MetOx Technologies Secures Significant Funding to Expand HTS Wire Production and Advance Clean Energy Transition

MetOx Technologies, a leading manufacturer of high-temperature superconducting (HTS) wire, has secured significant funding to expand its domestic production capacity. The company recently closed an additional $15 million in its Series B funding round, bringing the total to $40 million. This milestone marks a crucial step forward in scaling up the production of its Xeus HTS wire to meet the growing market demand.

This funding comes on the heels of a recently announced $80 million grant from the U.S. Department of Energy (DOE) aimed at advancing clean technology manufacturing. The grant is part of the DOE’s efforts to foster innovation, create high-quality skilled jobs, and build a more resilient HTS supply chain. The funding will be used to construct an advanced superconductor manufacturing facility, known as Project Arch, which will be the first large-scale HTS wire production facility of its kind in the country.

The Series B funding round was led by Koch Disruptive Technologies (KDT) and supported by a consortium of prominent strategic and financial investors. This capital infusion will enable MetOx to dramatically increase its production capacity of Xeus HTS wire, positioning the company to meet the increasing demand for efficient power transmission solutions.

Arthur (Bud) Vos, President and CEO of MetOx, expressed his gratitude for the confidence placed in the company by its strategic investors. “This critical new funding allows us to continue building a robust supply chain for HTS technology, ensuring the U.S. becomes a global leader in advanced superconducting solutions,” he stated.

The funding announcements underscore MetOx’s commitment to advancing HTS technology and its role in the clean energy transition. The company’s innovative manufacturing process, developed by world-renowned material scientist and co-founder Dr. Venkat Selvamanickam, has been recognized for its potential to transform the energy sector.

MetOx’s HTS wire is designed to transmit vast amounts of electricity with minimal loss, making it a crucial component in the development of efficient power transmission systems. The company’s technology has the potential to support critical infrastructure for the clean energy transition, including the integration of renewable energy sources into the grid.

The recent funding announcements highlight the growing interest in HTS technology and its potential to revolutionize the energy sector. With its expanded production capacity and advanced manufacturing facility, MetOx is poised to play a leading role in the development of next-generation power transmission solutions.

In addition to the DOE grant and Series B funding, MetOx has also secured funding from strategic investors such as Centaurus and New System Ventures. These investments demonstrate the company’s ability to attract significant capital from prominent investors and its potential to drive innovation in the clean energy sector.

MetOx’s commitment to advancing HTS technology and its role in the clean energy transition is evident in its recent funding announcements. The company’s innovative manufacturing process and expanded production capacity position it to meet the growing demand for efficient power transmission solutions and support the development of critical infrastructure for the clean energy transition.