Theva, an Ismaning, Germany-based superconductor manufacturer, closed a €7m third financing round.
Backers included new investor EnBW New Ventures, the corporate venture capital arm of utility EnBW, and existing investors eCapital, Bayern Kapital, Target Partners and BayBG Bayerische Beteiligungsgesellschaft.
The company will use the funds to increase its market penetration efforts.
Founded in 1996 and led by CEO Dr. Werner Prusseit, Theva produces high-temperature superconductors (HTS) for loss-free transmission of extremely high electric current. Its Pro-Line superconductor wire can replace conventional copper conductors in high-performance applications, and opens up new perspective for the design of electrical components for manufacturers of cables, power switches, large electric drives and power rails.
The company has around 50 employees.