France-based renewable energy technology developer Ergosup has raised €11m ($12.4m) in funding from investors including industrial gases producer Air Liquide’s corporate venturing arm, Aliad, EU Startups has reported.
The round included Arkéa Capital, part of cooperative bank Crédit Mutuel Arkéa, as well as leasing finance provider Go Capital, public investment bank BPIfrance and its PISM fund, corporate-backed venture capital fund AP Ventures, VC firm Demeter Ventures, investment firm Kouros and Normandie Participations, which invests on behalf of the Normandy region in France.
Ergosup is developing technology that stores and coverts electricity into pressurised hydrogen which would be used to refuel hydrogen-powered electric vehicles such as cars, bikes and drones through dedicated stations.
The company’s high-pressure hydrogen generator technology uses water electrolysis to produce the fuel and block the release of oxygen, reducing power consumption and the amount of gas storage required in the process.
In addition to investing in its marketing efforts and expanding headcount, Ergosup will put the proceeds from the round into scaling production of its compact hydrogen storage units.
The company had previously raised approximately $3m in a 2015 round that included Air Liquide, Demeter Ventures, Go Capital and Arkéa Capital.