EDF and Supernova Invest pump €5 million in PowerUp start-up

By Dominic Ellis
Investment raises EDF Group's energy storage profile...

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. 

Share

Featured Articles

Gas-led recession a 'near certainty' in Europe

Centre for Economics and Business Research estimates the risk of a recession in Europe this winter at approximately 40%

ABB scoops global energy automation technology award

ABB excels in innovating subsea systems and electrification services and providing underwater control solutions according to Frost & Sullivan

INEOS Köln awarded €770,000 for green hydrogen study

State funding will support feasibility study for the construction of 100MW water electrolysis plant for green hydrogen at the INEOS site in Köln

UK receives £2.7bn upfront funding to boost grid capacity

Utilities

Poland and Germany best placed for gas-to-coal switch

Oil & Gas

Leclanché fire retardant additive cuts battery fire risk

Renewable Energy