European battery maker WattAlps secures €11m funding
WattAlps has received an €11 million Series A funding round to expand production capacity and product range, moving beyond lithium-ion battery technology with its patented immersion cooling technology.
European lithium-ion battery startup WattAlps has raised €11 million in Series A funding from new investors, existing investors and WattAlps banks.
The funding, which will allow the company to continue to push the boundaries of lithium-ion battery technology with its patented cooling, enables an ambitious development program that includes:
● Eight-fold increase in production capacity in Moirans, near Grenoble, which currently stands at 2,000 batteries per year from 10 kWh to 500 kWh, with the aim of exceeding a turnover of 100 million euros in five years.
● Improved costs and productivity for the current offering of modular, high-performance lithium-ion batteries with patented immersion cooling technology.
● Extension of the product range to cover further market needs.
● Expansion of commercial coverage outside Europe.
The new investors are major European venture capital firms: the French Supernova Invest, a European leader in deeptech investments, Move Energy, a Dutch fund focused on energy transition, and Ring Capital, an innovative impact fund. They form an experienced, competent and complementary team together with CASRA Capital and WattAlps’ historical investors: EIT InnoEnergy, Eximium and the highly selective EIC Fund.
The WattAlps battery system
With 11 years of research and development on immersion-cooled batteries, WattAlps is a pioneer of this cutting-edge and futuristic technology. WattAlps’ modular battery system is certified to the IEC 62619 industry standard and the ISO 26262 automotive functional safety standard. Its robust and compact 48V to 800V batteries have already been validated by companies ranging from large international enterprises to SMEs in a wide range of sectors, including construction equipment, agriculture, mining, cargo handling, trucks and municipal vehicles, marine and sports cars.
Improved thermal management has enabled the company to deliver batteries that charge faster, deliver more power, and can operate over a wider temperature range than comparable designs, making them ideal for electrifying or hybridizing heavy-duty and demanding applications.
Matthieu Desbois-Renaudin, CEO and co-founder of WattAlps, explains: “Our customers want batteries that are safe and that always perform as expected in all conditions, including the most difficult ones that their applications may encounter. They often started with other batteries, experiencing the limitations of classic ones before choosing us. Now they want more of our batteries with the same technology, the same high quality and the same high levels of customer service that are part of the WattAlps DNA.”
