BeFC® Enters Industrial Phase with €16M Series A

June 08, 2023 at 01:00 AM EDT

Three years since its creation, BeFC is proud to have raised a €16M Series-A round of financing, supported by Avolta Partners as the sole financial advisor. This recent round of financing involved Otium Capital as the new lead investor, followed by a strong continued commitment from historical investors who include Demeter, BNP Paribas Développement and Supernova Invest.

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BeFC invented ecological biofuel cells that are paper-based, ultra-thin, and flexible. Inspired by implantable technologies, their core technology revolves around the use of biocatalysts to convert natural biofuels (glucose and oxygen) into electricity. The biofuel cells can even be activated with environmental or biological fluids including sweat, blood, and urine. Client benefits: • eco-friendly • reduced costs of recycling or disposal • customisable shape, size, & performance • lower cost, environmental impact, & complexity • thin & flexible form factor • no risk of auto-ignition. In addition to a sustainable paper energy source, BeFC develops an ecofriendly active electronic sensor tag capable of collecting a range of sensor measurements (temperature, humidity, accelerometer, etc.) and transmitting the data wirelessly using several different protocols (NFC, BLE, Sigfox, etc.). More information available at: www.BeFC.fr (Photo: Business Wire)

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. – Pierre MENARD, Partner at Otium Capital.

Inspired by implantable technologies, BeFC energy is generated using biocatalysts converting natural biofuels (glucose and oxygen) into electricity.

BeFC offers data opportunities without the downsides of a battery by providing a sustainable paper-based biofuel cell and ecofriendly microelectronics. Data helps us make evidence-based daily decisions with objective and reliable information. From industrial logistics to the health of the population, BeFC products and services facilitate the implementation of a digital interface using an active sensing platform with the aim of securing supply chains, optimising workload, and improving safety. This is achieved whilst simultaneously reducing the cost and the environmental impact.

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 in our lead investor Otium Capital along with the continued support of Demeter, BNP Paribas Développement and Supernova Invest. – Dr. Jules HAMMOND, CEO & Cofounder of BeFC.

Following the €3M seed round in 2020, and with significant non-dilutive financial support from Bpifrance and Ademe, BeFC was able to construct pilot production facilities in France, reinforce its IP portfolio with over 30 patents (5-fold increase), build a talented team, and demonstrate use cases across various market verticals. Since its incorporation in May 2020, BeFC has signed more than 10 Joint Development Agreement (JDAs) with various market segment leaders, including Fortune 500, FTSE 100, and Nasdaq-listed companies.

Today, this Series A round will allow BeFC to deliver its mission of low-cost and low-environmental-impact electronics by consolidating its strategy and pursuing its growth trajectory towards mass production. Transitioning to an ink-based system to leverage high throughput printing technologies, by the end of 2024 the objective is to reach a production capacity of 1 million units per day.

BeFC will use its resources to boost customer engagement and target new market segments within their scope of performance and long-term interest. With an established team of 45, and the objective of deploying the technology internationally to North America and Asia, BeFC will further reinforce the team with experienced industry disruptors.

www.BeFC.fr

Video : https://www.youtube.com/watch?v=Y9XeVs7TFXo&t=4s