Yellow&Blue Investment Management, a Dutch cleantech VC, has led a €10m funding round in P21, a German green energy company.
German venture firm Target Partners and UK house Conduit Ventures also participated in the financing.
P21 supplies hydrogen-powered fuel cells to mobile operators and equipment suppliers to assure uninterrupted electrical power supply for telecom towers and base stations.
Mobile operators across Europe are currently engaged in efforts to switch to cut fuel costs and increase their use of renewable energy. According to the London-based GSM Association, 70% to 80% of the total rural towers in operation in 2012 will be relying on diesel while 50% of new towers installed in 2012 in emerging markets could be powered by renewable energy.