WATTALPS, a European lithium-based battery startup, has secured €11 million (~$12 million) in Series A funding. New investors led this funding round, including Supernova Invest, Move Energy, Ring Capital, and CASRA Capital. Existing investors like EIT InnoEnergy, Eximium, and EIC Fund participated in this round.
The funding will allow the company to expand its product range, improve its patented cooling technology to meet additional market needs and extend its commercial coverage beyond Europe.
Matthieu Desbois-Renaudin, CEO and Co-Founder at WATTALPS, said: “Our customers want batteries that are safe and always work as expected in all conditions, including the toughest that their applications might encounter. They had often started to work with other batteries and reached the limits of those classical batteries before choosing to work with us. They now want more of our batteries with the same technology, high quality, and high customer service levels in the DNA of WATTALPS.”
The company claims that its cooling technology improves safety and overall performance. It allows the battery to operate in a broader range of temperatures, delivers higher power, and enables a fast-charging option with comparable models, making it ideal for electrification or hybridizing heavy-duty and demanding applications.
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
Early this year, Anthro Energy, a provider of lithium-based battery solutions, announced the closing of an over-subscribed $20 million Series A funding round. Collaborative Fund led the financing, with significant participation from existing investors, including Union Square Ventures, Emerson Collective, and Voyager Ventures.
