Nuventura, a leading provider of SF6-free, medium-voltage (MV) gas-insulated switchgear (GIS) technologies, announced the completion of a €25 million Series A investment. The round is led by Mirova, through its impact private equity Mirova Environment Acceleration Capital fund, alongside new investors Forward.one and EIC Fund, and existing investors IBB Ventures, ADB Ventures, Cycle Group, Future Energy Ventures, and DOEN Participaties. The funding brings total investment in Nuventura to more than €35 million.
The capital will be used towards expanding Nuventura’s product portfolio and the further development of its manufacturing capabilities around the world, as the company continues to drive the global energy industry’s transition away from harmful greenhouse gas-based technology infrastructure.
Dr Fabian Lemke, Nuventura Co-founder and CEO, commented: “This is an extremely exciting time to be in this sector. Greater appreciation for the environmental threats posed by SF6 and accompanying regulatory oversight means that Nuventura, with our dry-air alternatives, is very much in the right place at the right time. This funding round is evidence of that and puts us in an ideal position to expand our operations internationally and continue providing sustainable switchgear alternatives for different use cases together with our valued business partners around the globe.”
Founded in 2017, Berlin-based Nuventura specialises in the development of environmentally friendly gas-insulated switchgear: key hardware components found throughout electrical grids and energy infrastructure. Its patented technology replaces industry-standard sulphur hexafluoride (SF6) – the world’s strongest greenhouse gas, with 25,200x more global warming power than carbon dioxide – with dry air. There is significant urgency to implement these alternative technologies as regulators start to phase out SF6’s use in energy infrastructure due to its significant negative environmental impact.
Anne Boulet, Investment Manager at Mirova, added: “The purpose of Mirova’s environmental impact strategy is to foster the growth of innovative companies having a positive environmental impact. As the drive towards a progressive SF6 phase-out is increasing, we are thrilled to have been given the opportunity to support Nuventura’s great team in their international expansion and as such actively contribute to decarbonising the energy industry.”
Nuventura works with original equipment manufacturers, EPC providers, and project developers in sharing its technology and dividing the value chain through a partnership model, with the aim of accelerating and facilitating the energy industry’s transition away from SF6. In so doing, Nuventura helps companies become compliant with imminent international regulation focused on the use of SF6 in switchgear and extend their product portfolios for new market segments in parallel.
Read the orginal article: https://www.eu-startups.com/2023/09/berlin-based-nuventura-secures-e25-million-series-a-to-ditch-greenhouse-gas-for-good/
