WATTALPS, a French lithium-ion battery startup, has successfully secured €11 million in Series A funding. This significant investment comes from a mix of new investors, historical backers, and the company’s banks, enabling WATTALPS to embark on an ambitious industrial expansion plan.
The new investors include prominent European venture capital firms such as France’s Supernova Invest, a leader in deep tech investment, Move Energy, a Dutch fund focused on energy transition, and Ring Capital, a pioneer in impact investing. These investors join forces with CASRA Capital and WATTALPS’ historical investors: EIT InnoEnergy, Eximium, and the EIC Fund, creating a powerful and complementary team.
Pioneering lithium-ion battery technology
This new funding intends to propel WATTALPS forward as it continues to push the boundaries of lithium-ion battery technology, particularly with its patented immersion cooling system. This technology provides a distinct advantage by enhancing battery performance, longevity, and safety. The company’s modular battery system, certified to meet both IEC 62619 industrial standards and ISO 26262 automotive safety standards, offers robust solutions for a range of applications, including construction equipment, agriculture, mining, cargo handling, and even high-performance vehicles.
WATTALPS has been at the forefront of this cutting-edge technology, with 11 years of R&D dedicated to batteries utilizing immersion cooling. The funding will enable several key initiatives:
- An eightfold increase in manufacturing capacity at its Moirans facility near Grenoble, aiming to exceed €100 million in turnover within five years.
- Cost and productivity improvements for its current modular and high-performance lithium-ion batteries.
- Expansion of its product range to address additional market needs.
- Extension of its commercial coverage beyond Europe.
Matthieu Desbois-Renaudin, CEO and Co-founder said: “This funding provides us with the financial resources needed to grow our business and meet customer demand. It allows us to stay at the forefront of battery technology while expanding our production capabilities to keep pace with rising demand.”
Marine Glon, Investment Director at Supernova Invest, expressed confidence in WATTALPS’ potential: “We are delighted to invest in WATTALPS, whose achievements align perfectly with our mission to support visionary entrepreneurs developing breakthrough innovations.”
Mirjam Terhorst, Partner at Move Energy, added: “We are excited about our investment in WATTALPS, given their unparalleled potential to decarbonize heavy-duty vehicles. We look forward to unlocking the market in Northern Europe with their innovative energy solutions.”
Expanding market opportunities in electrification
WATTALPS specializes in providing batteries for heavy-duty and demanding applications, both on-road and off-highway. According to market intelligence firm Interact Analysis, the off-highway market saw 5.8 million unit sales in 2023, with substantial growth potential driven by the wave of electrification. WATTALPS has already experienced significant growth, with its revenues multiplying fivefold in 2023 and tripling again in 2024.
Matthieu Desbois-Renaudin emphasized the reliability of WATTALPS’ batteries: “Our customers want batteries that are safe and perform consistently in all conditions, including the most challenging environments. Many began with other batteries but reached their limits before switching to WATTALPS. Now, they want more of our high-quality batteries, which embody our commitment to customer service and innovation.”
The electrification of heavy-duty equipment is a key driver of WATTALPS’ growth. The company’s batteries play a critical role in reducing carbon emissions. According to WATTALPS, each battery module can prevent 1.27 tons of CO2 equivalent (tCO2eq) when used to electrify industrial equipment, potentially preventing over 290,000 tons of CO2eq by 2028—the equivalent of taking 180,000 cars off the road annually. Additionally, WATTALPS offers the option to repurpose its batteries for less demanding applications at the end of their first life, further enhancing their environmental benefits.
