Electrical equipment manufacturer Schneider Electric led an $11m series A round for US-based hydro power turbine developer Natel Energy yesterday through its corporate venture capital arm, Schneider Electric Ventures.
The round also featured sustainable energy-focused VC fund Breakthrough Energy Ventures and came after a total of about $35m in equity financing raised across four rounds between 2009 and September 2019 according to regulatory filings.
Natel has developed a turbine that can be integrated into hydro power installations to minimise environmental impact and help ensure fish can still travel downstream. It has been piloted at a system in the state of Maine and the cash will fund extra work on the technology.
Heriberto Diarte, head of Schneider Electric Ventures, said: “At Schneider Electric Ventures, we look for innovative companies that enable the world to transition to decarbonised, decentralised and digital energy, and Natel Energy – by providing low impact, reliable renewable energy to communities – fits perfectly in our portfolio.”
Photo courtesy of Natel Energy, Inc.
