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German superconductor manufacturer closes EUR7m financing round

Theva, a German manufacturer of superconductors, has raised additional capital totalling EUR7 million in its third funding round which saw the corporate venture capital arm of utility EnBW join existing investors eCAPITAL, Bayern Kapital, Target Partners and BayBG Bayerische Beteiligungsgesellschaft.

“We are the first company in Germany to mass produce superconductors. And we also want to be number one in market penetration. Thanks to our investors we continue to have a reliable financial basis for this,” says Theva CEO Dr. Werner Prusseit. The previous financing round was just a year ago. Since then Theva has continuously improved its processes, and production runs 24 hours a day.
Superconductors are materials that offer zero electrical resistance and thereby allow loss-free transmission of DC current (AC with minimum loss) – a cutting-edge technology that is of interest to many industries. In medical technology superconductors can power strong magnets in magnetic resonance imaging (MRI) machines. In the processing industry they enable compact power rails with higher-capacity as used in chemical manufacturing and aluminium smelting. With superconductors, motors and generators can deliver higher performance while having smaller footprint and weight, which can bring important advantages for future wind turbines.
Indeed the technology is also of significant interest to the power industry, for example for urban power distribution. E-mobility is causing higher electricity demand as increasingly powerful electric vehicles need fast charging. Superconducting cables can offer a space efficient alternative.
“The technology offers great potential for the future, as a sustainable solution combining the highest performance with low material usage,” explains Crispin Leick, CEO of EnBW New Ventures. “This investment in the new financing round is a perfect fit with the EnBW New Ventures strategy. We back companies that offer scalable solutions for the converging energy, mobility and urban life markets.”
This is the fourth investment by EnBW New Ventures, which has 100 million euros of investment capital at its disposal.
“At Theva, internationally accepted experts have worked very professionally from the start to achieve the goal of mass production of superconductors. The management team is highly qualified and the future outlook is sound. The combination of all these factors convinced us to make this investment,” adds Leick.
Confidence in Theva and superconductor technology is also evident in the follow-on investments by established investors. says Michael Mayer, Managing Partner at eCAPITAL. “After getting to know Theva better since our last investment, we have seen how rigorously they are working on reducing production costs. And the market for superconductors is growing. The Theva team is focused and market-oriented, and works at the highest technical level. We are convinced more than ever that Theva has the potential to become a standard manufacturer of high-temperature superconductors, and gain a large share of the market.”
Alexander Ullmann, Investment Manager at BayBG, adds: “We also see great market potential with Theva. HTS technology has many uses in power and electrical engineering. Entry markets where higher demand can be generated in the medium term are grid technology (current limiters and cables) and industry (power rails and magnets).”

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