ADB Ventures Participates in Switchgear Company Nuventura's Second Closing of Seed Funding Round
PR95335
SINGAPORE, April 12, 2022 /PRNewswire=KYODO JBN/ --
Nuventura aims to help reduce the use of the highly potent greenhouse gas, SF6,
amid global growth and the continued acceleration of climate action.
Nuventura, the Berlin-based developer of switchgear technologies that help
eliminate Sulphur Hexafluoride (SF6) – the world's strongest greenhouse gas –
is pleased to reveal that ADB Ventures(https://ventures.adb.org/) (the Asian
Development Bank's venture arm) participated in a second closing of nuventura's
seed investment round in 2021. ADB Ventures joined existing investors,
including Cycle Group, Future Energy Ventures, Doen Participaties, IBB
Ventures, and several well-known investors. Collaborating with ADB will help
nuventura make important steps toward the product's industrialization and
expansion into Asian markets.
Nuventura develops medium voltage (MV) gas-insulated switchgear (GIS),
replacing SF6 with dry air. Through this patented technology, the company's
goal is to help tackle annual SF6 emissions, equivalent to the yearly CO2
emissions produced by approximately 100 million
cars(https://energypost.eu/grid-switchgear-uses-sf6-the-worlds-most-potent-green
house-gas-how-do-we-regulate-it/).
Instead of acting as manufacturers, nuventura makes it possible for established
switchgear manufacturers to expand their own product portfolios with SF6-free
GIS technologies. The company does this by either selling key components to
manufacturers which then get incorporated into own their switchgear designs, or
licensing the full technology. This highly scalable business model ensures that
nuventura's customers gain access to state-of-the-art GIS technologies while
avoiding the prohibitively high R&D costs associated with developing their own
new GIS technologies.
Commenting on the investment from ADB Ventures, Manjunath Ramesh, nuventura's
CTO and Co-Founder, said: "we are delighted to welcome ADB as one of our
investors and strong supporters. We believe that ADB will be a vitally
important partner as we actively expand our focus to Asian markets. Asia is a
very attractive market environment, offers large opportunities for growth, and
has shown a growing appetite for sustainable solutions. Nuventura, with ADB's
support, will be at the forefront of making the Asian energy transition
SF6-free."
"Nuventura has developed a game-changing solution with clear benefits to both
grid operators and climate. We believe that the company's proprietary tech and
unique licensing model will put it in a very competitive position in a growing
$26bn market while leading the transition towards a more environmentally
sustainable electrical grid infrastructure," said Qiyong Cao, Senior Investment
Specialist at ADB Ventures.
Media Contact
Nicholas Ottersbach, nicholas.ottersbach@nuventura.com
SOURCE: Nuventura
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