WATTALPS, a Moirans-based startup in France, has successfully raised €11 million in a Series A funding round. This significant investment will be instrumental in advancing the company’s lithium-ion battery technology and expanding its manufacturing capabilities. With the new funding, WATTALPS aims to enhance its product range and increase its production capacity, positioning the company for substantial growth in the coming years.
In earlier reports, WATTALPS had shown consistent growth with its innovative modular and high-performance lithium batteries tailored for heavy-duty applications. Their strategic focus on immersion cooling technology has set them apart in the industry. The latest funding round sees new investors like Supernova Invest, Move Energy, and Ring Capital joining previous backers such as EIT InnoEnergy, Eximium, and the EIC Fund.
WATTALPS plans to use the newly secured capital to increase its manufacturing capacity eightfold, aiming to reach a turnover of over €100 million within five years. The company currently produces 2,000 batteries annually, ranging from 10 kWh to 500 kWh. This expansion will also help WATTALPS extend its market reach beyond Europe and introduce more cost-effective and efficient battery solutions.
Technological Advancements and Market Expansion
The funding will further WATTALPS’ efforts to refine its patented immersion cooling technology, which enhances battery performance and longevity. The company also plans to double its workforce to 40 employees within 18 months and move to a larger facility. This expansion prepares WATTALPS for future growth, with the headcount expected to surpass 100 by 2028.
“Our customers want batteries that are safe and always work as expected in all conditions, including the toughest that might be encountered by their applications,” said Matthieu Desbois-Renaudin, CEO and Co-Founder at WATTALPS.
Strategic Investor Support
Supernova Invest, a deep tech Venture Capital firm, underscores the potential they see in WATTALPS. Managing over €700 million, their portfolio spans 80+ startups focused on transition-centric sectors. Marine Glon, Investment Director at Supernova Invest, expressed enthusiasm for WATTALPS’ innovative battery solutions.
“We are delighted to announce our investment in WATTALPS, which underscores our firm belief in the company’s significant potential,” stated Marine Glon.
Move Energy, another new investor, focuses on early-growth stage investments in companies that contribute to the energy transition. Partner Mirjam Terhorst highlighted the potential impact of WATTALPS’ technology on decarbonizing heavy-duty vehicles.
“We are excited about our investment in WATTALPS, given their unparalleled potential to decarbonize heavy-duty vehicles,” said Mirjam Terhorst.
WATTALPS’ modular battery systems, designed for heavy-duty applications, have already been validated by various industries, including construction, agriculture, mining, and marine sectors. This Series A funding round positions WATTALPS to capitalize on the growing demand for advanced battery technologies.
As electrification trends continue to accelerate, WATTALPS is well-positioned to play a crucial role in supplying efficient and reliable battery solutions. The company’s focus on technological innovation and market expansion aligns with broader industry trends, indicating a promising future for WATTALPS.
