Cleantech sector startup PowerUp, creator of a breakthrough technology designed to make management of lithium-ion batteries more reliable while at the same time extending battery lifetimes, has completed a new round of funding from Supernova Invest (its historic investor), business angels, and the EDF Group.
This new display of confidence is aimed at enabling it to continue its growth in France and Europe. It also marks the start of a new era: PowerUp is now ready to tackle the energy storage systems sector, a new international market for the firm.
Founded in 2017, PowerUp has developed a breakthrough technology based on more than ten years of research by CEA-LITEN (innovation laboratory for new energy technologies), as well as on a total of 7 patents. Its solutions aim to optimise the performance and lifetime of lithium-ion batteries in order to enhance the reliability and competitiveness of future energy storage systems.
With the energy transition in full swing, battery use is growing exponentially, and users are being forced to replace batteries early as a precaution, creating a genuine ecological issue. PowerUp is committed to taking the step towards greener energy by enabling sustainable, reliable management of battery fleets.
PowerUp diagnoses and measures the real state of health of batteries, thereby guaranteeing their autonomy. It increases the lifetime of batteries by up to 100%, via dynamic charging based on the battery’s health, environment and use. Finally, Powerup predicts the lifetime of batteries according to usage scenarios, enabling them to be replaced at the right time.
PowerUp’s solution is currently aimed at all manufacturers and operators who use batteries under power-cycle conditions or for backup power applications. Following trials with major groups such as SNCF Réseau, EDF, Schneider Electric and Crédit Agricole Nord Midi-Pyrénées, the startup will commence production in 2021.
This new investment round underlines the firm’s ambitions to play a part in the energy and ecological transition, speed up its growth by recruiting 25 new employees, and strengthen its leadership position in the French market, and eventually Europe and North America.
The funding also marks a partnership to be signed between EDF R&D and PowerUp, with the aim of accelerating the development of more effective algorithms for predicting and diagnosing battery health. EDF R&D will bring to the table its test facilities as well as the full spectrum of its expertise, developed over more than 20 years, in ageing of batteries in large stationary storage systems.
Marine Glon, Director of Investment at Supernova Invest, commented: “PowerUp’s technology allows the state of health of lithium-ion batteries to be diagnosed to within 2%, giving industrial companies an operational guarantee that meets their needs, and enabling them only to replace batteries when they need to, with a very positive impact in terms of economics and the environment. Having acquired its first holding in PowerUp two years ago, Supernova Invest is renewing its confidence in PowerUp’s technology as well as its team by participating in this round of investment alongside EDF to ensure the continued development of the technology and the commercial team, and to support the broader rollout of the solution. This re-investment fits perfectly with Supernova Invest’s deep-tech DNA.”
Josselin Priour, CEO and Co-founder of PowerUp, added: “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.”