Subra Raises €40M Series A for HTS Superconductors
Subra, a Denmark-based developer of high-temperature superconductor solutions, has raised €40M ($47M) in Series A funding led by Novo Holdings. The company produces Subracable bundled wires and Subratape filamentised tapes for zero-resistance power transmission in grids and high-field magnets for fusion reactors. The capital funds the acquisition of partner THEVA Dünnschichttechnik and scales manufacturing for European energy needs.
EU Fusion Push Fuels HTS Demand
The round closes amid Europe's fusion acceleration, with the EC committing €330M to fusion technology per Bloomberg. Competitor MetOx Technologies raised $40M Series B targeting fusion magnets. Subra's liquid nitrogen-cooled wires address AC loss challenges in power cables, differentiating from MetOx's high-field focus.
Grid Losses Drain 13% of Power
Europe's electricity grids lose up to 13% during transmission according to Tech Funding News, exacerbated by renewables intermittency and electrification demands. Copper cables cannot scale efficiently for long-distance high-capacity lines needed for net-zero goals. Superconductors enable 300x more current per cross-section than copper per Subra, slashing losses by 90% and reducing material use.
Subracable Enables Zero-Loss Cables
Subra's Subracable bundles HTS tapes into flexible round wires cooled by affordable liquid nitrogen, suitable for 100+ km deployments. Unlike traditional superconductors requiring helium, these offer quench-safety and low AC/DC losses for grid and fusion use. The recent SuperLink project deployed the world's first 110kV superconducting cable in Munich via Founderland.
THEVA Buy Builds Production Scale
Acquiring THEVA integrates thin-film manufacturing expertise, creating an end-to-end European supply chain. THEVA, founded in 1996, previously raised €11M Series D and supplied 400m of HTS tape to Subra. This merger positions Subra to outpace Asian and US rivals in cost-effective scalability.
As Anders C. Wulff, CEO noted:
"We are taking this step at a critical moment, where Europe’s energy systems are under immense pressure. By bringing together our complementary technologies within one unified company, we are strengthening our ability to develop and deliver superconductor solutions to support the transformation of Europe’s energy landscape."
Novo Holdings Backs Energy Transition
Novo Holdings, managing €93B AUM as Novo Nordisk's shareholder, led the round with its planetary health focus per Novo Holdings. Co-investors Maj Invest Equity and SPRIND add energy transition and deep-tech conviction. This lineup signals strategic validation for Subra's grid and fusion ambitions amid EU policy tailwinds.
Superconducting Wire Hits $2.19B
The superconducting wire market grows from $1.32B in 2025 to $2.19B by 2030 at 10.6% CAGR per MarketsandMarkets. Fusion alone demands 200M meters of HTS tape by the 2030s via Fusion Energy Insights. Subra targets this alongside 235 EU cross-border energy projects prioritizing interconnectivity per EU Energy.
DTU Inventor Leads Expert Team
CEO Anders C. Wulff invented Subra's core 3D-profile manufacturing at DTU a decade ago per company deep dive. R&D head Christian Bahl brings 15+ years from DTU and Risø labs. New hires like Head of Production Charlotte Wittrup Bengaard (ex-Grundfos, BASF) and HTS head Cornelia Hintze (ex-THEVA, Proxima Fusion) enable commercialization.
Production Hires Signal Scale-Up
Post-raise, Subra hired Wittrup Bengaard for manufacturing ramp-up and expanded to 39 employees across Denmark and Germany facilities. EU Energy Commissioner Dan Jørgensen visited, endorsing grid applications. Next steps include pilot production and fusion project deliveries via the integrated THEVA platform.