PowerUP Secures €10 Million Series A to Scale Dual-Use Hydrogen Solutions

PowerUP, developing and producing high-quality and sustainable energy generation products, led by Ivar Kruusenberg, Marit Riis, Kush Chadha, and Henri Kaar, has secured a €10 million Series A funding round co-led by dual-use venture firms Mercaton and ScaleWolf and joined by Estonia’s SmartCap Green Fund (funded by the European Union’s Next Generation EU), with strong participation from existing investors.

The core of PowerUP’s strategy is a dual-use mission: providing robust, reliable energy solutions for both the defence sector and critical commercial applications, including security and telecommunications.

PowerUP’s hydrogen fuel cell technology has earned international recognition for its resilience and reliability in extreme operational environments, including deployment and validation in critical regions such as Ukraine. This demonstrated performance underscores its role in strengthening energy sovereignty for customers requiring dependable, security-grade power independence.

PowerUP was created to deliver clean, reliable energy solutions, with technology proven not only in laboratories but also under frontline conditions in Ukraine, a clear example of dual-use innovation shaped by real defence needs. Founder and CEO Ivar Kruusenberg noted that the new capital will support expansion of the company’s reseller, distributor, and partner network across defence and commercial markets.

The €10 million investment will be directed toward rising demand across both defence and commercial markets. Key priorities include expanding sales and technical support teams to reach new commercial segments focused on critical-infrastructure backup power; establishing strategic sales and service hubs in core markets such as Central Europe and North America; and accelerating R&D to advance higher-density fuel cell models for a wider range of power needs.