Amsterdam Startup Secures €3.5M to Expand Hydrogen Power Solutions
Amsterdam, Thursday, 22 August 2024.
Watermeln, an Amsterdam-based startup, has raised €3.5 million to scale up its hydrogen fuel cell generator business. The funding will expand their fleet from 3 to 13 units, targeting off-grid power needs at construction sites and festivals.
Investment Breakdown and Future Plans
The latest funding round was led by the Amsterdam Climate and Energy Fund (AKEF) and BEEQUIP. This investment aims to accelerate Watermeln’s mission to provide sustainable power solutions for locations that lack grid access or have limited capacity, such as festivals, construction sites, and charging stations. By increasing their fleet from three WM-200 units, each with an output of 200 kW, to thirteen units, Watermeln is set to significantly boost its operational capacity.
Strategic Developments
Founded in 2018 by Jeff Wezel and Jasper Baltus, Watermeln has rapidly positioned itself as a market leader in hydrogen fuel cell technology. The company is not just focusing on scaling up its current offerings but also plans to develop a range of both smaller and larger hydrogen generators and storage tanks. This strategy will enable them to cater to a broader array of customers, from small-scale events to large construction projects.
Impact on Sustainable Energy
The hydrogen generators provided by Watermeln represent a significant shift away from traditional diesel generators, which are known for their high emissions and environmental impact. By offering a cleaner alternative, Watermeln is contributing to the ongoing energy transition. Hydrogen, as a fuel, can play an essential role in integrating larger volumes of renewable electricity from sources like offshore wind into the energy system.
Quotes from Leadership
“Our ambition is to make hydrogen generators accessible and affordable for a wide audience,” said Jeff Wezel, co-founder of Watermeln. “We are immensely grateful for the trust of our investors. Thanks to their investment, we can accelerate production and further expand our product offerings.” Co-founder Jasper Baltus added, “Watermeln’s mission is to offer not only reliable but also safe and affordable hydrogen generators that meet the highest demands of our customers. With this financing, we are better equipped than ever to deliver on that promise.”
Support from Key Investors
The Amsterdam Climate and Energy Fund (AKEF), managed by e3 Partners, has been a significant supporter of projects focused on energy transition and circularity. Since its inception, AKEF has committed over €86 million to 35 projects. Meanwhile, BEEQUIP, known for offering leasing solutions to SMEs for acquiring equipment, has also backed Watermeln, further supporting the company’s growth in the green energy sector.