Berlin-based switchgear firm Nuventura provides SF6-free, medium-voltage (MV) gas-insulated switchgear (GIS) technologies to enable the transition away from SF6. SF6, or Sulphur hexafluoride, is the world's strongest greenhouse gas with 25,200x more global warming power than carbon dioxide - with dry air. According to National Grid, around 80 percent of the SF6 used globally is in electricity transmission and distribution.
The climatetech has raised a €25 million Series A funding round led by Mirova, through its impact private equity Mirova Environment Acceleration Capital fund, and includes new investors Forward.one and EIC Fund, and existing investors IBB Ventures, ADB Ventures, Cycle Group, Future Energy Ventures, and DOEN Participaties.
The fresh funding will fuel the expansion of the Nuventura product portfolio and create global manufacturing opportunities.
“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,” says Dr. Fabian Lemke, Nuventura Co-founder and CEO.
“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,” says Anne Boulet, Investment Manager at Mirova.
Lead image: Chris Marxen.