Nuventura raises new funding to support global expansion of SF6-free gas insulated switchgear
Deep Tech start up Nuventura has launched a new funding round in order to make the crucial next steps towards the product’s industrialisation and prepare for expansion into other markets. In December 2020 deep tech startup Nuventura successfully closed an equity funding round of EUR2.5 million in extension of its 2019 seed round.
This funding round was led by new investors Cycle Eco Technology Fund and DOEN Participaties with the participation of existing investors IBB Ventures, APEX Energy and Future Energy Ventures as well as several well-known angel investors. To date, Nuventura’s total funding amounts to more than EUR8 million.
Based in Berlin, Nuventuria is an R&D company that specialises in the development of medium voltage gas insulated switchgear (GIS). Its patented GIS technology replaces SF6 – the world’s strongest greenhouse gas and the industry-standard insulating medium for traditional GIS – with dry air. SF6 is predominantly used in the energy industry and its annual emissions are equivalent to the yearly CO2 emissions produced by around 100 million cars. Thus, Nuventura contributes to the energy transition with a greenhouse gas-free grid technology.
Nuventura's business model is to enable switchgear manufacturers to expand their own product portfolios. Manufacturers can licence Nuventura’s switchgear design or buy key components from Nuventura to incorporate into their own switchgear offerings. In so doing, the company facilitates a transition to an SF6-free switchgear industry, which will be demanded by regulators in the EU, USA and other regions in the coming years.
“We have developed a switchgear technology that, not only maintains, but builds on the benefits of traditional SF6-using GIS including a new way of digitised asset monitoring and management. Over the past three years we have refined the technology, and now look forward to participating in demonstration projects, and expanding our manufacturer client-base”, says Dr. Fabian Lemke, Nuventura’s Co-Founder and CEO.
“We believe that Nuventura is a global innovation leader in the transition towards a more intelligent and sustainable electrical grid infrastructure. Their product which completely omits SF6 could symbolise a turning point for grid emissions. What impressed us about Nuventura was the exceptional quality of their engineering know-how, and how well their partnerships were structured to bring reliable infrastructure products to the market,” says Dan Choon, Managing Partner at Cycle Eco Technology Fund.
“DOEN Participaties invests in ventures with an innovative business idea that have a positive impact on our society. Nuventura has a lot of impact potential, not only by eliminating SF6, but also by setting an example for the switchgear industry. As a former Green Challenge participant, we are happy to continue our partnership as a shareholder,” says Beau-Anne Chilla, Impact Investment Manager at DOEN Participaties.