Berlin-based Nuventura, a provider of SF6-free, medium-voltage (MV) gas-insulated switchgear (GIS) technologies, announced on Tuesday, that it has raised €25M in a Series A round of funding. With this, the company has now raised a total of over €35M in funding.
The current round of investment was led by Mirova, through its impact private equity Mirova Environment Acceleration Capital fund, alongside new investors Forward.one and EIC Fund.
Existing investors IBB Ventures, ADB Ventures, Cycle Group, Future Energy Ventures, and DOEN Participaties also participated in the round.
Anne Boulet, Investment Manager at Mirova says, “The purpose of Mirova’s environmental impact strategy is to foster the growth of innovative companies having a positive environmental impact.”
“As the drive towards a progressive SF6 phase-out is increasing, we are thrilled to have been given the opportunity to support Nuventura’s great team in their international expansion and as such actively contribute to decarbonising the energy industry.”
Capital utilisation
Nuventura says it will use the funds to expand its product offerings and enhance its global manufacturing capabilities. The company aims to drive the global energy industry’s transition away from greenhouse gas-based technology infrastructure, aligning with efforts to combat climate change.
Dr Fabian Lemke, Nuventura co-founder and CEO says, “This is an extremely exciting time to be in this sector. Greater appreciation for the environmental threats posed by SF6 and accompanying regulatory oversight means that Nuventura, with our dry-air alternatives, is very much in the right place at the right time.”
“This funding round is evidence of that and puts us in an ideal position to expand our operations internationally and continue providing sustainable switchgear alternatives for different use-cases together with our valued business partners around the globe,” adds Lemke.
Nuventura: Everything you need to know
Founded in 2017 by Manjunath Ramesh, Dr.-Ing Fabian Lemke and Nikolaus Thomale, Nuventura specialises in eco-friendly gas-insulated switchgear for electrical grids.
The company’s patented technology replaces the industry-standard sulfur hexafluoride (SF6), an extremely potent greenhouse gas with 25,200 times the global warming potential of carbon dioxide, with dry air.
Nuventura collaborates with original equipment manufacturers (OEMs), EPC providers, and project developers to share its technology and responsibilities within the value chain through a partnership model. Their primary objective is to expedite and facilitate the energy industry’s transition away from SF6.
By pursuing this collaborative approach, Nuventura assists companies in achieving compliance with upcoming international regulations related to the use of SF6 in switchgear. Simultaneously, it enables these companies to expand their product offerings into new market segments.
Brief about the investors supporting Nuventura
Mirova is a management company affiliated with Natixis Investment Managers, specialising in sustainable investments. The firm manages €25.3B in assets, is mission-driven and holds a B Corp label, underlining its commitment to social and environmental responsibility.
FORWARD.one is a Netherlands-based VC fund with €200M under management, focusing on deep-tech hardware startups. They invest in Climate Tech, Semiconductors/Quantum, and Industrial High-Tech companies and provide active support to their portfolio firms with a team of financial professionals and technology entrepreneurs.
Future Energy Ventures, affiliated with E.ON, is a VC and collaboration platform that invests in digital and scalable technology companies operating in the energy sector. They primarily target Series A and B funding stage startups with the potential to redefine the future of energy.
The European Innovation Council (EIC) Fund, part of the European Commission, is a fund that invests in a wide range of technologies and industries across EU member states and associated countries. It claims to play a vital role in the EIC Accelerator blended finance programme. EIC supports companies in developing and commercialising disruptive technologies. It achieves this by attracting partners, sharing risks, and creating a network of capital providers and strategic partners for co-investment and follow-on funding.
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