EDF and Supernova Invest pump €5 million in PowerUp start-up
The EDF Group has bolstered its energy storage solutions profile after making an €5 million investment in PowerUp, a start-up designed to make lithium ion batteries more reliable and longer lasting.
It made the investment with Supernova Invest, a leading management company which manages and advises five funds with a total value of €260 million, and business angels.
"We are very glad to invest in PowerUp’s technology, which provides another building block in the drive to optimise storage systems and develop new use cases for large-capacity projects," said Michel Vanhaesbroucke, Director of the corporate venture entity and startup incubator EDF Pulse Croissance.
The fundraising round will enable PowerUp, founded three years ago, to embark on a phase of increased production and growth in Europe and North America.
EDF Pulse Croissance’s investment in PowerUp is part of the EDF Group’s Electricity Storage Plan, which targets the installation of 10GW of new storage capacity by 2035.