THEVA just signed a Series D first-close funding round and secured €11 million for its further expansion. Several new strategic investors and the existing shareholders made their pledge to support and grow THEVA as the sole European manufacturer of second-generation high-temperature superconductor (HTS) wires.
HTS is a key technology to tackle climate change and to enable the transformation towards an electricity-based energy system. HTS wires are a critical component for the modernization and strengthening of electric power grids, and an enabler for cutting-edge nuclear fusion energy solutions. Furthermore, they are pushing the envelope for many high magnetic field applications, among them also the MedTech segment.
The acquired capital injection is the starting signal for a growth phase to expand production. Plans are to increase the wire production capacity by a factor of 25 and at the same time reduce unit costs by 75% until 2027. THEVA has been teaming up with a strong OEM and specialist for PVD coating to push THEVA’s unique technology to a new level.
In the longer perspective the new Beta-line will serve as a platform to allow licensing out the technology in a mature stage for a worldwide roll-out of the HTS wire production to meet the surging demand.
The financing round will be completed by a second closing early 2024, in which there is still some room for new investors.
Enabling Energy Transition – by superconducting solutions