WATTALPS, a French startup specializing in lithium-ion battery technology, has successfully raised EUR 11 million in Series A funding. This investment comes from a combination of new investors, existing backers, and the company’s banks, facilitating an industrial expansion plan.

The new investors include notable European venture capital firms such as Supernova Invest, Move Energy, and Ring Capital. They join existing investors CASRA Capital, EIT InnoEnergy, Eximium, and the EIC Fund, forming a diverse investment team.

Key Facts and Figures

• Funding Amount: EUR 11 million
• Manufacturing Capacity Increase: Eightfold at the Moirans facility
• Projected Turnover: Over EUR 100 million within five years
• Market Growth: Off-highway market saw 5.8 million unit sales in 2023

Company Initiatives

The funding will support several initiatives:

• Expansion of manufacturing capacity.
• Improvements in cost and productivity for existing modular and high-performance batteries.
• Development of new products to meet market needs.
• Extension of commercial activities beyond Europe.

WATTALPS focuses on lithium-ion batteries with a patented immersion cooling system, which enhances battery performance, longevity, and safety. Its modular battery system meets IEC 62619 industrial standards and ISO 26262 automotive safety standards, catering to various applications, including construction, agriculture, mining, and high-performance vehicles.

Market Impact

WATTALPS has reported significant growth, with revenues increasing fivefold in 2023 and projected to triple again in 2024. The company aims to contribute to the electrification of heavy-duty equipment, which is a key driver of its growth. Each battery module is estimated to prevent 1.27 tons of CO2 equivalent (tCO2eq) emissions when used in industrial applications, potentially preventing over 290,000 tons of CO2eq by 2028.