Kemiwatt – Portrait

The massive growth of renewable electricity production (wind, solar, etc.) requires the implementation of storage solutions that allow energy to be redistributed at the right moment. These technologies must be sustainable, reliable, and cost-effective in order to be part of a successful energy transition.

The startup KEMIWATT designs, manufactures, and commissions stationary energy storage systems based on Redox flow technology (flow batteries), using recyclable organic molecules for a more environmentally friendly solution.

From the initial scientific project to the commissioning of the first demonstrator, a look back at the promising beginnings of the startup with Pierre-Yves Divet, a member of the board of directors.

Pierre-Yves Divet est ingénieur chimiste de formation, reconnu pour son expertise dans la gestion de grandes sociétés de chimie à l’international. Il investit également à titre privé dans des sociétés évoluant dans le domaine de la chimie.

What was your role in the structuring of Kemiwatt?

I was contacted in 2014 by GO CAPITAL to provide a critical scientific opinion on the research work identified by SATT Ouest Valorisation. We met the scientists behind the project (Florence Genest and Didier Floner) at the Institute of Chemistry in Rennes. During this first meeting, we discovered the first prototype in miniature form (with a power output of 1 watt). This prototype already gave us a glimpse of the technology’s potential and the various applications that could be made of it. To move forward, it was necessary to designate a project leader who would help structure the company in preparation for the first capital raise and future developments.

With GO CAPITAL and SATT, we worked together on structuring the future company, selecting the president, seeking a co-investor, and negotiating intellectual property rights.

What were the particular challenges encountered during the company’s setup?

The main difficulty was the valuation of the intellectual property, which had been funded by SATT and represented a substantial amount.

Typically, SATT granted KEMIWATT the rights to exploit the intellectual property through an exclusive global sublicense, and we considered a structure that would allow the company to convert the lump sum payable for such a sublicense into equity.

Thus, for the first time, a SATT entered the capital of a company through debt offset during the capital increase led by GO CAPITAL, Demeter, and myself privately, just after the company’s creation in 2015.

What benefits has the company gained from the support over these seven years?

On one hand, I participate in the strategic committee and also volunteer with the team of electrochemist engineers in developing the technology, on which we have already filed several families of patents. KEMIWATT also benefits from the expertise of GO CAPITAL on industrial, technical, and financial development strategies, as well as in structuring the company, strategic recruitment, etc. Today, the team is proud to present high-performance demonstrators (one of which is located on the Beaulieu campus in Rennes) that can store energy and redistribute it to the grid without altering its characteristics.

KEMIWATT demonstrates excellent performance levels coupled with a technology that poses no environmental risk (no pollution risk with the product or the use of rare metals such as lithium or vanadium).