Cleantech sector startup PowerUp has completed a new round of funding worth €5m from Supernova Invest, business angels, and the EDF Group.
Founded in 2017, France-based PowerUp has developed a breakthrough technology based on more than ten years of research by CEA-LITEN (innovation laboratory for new energy technologies), as well as on a total of 7 patents.
Its solutions aim to optimise the performance and lifetime of lithium- ion batteries in order to enhance the reliability and competitiveness of future energy storage systems.
EDF Pulse Croissance’s investment in PowerUp is part of the EDF Group’s Electricity Storage Plan, which targets the installation of 10 GW of new storage capacity by 2035.
The investment in PowerUp reaffirms EDF’s desire to be a major player in the energy transition and in low-carbon generation.
This new display of confidence is aimed at enabling it to continue its growth in France and Europe. It also marks the start of a new era: PowerUp says it’s is now ready to tackle the energy storage systems sector, a new international market for the firm.
Carmen Munoz, Director of downstream activities, EDF R&D, said: “EDF R&D’s expertise in batteries, which spans more than 20 years, coupled with PowerUp’s innovative technology and market understanding, will ensure further progress towards the development of a more effective solution, while also boosting competitiveness.”
Josselin Priour, CEO and Co-founder of PowerUp, added: “With this fundraising round, PowerUp is entering a new era. In 2021, we will be embarking on a phase of increased production, and this capital will support our growth. In addition to securing our leadership position in France, we aim to grow our business in Europe and North America. Behind this growth lies a real need: more than ever before, we need to increase the lifetime of our batteries to ensure greener energy production.”