Leading the way in the development of lithium-ion battery technology, WATTALPS has raised €11 million to further its goal of lowering the cost and increasing the accessibility of high-performance batteries. Together with current investors like EIT InnoEnergy, Eximium, as well as the EIC Fund, this large fundraising round, supported by leading European venture capital firms which includes France’s Supernova Invest, the Dutch Move Energy, as well as Ring Capital, will further the company’s aggressive expansion plan.
Increasing Production and Product Offering
Image Source: wattalps.com
With the infusion of finance, WATTALPS will be able to raise its production capacity from the existing 2,000 batteries per year at its Moirans site close to Grenoble by eight times. In five years, the company hopes to exceed a one hundred million euro turnover. This expansion will support WATTALPS’s current line of modular, extremely efficient batteries, which uses cutting-edge immersing cooling systems to improve performance, durability, as well as reliability.
Microsoft's Reaction
In addition to increasing production volumes, WATTALPS wishes to expand its product range to better meet the needs of a diversified clientele and to develop in new markets outside Europe.
The organization’s unique cooling architecture considerably improves thermal management and allows faster charging, greater power delivery, and wider temperature flexibility for demanding applications in heavy-duty along with, off-road machinery.
Optimising Market Expansion
The off-road as well as heavy electrical equipment industry is expanding rapidly. It has been estimated that in 2023, the off-road vehicle segment will account for 5.8 million vehicle sales. WATTALPS’ revenue is expected to increase more than three-fold by 2024 and more than five-fold by 2023.
WATTALPS is well-positioned to capitalize on the increasing momentum of the electrification drive.
Future Prospects and Development
WATTALPS plans to expand to even larger premises and employ 40 additional people over the next 18 months. By 2028, the company hopes to have more than 100 employees and contribute to both the economic and industrial growth of the Auvergne-Rhône-Alpes region. Chief Executive Officer Mathieu Desbois-Renaudin positions WATTALPS as a pioneer in the battery technology sector by highlighting the business’s dedication to providing premium, safe batteries and exceptional customer service.
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