Tallinn-based startup PowerUP Energy Technologies, which develops hydrogen fuel cell generators for defence and commercial use, has raised €10 million in a Series A round, co-led by Mercaton and ScaleWolf, with participation from SmartCap Green Fund and existing investors.
- PowerUP Energy Technologies was established in 2016 by Ivar Kruusenberg. The company develops hydrogen fuel cell generators that convert hydrogen into electricity through electrochemical reactions, producing power without carbon emissions, heat, or noise.
- The systems are modular and portable, providing main, backup, or extended battery power. They are designed for environments that demand high reliability and low operational footprint, including military forward units, critical infrastructure, and industrial applications.
- PowerUP’s technology was originally engineered for European Space Agency missions and has been adapted for terrestrial use. It has been deployed in extreme conditions, including conflict zones, to provide continuous electricity where conventional sources are impractical or unavailable.
“At ScaleWolf, we value technologies that strengthen security and resilience where it matters most. PowerUP has shown that its systems can deliver dependable power in demanding environments, supporting both defence missions and essential civilian operations. We are proud to back a team that turns proven performance into meaningful dual-use capability,” said Dave Harden, Partner at ScaleWolf.
- The firm will use the €10 million Series A funding to expand its commercial operations by growing sales and technical support teams for critical infrastructure markets, establish strategic international hubs in regions like Central Europe and North America to better serve global customers, and accelerate R&D efforts to develop higher-density hydrogen fuel cell models tailored to diverse power requirements, supporting both defense and commercial applications.
“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. This capital will directly allow us to expand our network of resellers, distributors and partners in defence and in the commercial sector," claims Ivar Kruusenberg, Founder and CEO of PowerUP Energy Technologies.
