WATTALPS receives €11m Series A funding to expand manufacturing capacity and extend its product range, pushing the boundaries of lithium-ion battery technology with its patented immersion cooling technology

European lithium-ion battery start-up WATTALPS has successfully secured €11 million in Series A funding from new investors, historical investors and WATTALPS’ banks.

The funding, which will allow the company to continue to push the limits of lithium-ion battery technology with its patented cooling, facilitates an ambitious development program, including:

• An eightfold increase in its manufacturing capacity in Moirans near Grenoble, which is currently 2,000 batteries per year, ranging from 10 kWh to 500 kWh, with a target to surpass turnover of €100 million in five years.
• Cost and productivity improvements for the current product offering of modular and high-performance lithium-ion batteries featuring patented immersion cooling technology.
• Extension of its product range to cover additional market needs.
• Expansion of its commercial coverage beyond Europe.

The new investors are major European venture capital firms: France’s Supernova Invest, a European leader in deeptech investment, Move Energy, a Dutch fund which focuses on energy transition, and Ring Capital, a pioneer impact fund. They form an experienced, skilled and complementary team together with CASRA Capital and WATTALPS’ historical investors: EIT InnoEnergy, Eximium and the highly-selective EIC Fund. 

WATTALPS battery system, an innovative and modular solution for clean power

With 11 years of R&D relating to batteries using immersion cooling, WATTALPS is a pioneer in this state-of-the-art and future-proof technology. WATTALPS’ modular battery system is certified according to industrial standard IEC 62619 and automotive functional safety standard ISO 26262. Its robust and compact batteries, from 48V to 800V, have already been validated by companies ranging from large international businesses to SMEs across a wide range of industries, including construction equipment (rollers, pavers, dampers, excavators…), agriculture (animal feeding robots, hybrid field tractors…), mining (demolition robots…), cargo handling, trucks and municipal vehicles, marine, and sportscars.

Its patented cooling architecture gives WATTALPS a clear advantage over its competitors, by increasing overall performance, battery life and battery safety. Improved thermal management has enabled the company to provide batteries that charge faster, deliver higher power and can work in a wider range of temperatures than comparable models, making them ideal for electrification or hybridization of heavy-duty and demanding applications.

Europe’s electric heavy duty & off-road equipment market is gaining momentum

WATTALPS specializes in batteries for heavy-duty mobile and demanding applications in both on-road and off-highway markets. Market intelligence specialist Interact Analysis says that the off-highway market comprised 5.8 million unit sales in 2023, with significant growth potential in the future, particularly as electrification increases. Following the wave of electrification within its target markets, WATTALPS has seen its revenues multiplied by five in 2023 and more than triple in 2024.

Matthieu Desbois-Renaudin, CEO and Co-Founder at WATTALPS, explains: “Our customers want batteries which 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.” 

Environmental and security of supply concerns are expected to further drive demand for battery-electric vehicles over the coming years. WATTALPS’ cutting-edge batteries contribute to making electrification of large off-highway machinery increasingly possible. According to company Riverse, each WATTALPS’ module prevents 1.27 tons of CO₂ equivalent (CO₂eq) when used to electrify industrial equipment. This equates to a total of over 290,000t CO₂eq by 2028 (more than the equivalent annual CO2 emissions of 180,000 cars*). WATTALPS also offers the possibility to repurpose its batteries for less demanding applications at the end of their first life, sparing an additional 1.13t CO₂eq.

€11m fundraising will realize ambitious expansion plans

WATTALPS now intends to double its team to 40 people in the coming 18 months. There are also plans for further investment using the new round of funding to facilitate the move to a bigger factory. By 2028, the head count of the company in the French Alps will surpass 100, contributing to the social and industrial ecosystem of the Auvergne Rhone Alpes region.

Marine Glon, Investment Director at Supernova Invest, declares: “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 innovations, such as the patented immersion cooling system and modular approach.“

Mirjam Terhorst, Partner at Move Energy, adds: “We are excited about our investment in WATTALPS, given their unparallelled potential to decarbonize heavy duty vehicles. We look forward to unlocking the market in Northern Europe for their innovative energy solutions, together with the dedicated WATTALPS team.”

Matthieu adds, “We have now secured the financial backing needed to grow our business and fulfill customer demand. This funding is giving us the means to remain at the forefront of battery technology and enables us to reach a wider range of customers, while scaling up production to meet rising demand.”