Moirans, France-based WATTALPS, a lithium-ion batteries startup, announced on Tuesday, August 27, that it has secured €11M in a Series A funding round.
The investment was backed by new investors, including Supernova Invest, Move Energy, and Ring Capital. Additionally, CASRA Capital and WATTALPS’ historical investors, EIT InnoEnergy, Eximium, and EIC Fund, participated.
Fund utilisation
The company will use the secured funding to advance lithium-ion battery technology and expand its manufacturing capabilities in Moirans near Grenoble.
With a current capacity of 2,000 batteries per year ranging from 10 kWh to 500 kWh, the company aims to increase its turnover to over €100 million within five years by eightfolding its manufacturing capacity.
Additionally, the funding will improve the cost and productivity of its existing modular and high-performance lithium-ion batteries with patented immersion cooling technology.
The capital will be used to expand its product range to meet diverse market needs and extend commercial coverage beyond Europe.
WATTALPS also intends to double its team to 40 people in the coming 18 months. The French company also plans for further investment using the new round of funding to facilitate the move to a bigger factory.
By 2028, the headcount of the company in the French Alps will surpass 100, says the company.
WATTALPS: Providing modular and high-performance lithium batteries
Founded by Manuel Ronco, Matthieu Desbois-Renaudin, and Jean-Noël Carminati, WATTALPS has been designing, assembling, and marketing modular and high-performance lithium batteries for heavy-duty mobile applications since 2018.
WATTALPS’ modular battery system is certified according to industrial standard IEC 62619 and automotive functional safety standard ISO 26262.
The company’s batteries, from 48V to 800V, have already been validated by organisations ranging from large international businesses to SMEs across industries.
It includes construction equipment (rollers, pavers, dampers, excavators), agriculture (animal feeding robots, hybrid field tractors), mining (demolition robots), cargo handling, trucks and municipal vehicles, and marine, and sports cars.
WATTALPS specialises in providing batteries for heavy-duty mobile and demanding applications in both on-road and off-highway markets.
5X increase in revenue
According to market intelligence specialist Interact Analysis, the off-highway market comprised 5.8 million unit sales in 2023, with significant growth potential in the future, especially with increasing electrification.
WATTALPS saw its revenues increase fivefold in 2023 and more than triple in 2024 due to the wave of electrification in its target markets.
According to company Riverse, each WATTALPS’ module prevents 1.27 tons of tCO2 equivalent (CO2eq) when used to electrify industrial equipment.
It equates to a total of over 290,000 CO2eq by 2028 (more than the equivalent annual CO2 emission of 180,000 cars).
Matthieu Desbois-Renaudin, CEO and Co-Founder at WATTALPS, explains, “Our customers want batteries that are safe and always work as expected in all conditions, including the toughest that might be encountered by their applications. 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, the same high quality, and the same high levels of customer service that are in the DNA of WATTALPS.”
The investor
Supernova Invest is a deep tech Venture Capital firm in France and Europe, managing €700M+.
The current portfolio includes 80+ impact startup companies that develop products and services leveraging breakthrough technologies in four transition-centric sectors — Health, Energy & Environment, Industry 4.0, and Digital Technology.
Marine Glon, Investment Director at Supernova Invest, says, “We are delighted to announce our investment in WATTALPS, which underscores our firm belief in the company’s significant potential. The remarkable achievements of the team to date align perfectly with our DNA to support visionary entrepreneurs developing breakthrough innovation, such as the patented immersion cooling system and modular approach.“
Based out of Amsterdam, Move Energy is an early-stage venture capital investor investing at the forefront of innovating hardware and software solutions that contribute to the energy transition.
Move Energy’s energy transition fund provides early-growth stage capital to European companies making a tangible impact toward achieving net-zero targets, with a special focus on power, transport, and buildings.
Mirjam Terhorst, Partner at Move Energy, adds, “We are excited about our investment in WATTALPS, given their unparalleled potential to decarbonise heavy-duty vehicles. We look forward to unlocking the market in Northern Europe for their innovative energy solutions, together with the dedicated WATTALPS team.”
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