Announcement letter – Power Up

Intergroup advised cutting-edge hydrogen fuel-cell producer PowerUp Technologies on raising 7m€ strategic funding for scaling up production and international go to market

Intergroup advised PowerUp Technologies, a category-leading AI-driven hydrogen back-up power generator solutions company, on successfully closing their Series A funding. The fresh capital from this round, closed in September 2025, will enable PowerUp to further develop its product line and scale internationally to efficiently fulfil larger international orders. Among the investors in the round were German-Polish private equity firm Mercaton, US-Lithuanian VC fund and accelerator Scalewolf, and Estonian state venture capital fund SmartCap.

Intergroup Partners a mid-market technology specialist, representing growth-stage technology businesses in M&A, financing transactions, scale-ups and international sales expansion. Intergroup Partners has been the exclusive advisor to PowerUP in raising its first Series A funding round as well as supporting the company on scaling their business and global channel development.

Ivar Kruusenberg, CEO and Co-founder of PowerUP, commented: “Intergroup Partners was the standout choice for us – not just because of their deep expertise in B2B infrastructure and global reach, but because they truly understood how to position and market our business. That commercial lens set them apart from other corporate finance advisors. During the transaction, they integrated seamlessly with both our senior leadership and financial teams, which was critical in navigating the process. The team worked relentlessly, handling complexity with clarity and ultimately driving the deal to a successful close. We wouldn’t hesitate to recommend them.”

Montserrat Corominas, Managing Partner at Intergroup Partners, commented: “We’re pleased having advised Ivar and the shareholders on this transaction and to welcome investors like Mercaton, Scalewolf and SmartCap, helping to deepen PowerUP’s investor relationships and scaling the business internationally.”

About Intergroup

Intergroup Partners AG is a small, dedicated mid-market technology specialist firm advising growing tech businesses in M&A, financing transactions, scale-ups, strategy and internationalization. Our highly experienced team has successfully advised on over 150 transactions, leveraging deep industry expertise and extensive networks to unlock value and identify strategic opportunities. We collaborate closely with innovative technology companies to connect them with the right investors and partners worldwide, facilitating growth and expansion on a global scale.

For more information, please visit www.intergroup-partners.com

About PowerUp Technologies

PowerUP Technologies, headquartered in Tallinn, Estonia, is a high-quality hydrogen fuel cell generator developer and manufacturer. With over 20 years of experience in fuel cell technologies, PowerUP stands out as an innovator in commercial applications of hydrogen fuel cell technologies. The company’s generators and battery capacity extenders are user-friendly, durable electrical power sources that offer entirely green electricity for private use, public and private sectors across diverse industries.

For more information, please visit https://powerup-tech.com