EnBW New Ventures, the venture capital arm of energy utility EnBW, has contributed to a €7m ($8m) round for Germany-based superconductor manufacturer Theva.
The round also featured eCapital, Bayern Kapital, Target Partners and BayBG Bayerische Beteiligungsgesellschaft (BayBG).
Founded in 1996, Theva manufactures high-temperature superconductors that can conduct high electric currents with no loss of energy. The company’s superconductor wire is used as an alternative to traditional copper wiring, and it also provides coating technology and equipment engineering services.
Theva secured €6.4m in a July 2016 round led by eCapital that included Bavarian Growth Fund, Target Partners and BayBG, the latter two having invested an undisclosed amount in the company in 2012.
Crispin Leick, CEO of EnBW New Ventures, said: “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.”