HOUSTON--(BUSINESS WIRE)--MetOx Technologies, Inc., a Houston-based manufacturer of high temperature superconducting (HTS) wire, today announced the completion of a $23 million Series A funding round. Proceeds from the round will allow the company to construct an advanced production facility, with the expected capacity to produce approximately 1,200 kilometres per year of high-temperature superconducting wire (HTS), doubling 2020’s global supply of magnet wire.
“HTS will provide critical support for global energy transition, to include enabling expansion of the grid and the development of compact fusion. It will also support the development of powerful new medical devices and a myriad of other applications.” said Jim Jewitt, CEO of MetOx.
John Kermath, President and Chief Financial Officer of MetOx added, “Growing mainstream use of superconductors is creating shortages of HTS today. We believe MetOx’s advanced production system will demonstrate the solution for building a cost-effective and scalable supply of HTS over the long term,”
Safar Partners, an investor in the Series A, added, “MetOx’s HTS manufacturing technology creates an economically attractive product that is impactful for compact fusion (including Safar Partners’ portfolio company Commonwealth Fusion Systems), as well as energy transitions and health applications.”
Fort Capital Partners acted as financial advisor to MetOx with respect to the Series A round.
ABOUT METOX
Based in Houston, Texas, MetOx is a manufacturer of high temperature superconducting wire (HTS) using an enhanced and patented manufacturing process to produce and sell large quantities of HTS at prices supporting the widespread use of this advanced material. For more information, please visit: www.metoxtech.com.
Connect with MetOx on: LinkedIn
ABOUT SAFAR
Safar’s mission is “Creating Value Through Innovation.” Safar Partners was founded to invest in the most promising innovations in the cleantech and material science, artificial intelligence and information technology, and life sciences areas.
