaq is happy to support them and anticipates the collaboration with its industrial ecosystem consisting of technology development (sensors & equipment) – manufacturing assembly lines – collaboration with R&D centers and universities”, Dimitri Liquet – Investment Manager at Noshaq

After several multimillions R&D contracts allowing the company to develop the technology, this first equity funding will give extra financial capacity to the company to start the commercialization of the TerraBox with agreements already in place for pilot projects in Europe, Middle East, Africa and South America.

“2022 will be a fantastic year for Maana Electric, with the finalization of our first 1MW TerraBox. During this year, we could also fully set up our first production site in Foetz, Luxembourg; as well as significantly grow the team and have our first employees in our Dubai office” – Joost van Oorschot, Maana Electric’s Founder and CEO.

Financial partners warmly welcomed by Joost van Oorschot: “With this round, we are thrilled to see a reputable investor like Noshaq and awesome business angels enter our cap table, collectively confirming our ability to impact the solar market”.

One of Maana Electric’s new business angels is Stefan Lindner, CTO at CCE, an Austria-based photovoltaics company. He said “Ending dependencies, making renewables usable for less developed or secluded regions while simplifying technologies so much, that they can be used by anyone and anywhere with nothing more than electricity and the locally available material. Those are key factors for realising a clean and sustainable future, on earth and in outer space. I am Luxembourg convinced that Maana Electric has the finger on the pulse and we at CCE are happy to be part of it!”.

Since its incorporation in 2018, Maana Electric grew substantially, with now almost 50 full-time employees and a presence on 2 continents with 3 offices (Luxembourg, The Netherlands and United Arab Emirates), rapidly positioning itself as a leading expert in In Situ Resource Utilization (ISRU) in Europe and globally. The Terrabox is an important milestone in Maana Electric’s vision as the company has its eyes firmly set on using its technologies on the Moon.

“The TerraBox will allow us to showcase what is possible with ISRU technologies. Not only will we be able to build an impactful and profitable business on Earth, but we will also test and perfect the technologies in order to get them ready for future use in space,” concluded Joost van Oorschot.

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