WATTALPS secures 11 million euros

Series A financing: WATTALPS plans to increase its production capacity eightfold and expand its product portfolio for innovative battery solutions

Morians, France, August 2024 - European lithium-ion battery startup WATTALPS has successfully closed a Series A financing of 11 million euros. The funding comes from new investors, including Supernova Invest, Move Energy and Ring Capital, as well as existing investors such as EIT InnoEnergy, Eximium and the EIC Fund.

Expansion of production capacity and product expansion

WATTALPS will use the financing to increase its production capacity eightfold at its Moirans site near Grenoble. The company currently produces 2,000 batteries per year in a power range from 10 kWh to 500 kWh. The aim is to achieve a turnover of over 100 million euros in the next five years. In addition, WATTALPS is planning cost and productivity improvements for existing products and the expansion of the portfolio to cover additional market needs. The expansion of the sales territory beyond Europe is also on the agenda.

Battery technology with a cooling advantage

WATTALPS is a pioneer in the cooling of batteries through immersion cooling, which ensures higher performance, longer service life and increased safety. WATTALPS' modular batteries, ranging from 48V to 800V, are certified to IEC 62619 and ISO 26262 industrial standards and are used in various industries including construction, agriculture, mining, cargo handling, trucks, municipal and sports vehicles.

Sustainability and market potential

WATTALPS' advanced technology enables faster charging and higher performance of batteries that can operate in a wider range of temperatures. This is particularly important for the electrification and hybridization of heavy and demanding applications. According to market analyses, the off-highway market recorded 5.8 million units sold in 2023, with great growth potential in electrification. WATTALPS batteries contribute significantly to the reduction of CO2 emissions by enabling the use of electric vehicles in industrial environments. By 2028, WATTALPS expects its modules to save over 290,000 tCO2-equivalents.

With the new funds, WATTALPS plans to double its workforce to 40 employees over the next 18 months and invest in a larger plant. By 2028, the workforce is expected to grow to over 100 employees, which will make an important contribution to the industrial ecosystem of the Auvergne Rhône Alpes region.