France's BeFC Bioenzymatic Fuel Cells raises €16 million to kick off its industrial phase

The start-up will use its latest funding to move its 'paper-based biofuel cell and eco-friendly microelectronics' into industrial production
France's BeFC Bioenzymatic Fuel Cells raises €16 million to kick off its industrial phase

BeFC says it 'makes electricity with paper and enzymes' -  sustainable paper-based biofuel cell and eco-friendly microelectronics. Its 'thin, light-weight and flexible paper-based biofuel cells are disposable, recyclable, environmentally friendly and economically viable'. Also, they are pretty cute to look at too. 

The French start-up has raised a €16 million Series A funding round which will kick start its industrial phase and get these paper batteries into mass production. The round was led by new investor Otium Capital and includes previous backers Demeter, BNP Paribas Développement and Supernova Invest.

"This significant financing round is critical for BeFC to take the next step to industrialisation. We are thankful to have strong commercial and technical investors," says Dr. Jules Hammond, CEO & co-founder of BeFC.

“We are delighted to announce our investment in BeFC, which underscores our firm belief in the company's significant potential. BeFC's revolutionary innovation is poised to address the challenges of single-use batteries. The remarkable achievements of the team to date align perfectly with our DNA to support visionary entrepreneurs driving transformative change. This investment further highlights our deep interest in high-potential industrial projects, a thesis we initiated last year, with already over 40 million euros committed,” says Pierre Menard, Partner at Otium Capital.

Avolta acted as the sole financial advisor to BeFC in this funding round. 

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