money moves

Houston superconductor tech manufacturer raises $25M

The fresh funding will go toward advancing the company's Xeus HTS wire technology. Photo via metoxtech.com

A Houston company has closed its series B extension at $25 million.

MetOx International, which develops and manufactures high-temperature superconducting (HTS) wire, announced it closed a $25 million series B extension. Centaurus Capital, an energy-focused family office, and New System Ventures, a climate and energy transition-focused venture firm, led the round with participation from other investors.

"MetOx has developed a robust and highly scalable operation, and we are thrilled to partner with the Company as it enters this pivotal growth stage," says John Arnold, founder of Centaurus, in a news release. "The market for HTS is expanding at an unprecedented pace, with demand for HTS far outweighing supply. MetOx is poised to be the leading U.S. HTS producer, closing the supply gap and bringing dramatic capacity to high power innovations and applications. Their progress and potential are unmatched in the field, and we are proud to support their growth."

The fresh funding will go toward advancing the company's Xeus HTS wire technology for key energy transition applications by expanding MetOx's U.S.-based manufacturing capabilities to meet demand.

"This funding marks a pivotal step in our mission to revolutionize the energy and technology sectors with our advanced power delivery technology and accelerate delivery for our customers and partners. HTS is critical to enhancing the efficiency of our electric grid and enabling technological developments that, in many cases, would not be viable or even possible without superconductor technology," adds Bud Vos, CEO of MetOx. "Support from investors such as Centaurus and NSV not only provides the financial resources and strategic support required for accelerated scaleup, but also validates the broad reach of our technology across energy, data center, medical, and defense industries."

HTS wire technology is critical for the energy transition, especially amid rising data center growth, and for next generation wind turbines and interconnections.

MetOx's technology originated out of the University of Houston and was founded in 1998 by Alex Ignatiev, UH professor emeritus of physics and a fellow of the National Academy of Inventors. Last year, the company secured $3 million in funding from the U.S. Department of Energy to support the advancement of its proprietary manufacturing technology for its HTS wire.

"MetOx's HTS technology aligns with our systems-level research and offers a unique opportunity to dramatically accelerate the energy transition," says Ian Samuels, founder and managing partner at NSV. "MetOx's Xeus wire stands to be a force multiplier in clean energy generation and high-power transmission and distribution, enabling load growth and the deployment of power-dense data centers. NSV is excited to support MetOx as it scales domestic manufacturing capacity."

———

This article originally ran on InnovationMap.

Trending News

A View From HETI

A new joint venture will work on four projects supplying 5 gigawatts of power from combined-cycle power plants for the ERCOT and PJM Interconnection grids. Photo via Getty Images.

Houston-based power provider NRG Energy Inc. has formed a joint venture with two other companies to meet escalating demand for electricity to fuel the rise of data centers and the evolution of generative AI.

NRG’s partners in the joint venture are GE Vernova, a provider of renewable energy equipment and services, and TIC – The Industrial Co., a subsidiary of construction and engineering company Kiewit.

“The growing demand for electricity in part due to GenAI and the buildup of data centers means we need to form new, innovative partnerships to quickly increase America’s dispatchable generation,” Robert Gaudette, head of NRG Business and Wholesale Operations, said in a news release. “Working together, these three industry leaders are committed to executing with speed and excellence to meet our customers’ generation needs.”

Initially, the joint venture will work on four projects supplying 5 gigawatts of power from combined-cycle power plants, which uses a combination of natural gas and steam turbines that produce additional electricity from natural gas waste. Electricity from these projects will be produced for power grids operated by the Electric Reliability Council of Texas (ERCOT) and PJM Interconnection. The projects are scheduled to come online from 2029 through 2032.

The joint venture says the model it’s developing for these four projects is “replicable and scalable,” with the potential for expansion across the U.S.

The company is also developing a new 721-megawatt natural gas combined-cycle unit at its Cedar Bayou plant in Baytown, Texas. Read more here.

Trending News