Ergosup develops hydrogen infrastructures based on its unique and patented technology of electrolysis of water directly under very high pressure. This integrated, competitive and secure solution meets the need for strong growth in low-carbon hydrogen, for both “clean mobility” and low-carbon industrial gas applications.
Recently, the French startup has raised €11 million through the PSIM (Major Innovation Support Programme) Fund, which is managed by Bpifrance as part of the Future Investment Programme, AP Ventures, Kouros and Normandie Participations, as well as its old shareholders including Air Liquide Venture Capital, Demeter Ventures, Go Capital and Arkea Capital.
Previously, ERGOSUP has raised €2.7 million to boost its employee headcount, accomplish its technology upgradation phase and establish its prototype and demonstration units.
Where will the funds get utilised?
The latest funding will allow the startup to launch small series production, develop marketing as well as recruit sales staff, project managers and technicians. As of now, the startup employs 20 people.
The startup will also be investing in marketing and industrialising the production of its compact storage units. The French startup has projected to generate a turnover of €1 million in 2019, and €6 million by 2020.
Founded in 2010, Ergosup has also targeted the market of zero-emission mobility with different types of hydrogen-powered electric vehicles such as drones, handling equipment, bicycles, and cars, as well as on-site industrial gas production as a substitute for truck-based supplies.
The French startup has created a distinctive high-pressure hydrogen generation technology based on water electrolysis technology. Moreover, the startup is developing solutions for the storage and transformation of electricity into pressurised hydrogen, creating compact hydrogen fuelling stations. These stations are being primarily developed for offering mobility solutions.
Stay tuned to Silicon Canals for more updates in the tech startup world.