In a significant boost for the clean energy sector, WATTALPS, a pioneering French lithium-ion battery startup, has successfully closed a Series A funding round, securing €11 million. This strategic investment, announced on August 27, 2024, positions WATTALPS to substantially advance its technology and expand its market reach.
The funding round saw participation from a distinguished group of investors, including Supernova Invest, Move Energy, and Ring Capital. In addition, longstanding backers such as EIT InnoEnergy, Eximium, and EIC Fund also contributed to the capital raise.
With this fresh capital injection, WATTALPS plans to enhance its lithium-ion battery technology and broaden its manufacturing capabilities at its facility in Moirans, near Grenoble. Currently operating with a capacity of 2,000 batteries annually, the company aims to escalate production to meet its ambitious goal of exceeding €100 million in revenue within the next five years. This growth trajectory will involve an eightfold increase in manufacturing output.
Moreover, WATTALPS intends to leverage the funds to refine the cost-efficiency and productivity of its modular batteries, which feature patented immersion cooling technology. The company also plans to expand its product lineup and extend its commercial footprint beyond European borders.
In tandem with scaling its production, WATTALPS will double its workforce to 40 employees over the next 18 months, with a vision to exceed 100 employees by 2028. This expansion will be supported by the construction of a larger manufacturing facility, further solidifying the company’s presence in the French Alps.
Founded in 2018 by Manuel Ronco, Matthieu Desbois-Renaudin, and Jean-Noël Carminati, WATTALPS has quickly become a leader in providing high-performance, modular lithium batteries for a variety of demanding applications. The company’s products, ranging from 48V to 800V, are certified under industrial standard IEC 62619 and automotive safety standard ISO 26262, and are employed in sectors including construction, agriculture, mining, cargo handling, and more.
The company has seen remarkable financial growth, with revenue surging fivefold in 2023 and more than tripling in 2024, driven by the accelerating trend toward electrification in its target markets. Notably, each WATTALPS module is estimated to prevent 1.27 tons of CO2 equivalent emissions, contributing to a projected total reduction of over 290,000 CO2eq by 2028.
Matthieu Desbois-Renaudin, CEO and Co-Founder of WATTALPS, expressed enthusiasm about the future: “Our customers demand batteries that are reliable and perform consistently under all conditions, including the most challenging environments. Our technology has proven its worth, and we are excited to meet growing demand with the same level of innovation, quality, and service that defines WATTALPS.”
Marine Glon, Investment Director at Supernova Invest, commented on the investment: “We are thrilled to support WATTALPS, recognizing the company’s significant potential in advancing battery technology. Their achievements align with our mission to back transformative innovations.”
Mirjam Terhorst, Partner at Move Energy, added: “We are excited about the potential for WATTALPS to drive the decarbonization of heavy-duty vehicles. We look forward to collaborating with the team to expand their market presence in Northern Europe.”
Editorial Opinion:
WATTALPS stands out as a beacon of innovation in the energy sector, showcasing a robust potential for long-term impact. The company’s strategic focus on modular and high-performance battery systems, coupled with its patented immersion cooling technology, places it at the forefront of the energy transition. As electrification gains momentum globally, WATTALPS is well-positioned to capture significant market share in the off-highway sector, which continues to experience rapid growth.
The investment in WATTALPS reflects a broader trend of increasing capital flow into clean energy solutions that promise not only technological advancements but also tangible environmental benefits. By addressing the unique demands of heavy-duty applications, WATTALPS is effectively bridging the gap between existing battery technologies and the evolving needs of its diverse clientele.
As the company scales its operations and expands its product offerings, it is poised to play a pivotal role in accelerating the transition to a more sustainable and electrified future. The commitment to reducing carbon emissions and enhancing battery performance underscores WATTALPS‘ strategic vision and reinforces its potential to drive meaningful change in the industry.
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