In an increasingly interconnected and environmentally conscious world, Estonia’s PowerUP Energy Technologies has made headlines by securing €10 million in Series A funding to expand its hydrogen generator business. As someone who has built and scaled startups across multiple countries, I, Violetta Bonenkamp, cannot help but admire the way PowerUP is positioning itself as a frontrunner in the clean energy revolution. For entrepreneurs seeking pathways to grow their ventures in new markets, the story of PowerUP offers not only inspiration but also actionable lessons.
The Growth Catalyst: €10 Million and Counting
PowerUP Energy, an Estonian clean tech startup, is disrupting the energy sector with its advanced hydrogen fuel cell generators. The fresh €10 million investment was co-led by Mercaton and ScaleWolf, with participation from SmartCap Green Fund, a European Union-backed initiative. This infusion of capital is earmarked for expanding operations, scaling manufacturing, and entering strategic international markets such as North America and Central Europe.
For entrepreneurs, it’s key to note that PowerUP leveraged a powerful trifecta: green technology, dual-use applications (both civilian and defense sectors), and proven success in extreme-use cases, such as their deployment in remote areas and disaster-stricken zones. These elements made the business attractive not just to venture capitalists but also to funds looking for climate-positive investments.
Core Takeaways for Your Startup Journey
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Perfect Your Dual-Use Proposition
The dual-use applications of hydrogen fuel cell generators position PowerUP as both a commercial and defense solution. This duality provides stability and broadens their market reach.- Lesson for Entrepreneurs: Ask yourself, “How can my product or service solve radically different problems for various markets?” Diversified applications will not only reduce your financial risk but will also attract interest across a wider spectrum of stakeholders.
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Leverage Global Trends
PowerUP’s ability to tap into macro trends such as decarbonization and energy transition gave them a significant edge. Hydrogen is growing as a viable alternative to fossil fuels, and countries are investing heavily in its technology.- Lesson for Entrepreneurs: Staying ahead of global shifts, whether it’s AI, sustainability, or clean tech solutions, positions your startup as future-proof. Be proactive: follow research papers, market reports, and policy changes to anticipate demand.
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Align with Policy and Funding Structures
SmartCap Green Fund’s participation exemplifies the power of aligning business objectives with broader policy agendas, such as the EU’s REPowerEU initiative.- How-To Tip: Research public grants or funds available in your sector. Keep in mind that sustainability and innovation often fall under the umbrella of government initiatives. Build a proposal showing how your vision aligns with these frameworks.
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Invest in Scalable R&D
PowerUP will use the funds to enhance their R&D efforts, focusing on high-density hydrogen fuel cell technology that can serve both small businesses and massive industrial operations.- How-To Tip: When pitching for funding, highlight the scalability of your R&D. Investors need to see the future evolution of your product, not just the immediate utility. Show specifics: what upgrades will your existing solution receive? How will it meet emerging demands?
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Early Adoption and Niche Success
PowerUP carved out its name by proving its generators in challenging environments, such as Ukraine’s defense sector and remote telecom installations. By earning trust in high-demand scenarios, the startup now boasts a compelling use case to expand globally.- Mistake to Avoid: Do not ignore niche markets. Proving the efficacy of your solutions in smaller, high-stakes markets can generate invaluable case studies for long-term success.
Hydrogen-Driven Innovation: Industry Trends
The global hydrogen economy is projected to reach $500 billion by 2050, with Europe leading the charge. PowerUP’s €10M Series A comes at a time when the sector is seeing unparalleled growth, bolstered by ambitious carbon-neutral goals. According to Hydrogen Insights 2025, green hydrogen adoption is likely to grow by more than 50% annually, driven by advancements in fuel cell technologies and lower production costs.
For business founders, this signals an urgent opportunity to either invest in or align with startups in the hydrogen or broader renewable energy space. Look at complementary sectors, such as battery storage, energy grid management, or remote monitoring solutions.
From Scale to Strategy: How To Capitalize on International Markets
Breaking into new markets, like PowerUP aims to with Central Europe and North America, is not an easy feat. Here’s a roadmap to follow:
- Local Partnerships: Team up with established local players to navigate regulations, build distribution channels, and gain customer trust.
- Cultural Adaptation: Customize your product or marketing according to the cultural and operational demands of the new region.
- Regulatory Insight: Prioritize markets where government incentives for your product can subsidize costs for new customers.
- Hiring the Right Talent: Expand in stages, starting with a regional operations team, and progressively shift to sales, customer support, and more.
Growth Pitfalls to Avoid
- Overstretching Resources: Trying to expand too quickly without solid infrastructure can backfire.
- Ignoring Localization: A one-size-fits-all approach rarely works when entering international territories.
- Undervaluing R&D: Investors expect continued innovation. Devote a significant portion of your budget to staying ahead of competitors.
Violetta’s Personal Insight
As a serial entrepreneur and advocate for innovation in STEM, I firmly believe that the story of PowerUP’s €10 million raise is not just another “startup gets funding” narrative. It’s a reflection of how aligning cutting-edge technologies with macroeconomic and geopolitical trends can lead to extraordinary growth opportunities.
Whether you’re launching a game-changing SaaS platform or a tangible product like PowerUP’s generators, your focus should be on value, scalability, and adaptability. From securing early adoption cases in niche markets to leveraging policy-based funding, there are valuable lessons here for any startup founder.
Final Takeaway
Estonia’s PowerUP Energy Technologies is not just scaling its business; it’s setting a blueprint for how green tech startups can position themselves for long-term relevance in a changing world. By playing your cards right, choosing the right funding partners, aligning with market trends, and committing to R&D, you too can carve your place in this ever-evolving ecosystem of entrepreneurship.
Success is not about harnessing trends, it’s about riding them ahead of the curve. If PowerUP can do it with hydrogen energy, imagine what your startup could achieve.
FAQ
1. What is PowerUP Energy Technologies?
PowerUP Energy Technologies is an Estonian clean energy startup specializing in hydrogen fuel cell generators, offering sustainable and portable power solutions for various sectors. Learn more about PowerUP Energy Technologies
2. How much funding has PowerUP raised recently?
The company has secured €10 million in a Series A funding round to scale its operations, enhance R&D, and enter new markets. Discover more about the funding
3. What will the funds be used for?
The funds will be used to expand manufacturing, grow sales teams, enhance R&D, and establish strategic hubs in markets like North America and Central Europe. Find out more about their plans
4. Who led PowerUP’s Series A funding round?
The funding round was co-led by venture firms Mercaton and ScaleWolf, with additional participation from Estonia’s SmartCap Green Fund. Read more about the funding partners
5. What makes PowerUP’s technology unique?
PowerUP’s hydrogen generators are known for their high reliability in extreme environments, dual-use applications, and eco-friendly design to address both civilian and defense needs. Learn more about PowerUP’s technology
6. What industries does PowerUP target with its products?
PowerUP serves sectors like defense, remote telecom, disaster relief, construction, and other off-grid applications. Read more about PowerUP’s target industries
7. How does this funding align with European energy goals?
The funding aligns with EU initiatives, such as REPowerEU, focusing on clean and sustainable energy solutions like hydrogen technology. Explore the EU’s energy goals
8. How does PowerUP support sustainability?
PowerUP’s hydrogen fuel cell technology eliminates carbon emissions, making it a viable alternative to fossil-fuel-based generators. Discover how PowerUP promotes sustainability
9. What are PowerUP’s plans for new markets?
PowerUP aims to establish hubs and partnerships in key regions like North America and Central Europe for market expansion. Learn about their market expansion plans
10. Why is this funding significant for the hydrogen tech sector?
The €10M Series A funding not only highlights investor confidence in clean energy but also accelerates the adoption of hydrogen technology in versatile real-world applications. Read more about its industry impact
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.