After having received the prestigious EIC Accelerator grant of 1.65 M€ in October 2020, WATTALPS is also supported by the EIC Fund with an equity funding of 1.1 M€ in December 2021. This funding will prepare WATTALPS for the next fundraising, scheduled for the end of 2022.
The amount of this 2022 fundraising will be 5.1 M€. The EIC Fund, which is managed by the European Commission to support innovative and promising start-ups, is already committed to providing an additional 1.1 M€. WATTALPS will supplement the remaining 4 M€ through the search of new investors.
This operation allows WATTALPS to develop, validate and market the third generation of its innovative electric batteries. The immersion cooling innovation developed by WATTALPS allows perfect control of the temperature and safety of batteries, but also optimizes their performance and lifespan while keeping a very small footprint. These elements are essential to guarantee the productivity and profitability of heavy-duty industrial machinery, such as construction machinery, lifting machinery, handling machinery, agricultural machinery or even certain vessels.
“Industrial machines have finally found their solution for converting to electric thanks to WATTALPS and the needs are worldwide: up to 30% of machines sold in 2027 will be electric and Europe is a leader in this area, which is why we would like to support this start-up in its international development”, underlines Nicklas BERGMAN, member of the Investment Committee of the EIC Fund.
An additional contribution from historical investors of WATTALPS completed the capital contribution made by Europe in December 2021.