CleanTech: PowerUp raises 5 million euros from EDF and Supernova Invest
The French PowerUp, at the origin of a solution which prolongs the lifespan of lithium batteries, raises 5 million euros from the EDF group, the historical investor Supernova Invest and business angels. The Aulnay-sous-Bois-based startup will start producing batteries in 2021.
Born in 2017 from the collaboration between CEA-Liten and Lumila, PowerUp is developing a solution which considerably extends the lifespan of lithium batteries. This technology was born after more than 10 years of research by CEA-Liten and 7 patents. The MAP (Measure, Act, Predict) technology developed by PowerUp offers lithium-ion batteries increased performance and longevity which makes them more competitive in the massive energy storage market. The French startup has already tested its batteries with large groups such as SNCF Réseau, EDF, Schneider Electric and Crédit Agricole Nord Midi Pyrénées.
Heading for Europe
“ In 2018, the EDF Group launched the ‘electrical storage’ plan with the ambition of becoming the European leader in the sector by 2035 », Comments Michel Vanhaesbroucke, Director of Corporate Venture and EDF Pulse Croissance incubator. ” We are very happy to invest in PowerUp technology which constitutes an additional brick to optimize storage systems and develop new use cases on large capacity projects. “.
PowerUp now aims to develop in France and in Europe. ” We will move from 2021 to a larger production phase, this capital will allow us to support our growth ”, explains Josselin Priour, CEO and founder of PowerUp, who is also president of Lumila. “ In addition to consolidating our position on French territory, our ambition is to develop our activity in Europe and across the Atlantic ”.
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PowerUp: the key data
Founder: Josselin Priour
The head office : Aulnay-sous-Bois, Ile-de-France
Funding: 5 million euros from the EDF group, the historic investor Supernova Invest and business angels.