SuperNode secures €8m from Aker Horizons and Volnay to advance superconducting cables
The funding from existing backers Aker Horizons and Volnay will support technology development and testing for the Irish renewable tech startup.
≈ £6.7M at €1 = £0.8387 on 7 Oct 2024
SuperNode develops advanced superconducting cable systems designed to transmit large volumes of renewable electricity efficiently over long distances. The company uses cryogenic technology to eliminate electrical resistance and reduce the infrastructure footprint required for future power grids.
Irish renewable technology developer SuperNode has secured €8m in fresh capital to advance its high-capacity power transmission systems. The financing was provided by existing backers Aker Horizons and Volnay.
The company will direct the proceeds towards the ongoing refinement of its superconducting transmission technology, supporting facilities in Dublin and Blyth alongside upcoming prototype testing and demonstration initiatives.
Conventional power cables face capacity bottlenecks that threaten to slow the rollout of renewable energy infrastructure. SuperNode aims to resolve this by employing superconductor technology cooled with liquid nitrogen, allowing large amounts of electricity to move over long distances with minimal loss.
From the founder
"We are thankful for the continued backing from our major investors, Aker Horizons and Volnay. This funding will enable us to further develop our key initiatives: technology development at our Dublin and Blyth facilities, prototype testing and demonstration projects, and bringing this game-changing technology to market, supporting decarbonisation, and energy independence."
John Fitzgerald
CEO at SuperNode
Use of funds
- 01Continue product development
- 02Fund research and development