The startup that miniaturizes fuel cells – Venturelab
A jury of experts and investors went through 90 applications and selected INERGIO to participate in the Venture Leaders Mobile 2022 roadshow. In February, the cleantech startup and the Swiss National Startup Team members will attend the Mobile World Congress 2022 in Barcelona. Before the 10 entrepreneurs meet with top-notch investors and industry leaders to strengthen their business network and advance their globalization, we want to introduce you to INERGIO founder and CEO Dr. Mahmoud Hadad.
INERGIO offers a lightweight and ecological power source for off-grid and mobile applications. The miniaturized fuel cell technology of the Lausanne-based startup can operate independently from the weather conditions and without any moving parts, noise, or harmful emissions. With miniaturized power comes maximized efficiency: INERGIO’s fuel cell technology is 80% lighter than most comparable fuel cells, comes with 20 times higher energy density than Li-batteries, and is twice as efficient as existing diesel engines.
Location: Lausanne
Nationality: Iranian
Graduated from: EPFL with a PhD, 2017
Job title: Founder and CEO of INERGIO
Number of employees: 4
Money raised: CHF 2.7 million (equity and non-dilutive)
First touchpoint with Venturelab: In 2014, in the first year of my PhD, I attended a 14-session course to learn the basics of startup creation. In 2019, we officially entered the Venture Kick competition.
Mahmoud, can you summarize what INERGIO does?
We propose a green alternative to diesel generators.
How and where did you come up with the idea for your startup?
I have always wanted to take on the challenge of building a product from scratch. By that, I mean fully going through prototyping, industrialization, and commercialization. On the other hand, I wanted to build and work in a working environment that everyone wishes to have, surrounded by talented and charming people. And at some point, I thought if I could combine this with impactful tech, it would be ideal. With all this in mind, when I received my PhD offer and saw the potential that all this thought could come true, I was like, “Here we go!”.
I joined the Venturelab program for business creation only three months after starting my PhD project. I am not saying that I started working on a startup project in the first year of my PhD, but I wanted to move in that direction. The actual journey of creating INERGIO started after my PhD defense in January 2018.
What do you expect from the Venture Leaders Mobile roadshow, and how will it help you achieve your vision?
We have just closed our pre-seed round, and we have our minimum viable product. Now it’s time to go to the next level and start the commercialization. Therefore, during the Venture Leaders roadshow, we are looking to find partners for our first installations (pilot projects), have the first contact with our future investors, and better understand industry specifications by talking to industry leaders.
What was your dream job when you were a child?
I wanted to have my own factory. I don’t know why, but I wanted to have a production line. I know it’s tricky to build it here, but why not.
What is the one talent you wish you had?
Be able to sing.
What is your favorite book?
On top of my list is always 1984 by George Orwell, an amazing book. I also enjoyed reading The Infinite Game by Simon Sinek, Outliers by Malcolm Gladwell, and very much Bad Blood: Secrets and Lies in a Silicon Valley Startup by John Carreyrou.
How did you come up with the name of your startup?
INERGIO = INnovative enERGy Systems, and the O represent the power button.
What is your favorite productivity tool?
Asana, because I can create my to-do list immediately and distribute it over the week.
Where and when are you most productive?
Either early in the morning or between 3 p.m. and 8 p.m. I like our office.
How and where do you clear your mind?
It’s not the perfect way, and I am not proud of it, but on the couch, watching Modern Family. I have watched it many times.
What is the most challenging aspect of being a founder?
Work-life balance because once you begin a startup project, you first have to do a bit of everything yourself, which takes an enormous amount of time. Then everything becomes a bit personal (which it should not, from my point of view), and because of that, you try to put in extra hours to make sure you do everything perfectly and lower the risks of failure as early as possible. And these things stay with you for quite some time.
What is the most rewarding aspect of being a founder?
It’s pure personal development.
What is something you wish you had known about being a founder?
It won’t get any easier along the way.
What is the most important lesson you have learned as a founder?
You need to be patient.
What is the best advice you have ever received?
I was very tired at some point, really at the beginning, and I was telling a friend, “Okay, I am done. I need a break. I will go and find a job, and I will come back to building a startup after a few years.” He told me (he had already been working for several years) that “the moment you find an opportunity to invest in yourself, do it because there might not be a second chance.”
For more information and updates on INERGIO and the Venture Leaders Mobile, follow the Venture Leaders Mobile 2022 team with #VleadersMobile on social media or subscribe to our newsletter.
This year’s Venture Leaders Mobile program is supported by Huawei, Swisscom, and VISCHER.
Fuel cells have significant potential to contribute to decarbonization and green energy transition. However, despite the confirmed potential and considerable investment they haven’t reach the mass mar… Read more
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