Nuventura, a Berlin-based provider of SF6-free, medium-voltage (MV) gas-insulated switchgear (GIS) technologies, has snapped €25 million in Series A investment. The round was led by Mirova (which backed Zunder and Philippe Servant), through its impact private equity Mirova Environment Acceleration Capital fund.
The round also saw participation from new investors – Forward.one and EIC Fund, and existing investors IBB Ventures, ADB Ventures, Cycle Group, Future Energy Ventures, and DOEN Participaties. With this, the total investment raised by Nuventura accounts for over €35 million.
Nuventura will use the fresh funds towards expanding its product portfolio and the further development of its manufacturing capabilities worldwide, as it continues to drive the global energy industry’s transition away from harmful greenhouse gas-based technology infrastructure.
Dr Fabian Lemke, Nuventura Co-founder and CEO, commented: “This is an extremely exciting time to be in this sector. Greater appreciation for the environmental threats posed by SF6 and accompanying regulatory oversight means that Nuventura, with our dry-air alternatives, is very much in the right place at the right time. This funding round is evidence of that and puts us in an ideal position to expand our operations internationally and continue providing sustainable switchgear alternatives for different use-cases together with our valued business partners around the globe.”
Anne Boulet, Investment Manager at Mirova, stated: “The purpose of Mirova’s environmental impact strategy is to foster the growth of innovative companies having a positive environmental impact. As the drive towards a progressive SF6 phase out is increasing, we are thrilled to have been given the opportunity to support Nuventura’s great team in their international expansion and as such actively contribute to decarbonising the energy industry.”
Develops sustainable switchgear
Founded by Manjunath Ramesh, Dr.-Ing Fabian Lemke and Nikolaus Thomale in 2017 in Berlin, Nuventura .specialises in the development of environmentally friendly gas-insulated switchgear. These are the key hardware components found throughout electrical grids and energy infrastructure.
Its patented technology replaces industry-standard sulphur hexafluoride (SF6), the world’s strongest greenhouse gas, with 25,200x more global warming power than carbon dioxide – 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. This way, 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 its switchgear design or buy key components from Nuventura to incorporate into their own switchgear offerings. Apparently, Nuventura helps companies become compliant with imminent international regulation focused on the use of SF6 in switchgear and extend their product portfolios for new market segments in parallel.
