PowerUP Energy Technologies Secures €10M Series A to Scale Hydrogen Fuel Cell Generators for Defense and Critical Infrastructure
PowerUP Energy Technologies, a Tallinn-based developer of hydrogen fuel cell power solutions, has secured a €10 million Series A funding round to accelerate production, expand into new markets, and scale the commercialization of its dual-use hydrogen-powered electric generators. The investment marks a significant milestone for the company’s efforts to deliver reliable, silent, and emission-free energy systems for both defense and critical commercial applications.
Founded in 2016 by CEO Ivar Kruusenberg, PowerUP has pioneered modular hydrogen fuel cell generators that offer silent, zero-emission power in environments where reliability and undetectability are essential. The company’s technology, originally engineered for space missions with the European Space Agency, has demonstrated resilience in extreme operational settings, including field deployments in Ukraine, underscoring its potential for national-security-grade energy independence and off-grid infrastructure needs. The latest funding will enable PowerUP to increase manufacturing capacity, accelerate research and development of higher-density fuel cell models, and build out international sales and support hubs, particularly in Central Europe and North America.
The Series A round was co-led by venture firms Mercaton Investment Group and ScaleWolf, with participation from SmartCap Green Fund, the Estonian state-owned venture capital fund manager’s green investment arm backed by the European Union’s NextGenerationEU programme. These investors bring a mix of regional technology focus and dual-use strategic expertise, supporting companies that can address both defense and commercial challenges with innovative solutions.
Mercaton Investment Group, a venture capital firm with a focus on technological innovation, safety and security, and deep tech across the Central and Eastern European region, helped lead the round and is positioning PowerUP as a key player in resilient energy infrastructure. ScaleWolf, a dual-use venture capital and accelerator fund based in Vilnius that works closely with private investors and the Lithuanian Ministry of Economy and Innovation, is backing PowerUP’s strategy to serve both defense and commercial markets simultaneously. SmartCap Green Fund, known for fostering growth in Estonian green technology companies, is participating to support the company’s expansion in sustainable energy technologies.
The €10 million capital injection will be strategically deployed to expand PowerUP’s commercial reach and technical capabilities. A key priority is expanding sales and technical support teams to enter new commercial markets, such as backup power for critical infrastructure where traditional solutions like diesel generators are often insufficient or environmentally harmful. Establishing strategic service hubs in key international markets will localize support and help capitalize on growing global interest in resilient and clean energy solutions. In parallel, funds will support research and development efforts aimed at higher power and energy density fuel cell models to meet diverse customer requirements.
PowerUP’s dual-use positioning has drawn particular interest from defense customers seeking dependable and low-profile power systems for forward operating units, telecommunications, and surveillance networks, where conventional generators may fail or compromise operational security. At the same time, commercial sectors such as telecommunications, industrial sites, and off-grid installations are increasingly adopting the company’s technology for mission-critical applications where emissions, noise, and reliability are key concerns.
Investors in the round emphasize the strategic importance of technologies that strengthen resilience where it matters most. Supporters have praised PowerUP’s ability to translate performance proven under extreme conditions into broadly applicable energy solutions that address both climate transition goals and evolving defense needs.
Since its founding, PowerUP has participated in multiple funding rounds, with the latest injection bringing its total funding to approximately €10 million (around $11.6 million), according to financial tracking data. Earlier grants and seed funding helped establish the company’s initial product development and early commercialization efforts, laying the foundation for its current expansion.
PowerUP’s hydrogen fuel cell generators are modular by design, making them adaptable across a range of power requirements. These systems are tailored to deliver silent, emission-free power, making them suitable for sensitive military operations and critical civilian infrastructure alike. As global demand for resilient power infrastructure intensifies, PowerUP’s latest funding positions it to strengthen its manufacturing footprint, broaden its international presence, and accelerate the deployment of next-generation hydrogen power solutions in markets around the world.
