Estonian startup PowerUP Energy Technologies has recently secured €10 million in funding to scale its hydrogen generators, a move that highlights exciting trends in sustainable energy solutions and a growing interest in dual-use technologies. As a serial entrepreneur myself, based in the Netherlands and passionate about bootstrapping innovative solutions, I can’t help but appreciate how this development reflects broader changes across the tech scene in Central and Eastern Europe (CEE).
Let me walk you through what this deal means for founders, especially those like me who focus on combining tech with actionable impact. I’ll also share lessons and insights that apply to women entrepreneurs in Europe, because carving out success in any startup ecosystem is no small feat.
Breaking Down the Deal
Tallinn-based PowerUP specializes in hydrogen-powered generators that are quiet, emission-free, and designed for rugged environments. These qualities make them perfect for defense, remote off-grid scenarios, and critical infrastructure. The €10 million Series A round was co-led by Mercaton and ScaleWolf, venture firms that focus on dual-use technology. Joining them was Estonia’s SmartCap Green Fund, supported by the EU NextGenerationEU program.
This funding allows PowerUP to ramp up commercial and defense applications while strengthening its international presence. Hydrogen tech remains central to European energy goals, aligning sustainability with security, a smart niche to occupy.
Why CEE Startups are Gaining Traction
The Central and Eastern European ecosystem is thriving, and stories like PowerUP’s are part of a broader trend. Startups in this region are solving real-world problems with resourceful, tested solutions, often without the level of funding their U.S. or Western European counterparts might receive.
As someone who built a startup game focused on women in STEM through bootstrapping methods, I can see parallels here. These entrepreneurs are problem-solvers at their core, turning constraints into competitive advantages. It’s a mindset that resonates deeply with entrepreneurs, especially women, who are still underrepresented in tech.
CEE startups are increasingly catching the eye of international investors due to their focus on hard tech and innovation that delivers practical results. Estonia leads the pack with its startup-friendly policies, digital-first culture, and hubs like Tallinn expanding their global influence.
How Female Founders Can Learn From PowerUP’s Success
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Focus on Dual-Market Applications
What stands out to me is the dual-use potential of PowerUP’s product. Their hydrogen generators serve both civilian and defense markets, maximizing commercial opportunity while ensuring resilience across sectors.If you’re a female entrepreneur, think about how your product can solve multiple problems for diverse customer bases. Dual-market relevance elevates the impact of your pitch to investors. I applied a similar approach with my startup, CADChain, which offers secure digital rights management for industrial and creative companies alike.
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Leverage Local Strengths
Estonia’s SmartCap Green Fund is a prime example of how national and EU-level initiatives are fostering innovation. So ask yourself, what local funding resources in your region could give your venture a boost? While Western European startups often chase private VC cash, CEE leaders show how government grants and EU-backed programs can provide a solid foundation. I've also benefitted from EU support, so trust me when I say it opens doors to scaling globally, even on a tight budget. -
Take Part in Ecosystem Enablement
PowerUP not only closed funding but positioned itself as a vital part of Estonia’s green tech narrative. Founders who align their ventures with broader economic or regional goals attract partners and investors more easily. For women in business, this is an incredible way to gain visibility. What are the major challenges in your country, or even your city, that you can help solve with your startup? -
Build Tools That Can Work Anywhere
PowerUP’s field-tested hydrogen generators are already proving themselves in extreme environments like defense operations. For female-led startups, ensuring your tech not only works in ideal conditions but also in unpredictable, real-world scenarios is critical.Whether it’s a software application or a physical product, resilience and reliability will set you apart. This became clear to me as I developed the Fe/male Switch startup game to work across diverse educational and startup mentorship setups.
Common Mistakes Entrepreneurs Should Avoid
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Skipping Direct Applications: PowerUP succeeded because its solution was designed for specific, high-stakes applications. Many founders waste time fiddling with generalized products that don’t address defined problems. Women: focus on solving problems, not trends.
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Ignoring Collaboration: PowerUP built relationships with EU investors like SmartCap. As women entrepreneurs, we must embrace partnerships more often, even sharing equity if it means achieving scale.
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Underestimating Marketing: CEE founders sometimes focus overly on engineering while neglecting strong go-to-market strategies. Balance technical development with customer acquisition.
Lessons for Female Entrepreneurs in Tech
Female founders, especially in STEM, face unique challenges in gaining investor confidence. But as PowerUP shows, showcasing tangible results is a game-changer. Whether it's by addressing societal challenges like climate change or ensuring energy independence, what we build as entrepreneurs should inspire trust through proven outcomes.
I encourage you to focus on pragmatic innovation. Investors increasingly warm to ideas that bridge real-life issues with cutting-edge solutions. This is particularly relevant if you’re in Europe, where sustainability and public interest intersect with profitable business opportunities.
Final Thoughts
In the growing CEE tech scene, deals like PowerUP’s are more than funding announcements, they signal a shift in how the region is approaching innovation. For women entrepreneurs, this is an opportunity. By learning from the focused, resilient approaches of startups like PowerUP, we can build ventures that thrive in any environment, whether bootstrapped or funded.
Explore other funding opportunities or regional case studies to see how your unique skills can contribute to reshaping the European business world. Learning how to navigate available resources lets you lead with confidence and value, precisely what investors, and the world, are looking for.
FAQ
1. What is PowerUP Energy Technologies known for?
PowerUP Energy Technologies is an Estonian startup specializing in hydrogen-powered generators that are quiet, emission-free, and suitable for rugged environments like defense and off-grid infrastructure. Explore PowerUP Energy Technologies
2. How much funding has PowerUP Energy Technologies raised recently?
PowerUP Energy Technologies secured €10 million in a Series A round to ramp up the production and commercial applications of its hydrogen generators. Learn about the €10M round at PowerUP
3. Who are the key investors in PowerUP’s recent funding round?
The funding round was co-led by Mercaton and ScaleWolf, along with Estonia's SmartCap Green Fund, backed by the European Union's NextGenerationEU program. Read more about PowerUP's partners
4. Why is Estonia significant in the startup scene?
Estonia is recognized for its digital-first culture, startup-friendly policies, and its role as a hub for green and deep tech innovation. Discover Estonia’s startup ecosystem
5. What is dual-use technology, and why is PowerUP focusing on it?
Dual-use technology refers to products applicable to both civilian and defense markets. PowerUP’s hydrogen generators address energy needs for remote civilian infrastructures and critical defense operations alike. Learn more about dual-use tech applications
6. How can women entrepreneurs benefit from PowerUP’s strategy?
Female founders can learn to leverage dual-market applications, utilize local funding resources like EU programs, and build solutions that thrive in diverse conditions. Explore lessons for women entrepreneurs
7. What trends stand out in the Central and Eastern Europe (CEE) startup ecosystem?
CEE startups are gaining traction globally, focusing on solving practical problems with sustainable, tested solutions. Green energy, AI, and dual-use technologies are prominent. Learn about the CEE ecosystem trends
8. What is the significance of PowerUP’s hydrogen technology in Europe?
Hydrogen technology aligns with Europe’s sustainability and energy independence goals, driving interest from investors and policymakers. Check out PowerUP’s hydrogen technology impact
9. Who are some leading venture firms supporting PowerUP’s initiative?
Mercaton and ScaleWolf are leading venture firms specializing in dual-use clean-tech solutions, actively involved in supporting PowerUP’s vision for resilient energy technologies. Learn more about Mercaton and ScaleWolf
10. How can startups leverage EU funding programs?
EU programs like NextGenerationEU provide funding opportunities that align with sustainability and innovation goals, helping startups like PowerUP scale globally. Explore EU-backed funding sources
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.
