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.
Read more/Source: Private Equity Wire
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