PowerUP Energy Technologies, a clean energy company developing hydrogen-powered electric generators for both defence and critical commercial applications, has secured €10 million in Series A funding to accelerate production and commercialisation. The round, co-led by dual-use venture firms Mercaton and ScaleWolf and joined by Estonia’s SmartCap Green Fund (funded by the European Union’s NextGenerationEU), with strong participation from existing investors, will expand the company’s technology, renowned for proven reliability in extreme operational environments. PowerUP’s approach focuses on delivering robust, reliable energy for high-demand defence missions as well as essential commercial sectors such as security and telecommunications.
PowerUP’s hydrogen fuel cell technology has gained international recognition for resiliency and dependability in harsh environments, including operational validation in critical areas such as Ukraine. This performance underscores the product’s role in advancing energy sovereignty for customers prioritising national security-grade energy independence.
“PowerUP was founded on a clear mission: to deliver clean, reliable energy solutions. While other technologies are still being tested in labs, ours has already been battle-tested on the front lines in Ukraine. This is the very definition of dual-use innovation: a cleantech solution that has been forged and validated by the urgent needs of defence,” said Ivar Kruusenberg, Founder and CEO of PowerUP Energy Technologies. “This capital will directly allow us to expand our network of resellers, distributors and partners in defence and in the commercial sector.”
The €10 million investment will be deployed to meet growing demand in both defence and commercial markets. Commercial expansion includes scaling sales and technical support teams to enter new markets, with a focus on backup power for critical infrastructure. International growth involves establishing sales and support hubs in key markets such as Central Europe and North America to localise service and leverage rising global interest in resilient energy solutions. Research and development will accelerate the creation of higher-density fuel cell models tailored to diverse power requirements.