French startup Ergosup raises €11 million for its hydrogen energy solutions

ergosup

As the lightest yet most energy-dense of all elements, hydrogen is the ultimate energy carrier. It is completely harmless to the environment, producing only water and heat when used in fuel cells for supplying electrical power.

The French startup Ergosup has developed a unique high pressure hydrogen generator technology based on water electrolysis technology, and is developing solutions for the storage and converstion of electricity into pressurised hydrogen, creating compact hydrogen fueling stations. The stations are primarily beingn developed for mobility solutions, however the startup is working on other applications as well. After raising €2.7 million in 2015, the Ergosup has just raised another round of €11 million.

The investment came from the PSIM (Major Innovation Support Program) fund managed by Bpifrance under the Future Investments Program, AP Ventures, Kouros and Normandie Participations as well as its historical shareholders ALIAD (Air Liquide Venture Capital), Demeter Ventures, Go Capital, and Arkéa Capital.

Ergosup will use the new capital to industrialise the production of its compact storage units, invest in marketing, and strengthen its teams with the recruitment of a dozen new employees, including salespeople, project managers, and technicians.

Whereas today 95% of hydrogen is produced from fossil fuels, and less than 0.01% by water electrolysis, the objective set by the Hulot plan of June 2018 is to to reach a percentage of decarbonated hydrogen of 10% in 2023, and 40% in 2028. This French plan is part of an ambitious international agenda in which hydrogen will be used everywhere; with industrialists who invest, territories that engage, and applications that unfold,” the company said in a statement.

The first market targeted by Ergosup is zero-emission mobility with different types of hydrogen-powered electric vehicles such as drones, handling equipment, bicycles, and cars, as well as on-site industrial gas production as a substitute for truck-based supplies.

Created in 2010, Ergosup was awarded the prize for the Global Innovation Competition in 2014, 2015 and 2017, as well as the CES 2019 Innovation Award. Located in Malataverne and Cherbourg, France, it currently employs 20 people. It aims for a turnover of €1 million in 2019, and €6 million by 2020.

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