French cleantech startup PowerUp announces $6 million investment
PowerUp, an owner of a breakthrough technology designed to make the management of lithium-ion batteries more reliable, has announced a new round of funding worth $6 million, the official website of the company writes. The round was led by Supernova Invest – a pioneering management company that leads the way in deep-tech investment in France, some business angels, and the EDF Group – an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services.
Founded in 2017 by CEO Josselin Priour, PowerUp offers the latest technological advances in the management of lithium-ion batteries, resulting from research conducted by CEA-Liten. PowerUp allows to monitor the real state-of-health of batteries during their entire service life and thus have the information required to do predictive maintenance. These solutions are aimed to optimize the performance and lifetime of lithium-ion batteries in order to enhance the reliability and competitiveness of future energy storage systems.
The raised money will help speed up its growth by recruiting 25 new employees in engineering and marketing & sales within the next two years and strengthen its leadership position in the French market, and then expand its business in Europe and North America.
Josselin Priour, CEO and founder of PowerUp, said: “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.”