Estonian PowerUP Energy Technologies raises €10M in Series A round

Estonian PowerUP Energy Technologies, which develops hydrogen fuel cell power generators, has raised €10M in a Series A round. The startup's investors include Mercaton, ScaleWolf, and SmartCap Green Fund, with participation from existing investors.

Founded in 2016, PowerUP Energy Technologies develops and manufactures versatile modular hydrogen fuel cell solutions for a wide range of applications, from defense to industrial and off-grid sectors. Ivar Kruusenberg is the founder and CEO of PowerUP Energy Technologies.

The funding will help PowerUP increase production capacity, strengthen international sales, and develop new generators with higher power and energy density.

Mercaton Investment Group is a venture capital firm operating in sectors such as technological innovation, security, and high technology in Central and Eastern Europe (CEE). The company operates as an investment fund with offices in Poland, Germany, and Liechtenstein. It was founded in 2024.

ScaleWolf is a venture capital and technology accelerator founded in 2023 in Lithuania by former Lithuanian Deputy Defense Minister Edvinas Kerza. The company, in cooperation with the Lithuanian Ministry of Economy and Innovation, works to support dual-use technologies - innovations that are used for both commercial and defense purposes.

SmartCap Green Fund is part of SmartCap, the investment company, established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. A €100M SmartCap Green Fund supports early-stage Estonian green technology companies – through dedicated venture capital funds and direct investments in companies until 2026. It invests in Estonian technology companies operating in the energy, agriculture, food industry, transport and logistics, materials and chemical industries, and environmental sectors. The fund is managed by Sille Pettai.