PowerUP Raises €10M Series A To Scale Its Dual-Use Hydrogen Tech

Co-led by Mercaton and ScaleWolf, with participation from SmartCap’s Green Fund, the funding will support broader deployment of the technology, known for reliability in extreme conditions.

PowerUP Energy Technologies, founded in 2016 designs and produces modular hydrogen fuel cell systems for defence, industrial and off-grid applications. Its silent emission-free generators deliver secure, reliable power for military bases and critical civilian infrastructure catering to clients requiring high-performance resilient energy solutions.

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PowerUP’s strategy is to build power systems that work for both defence and commercial use. Their generators meet tough military standards and are also used in areas like security and telecoms. The technology is known for working reliably in harsh conditions and has been tested and proven in high-risk places 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 funding will support rising demand across both commercial and defence sectors. PowerUP will grow its sales and technical teams, expand into new commercial segments particularly backup power for critical infrastructure and establish strategic sales and support hubs in Central Europe and North America to strengthen its global footprint.

In parallel, the company will accelerate R&D to develop higher-density fuel cell systems designed to meet a broader range of power needs.

About PowerUP

PowerUP delivers clean, portable energy through hydrogen fuel cell backup generators designed for versatile use across construction, telecommunications, security and defence, healthcare, and other industries. Its emission-free systems provide reliable, silent, and scalable power solutions for organisations requiring dependable off-grid or backup energy.