In a second financing round totalling EUR6.4 million, THEVA has taken eCAPITAL on board as lead investor and the Bavarian Growth Fund as co-investor.
Target Partners and the Bayerische Beteiligungsgesellschaft (BayBG) became shareholders in 2012 in the first financing round. Both have now increased their investment.
THEVA Dünnschichttechnik has invested millions in recent years to set up the first superconducting wire manufacturing facility in Germany. The new capital will enable further growth.
The lead investor is Münster-based eCAPITAL, which specialises in technology-focused growth industries. Co-investor is the Bavarian Growth Fund administered by Bayern Kapital GmbH, which was set up in 2015 by the Bavarian state government with EUR100 million of state money. Co-investments by private risk capital investors are intended to boost this to several hundred million.
Bavarian Economic Minister Ilse Aigner says: “With the Bavarian Growth Fund we have taken a route that is unique in Germany. Particularly during the growth phase, there is often a lack of suitable financing instruments. With the Growth Fund we are closing the gap and strengthening Bavaria as a state for start-ups. THEVA is one of eight companies the fund is currently invested in. Both the number of companies invested in, and the leverage effect of between seven and eight, have exceeded our own expectations. In this particular case, the investment will also contribute to the success of the energy transition in Bavaria, which makes me very happy indeed.”
THEVA is the third investment of eCAPITAL IV Technologies fund, which was formed earlier this year. The goal of eCAPITAL IV is to build a portfolio of about 15 investments with a total volume of about EUR100 million, invested in high growth, innovative companies in the fields of software and IT, cleantech, automation/Industry 4.0 and new materials.
Michael Mayer, managing partner at eCAPITAL, adds: “As investors it is important for us to help companies after the first start-up years to really penetrate markets and gain worldwide market share. This takes more than money – it also takes know-how and a good network. So THEVA is a great fit for our portfolio.”
THEVA’s goal is to get the costs for superconductors down to the level of copper through volume production, and supply the market with sufficient amounts of material.
THEVA CEO Dr Werner Prusseit says: “There is not enough material available in the market at competitive prices. In Germany, we are the only company so far that has been able to set up superconductor manufacturing and to produce wire in quantity. To do so, we developed a proprietary, patented process that in combination with our modular, likewise proprietary production plant, gives us a real competitive advantage.”
With the EcoSwing project, THEVA is part of a consortium building the largest wind turbine with superconductor technology for actual operation. THEVA delivers the rotor coils for this project.
