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.

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.

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 with increasing electrification. 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.

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.