PowerUP nets €10M Series A to scale its dual-use hydrogen technology

Talliin-based PowerUP Energy Technologies has closed a €10 million Series A funding round to
accelerate the manufacturing and commercialisation of its hydrogen-powered
electric generators. Co-led by Mercaton and ScaleWolf and
joined by SmartCap’s Green Fund, the investment will enable further scaling of
the technology, recognised for its dependable performance in extreme
environments.

PowerUP Energy Technologies, founded in 2016, develops and manufactures
modular hydrogen fuel cell systems for defence, industrial, and off-grid
applications. Its silent, emission-free generators are designed for use in
sensitive military forward operating bases and critical civilian
infrastructure, supporting customers that prioritise reliable, security-grade
energy independence.

At the core of PowerUP’s strategy is a dual-use approach: providing robust,
resilient power solutions that meet the high demands of the defence sector
while also serving critical commercial use cases such as security and
telecommunications. The company’s technology has gained international
recognition for its reliability in extreme environments, including deployment
and validation in high-risk regions such as Ukraine.

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.

The new investment will be
used to meet growing demand across both commercial and defence markets. PowerUP
plans to expand its sales and technical teams to enter new commercial segments,
with a focus on backup power for critical infrastructure, while building strategic
sales and support hubs in key regions such as Central Europe and North America
to strengthen its international presence.

In parallel, the company
will accelerate R&D to develop higher-density fuel cell models tailored to
a wider range of power requirements.