€40m Series A led by Novo Holdings enables merger of Subra and THEVA to build a European superconductors champion
PORTFOLIO NEWSThe transaction combines two pioneers in high-temperature superconducting technologies to create a European platform for next-generation superconducting solutions. The Series A investment in Subra is led by Novo Holdings, with participation from Maj Invest and SPRIND.
THEVA, based in Munich, has been a long-standing portfolio company of eCAPITAL, highlighting its commitment and capability to back long-term technology development cycles. As an early investor, eCAPITAL recognised not only the technological potential of THEVA’s high-temperature superconductor platform, but also the ability to achieve economies of scale and thereby enable the technology’s commercial breakthrough. Over several years, eCAPITAL supported the company in the development, cost reduction and industrialisation of its advanced superconducting materials.
THEVA is a pioneer in the industrial manufacturing of high-temperature superconductors. Its proprietary thin-film coating technology enables the production of advanced superconducting tapes, used in demanding applications such as power transmission cables, MRI systems and high-field magnets.
Through the transaction, THEVA’s advanced manufacturing capabilities will be combined with Subra’s innovative superconducting cable technology. Together, the companies aim to establish a fully integrated European supplier of superconducting solutions for next-generation energy systems and strategic infrastructure.
High-temperature superconductors are widely considered a key enabling technology for the energy transition. Compared to conventional copper conductors, they can transport significantly higher electrical currents while eliminating resistive energy losses, enabling more efficient electricity transmission and opening new possibilities across energy infrastructure, fusion energy and other high-performance applications.
As an early investor in THEVA, we recognized the potential of superconducting technologies for the future of the energy system and have closely supported the company through multiple phases of its development. Now, we welcome the combination with Subra, which marks an important step toward building a strong European platform for superconducting technologies. We are confident that the combined company is well positioned to scale its capabilities internationally and to make a meaningful contribution to the advancement of energy systems and strategic infrastructure. Together with this strong consortium of new investors, we look forward to the joint next steps.
Steffen Reinecke, Partner, eCAPITAL