PowerUp nabs €5 million funding
Cleantech sector startup PowerUp, the creator of a breakthrough technology designed to make the management of lithium-ion batteries more reliable while at the same time extending battery lifetimes, has completed a new round of funding from Supernova Invest (its historic investor), business angels, and the EDF Group.
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 is now ready to tackle the energy storage systems sector, a new international market for the firm.
Founded in 2017, PowerUp has developed a breakthrough technology based on more than ten years of research by CEA-LITEN (innovation laboratory for new energy technologies) and 7 patents. Its solutions aim to optimize lithium-ion batteries’ performance and a lifetime to enhance future energy storage systems’ reliability and competitiveness.
With the energy transition in full swing, battery use is growing exponentially, and users are being forced to replace batteries early as a precaution, creating a genuine ecological issue. PowerUp is committed to taking a step towards greener energy by enabling sustainable, reliable battery fleet management.
This new investment round underlines the firm’s ambitions to play a part in the energy and ecological transition, speed up its growth by recruiting 25 new employees, and strengthen its leadership position in the French market, and eventually Europe and North America.
