MetOx International Secures $40 Million to Revolutionize US High-Temperature Superconductor Production
Houston, TX – November 19, 2024 – MetOx International, Inc. (MetOx), a prominent US leader in High Temperature Superconducting (HTS) technology, today announced the successful completion of its Series B funding round. This significant investment secured an additional $15 million from a strategic syndicate of investors, bringing the total Series B extension to $40 million. The impressive investor lineup includes Duquesne Family Office, LLC, Piedmont Capital, Crosscut Ventures, New System Ventures, and John Doerr’s Family Office, along with Ryan Panchadsaram, and other notable participants. This substantial capital infusion marks a pivotal moment for MetOx, accelerating its growth trajectory and solidifying its position at the forefront of the HTS revolution.
Fueling Growth and Expanding Domestic Manufacturing
The $40 million investment will be instrumental in expanding MetOx’s domestic high-capacity HTS manufacturing facilities within the United States. This expansion is geared towards establishing a new benchmark for production efficiency, scale, and, critically, security of supply for this vital technology. As the demand for HTS technology continues to skyrocket, driven by the global push for renewable energy and technological advancement, MetOx is strategically positioned to meet this critical need.
Addressing Critical Needs in Clean Energy and Beyond
High-Temperature Superconductors are increasingly recognized as a cornerstone technology for various sectors. Their ability to transmit extremely high power at low voltage with zero energy loss is transformative. MetOx’s expanded production capabilities will directly impact several key areas:
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Renewable Energy:
HTS technology plays a pivotal role in advancing renewable energy generation, grid expansion, and modernization.*
Energy-Intensive Industries:
Hyperscale data centers, AI development, and even the burgeoning field of fusion energy all rely on the high-power capabilities of HTS.*
National Infrastructure:
By building a robust domestic supply chain, MetOx is strengthening the nation’s technological infrastructure and reducing reliance on foreign sources.“We are incredibly enthusiastic about the vote of confidence from our strategic investors,” stated Arthur (Bud) Vos, President, and CEO of MetOx. “This significant funding enables us to build a robust and secure supply chain for HTS technology right here in the U.S., establishing the nation as a global leader in advanced superconducting solutions.”
Investor Perspectives: A Shared Vision for the Future
Robert Long of Piedmont Capital highlighted the alignment between MetOx’s vision and their investment strategy: “MetOx’s innovative approach resonates deeply with our commitment to transformative technologies and critical infrastructure development. We believe MetOx’s unique position in the market is poised to meet and exceed the growing demands of the US, and we are proud to support this crucial next step in their journey.”
Ian Samuels of New System Ventures, a prominent investor in the energy transition space, added: “MetOx is effectively addressing a critical gap in domestic clean energy supply chains. We are thrilled to continue supporting their progress in cutting-edge HTS technology and US-based manufacturing. This partnership reinforces our commitment to sustainable, scalable innovation, particularly in clean energy generation, high-power transmission and distribution, and the expansion of power-dense data centers.”
Building on Momentum: DOE Grant and Future Growth
This substantial Series B funding builds upon MetOx’s recent successes, including an $80 million grant awarded by the Department of Energy (DOE) to further advance clean technology manufacturing. This dual injection of capital positions MetOx for unparalleled growth, fostering innovation, creating high-quality skilled jobs, and ultimately creating a more resilient and secure HTS supply chain for the United States.
About MetOx International
MetOx International, headquartered in Houston, Texas, is a leading developer and manufacturer of High-Temperature Superconducting (HTS) technology. Committed to delivering clean energy solutions and establishing a robust US manufacturing base, MetOx is a driving force behind innovation and supply chain resilience for critical superconducting applications across a range of industries. For more information, please visit www.metoxtech.com and connect with us on LinkedIn.
About High-Temperature Superconductors (HTS)
HTS technology represents a significant leap forward in power delivery. Its ability to transmit power at extremely high levels with minimal to no energy loss (due to zero resistance at low temperatures) is revolutionizing various sectors. From power grids to data centers and advanced transportation systems, HTS is poised to reshape the landscape of energy consumption and efficiency.
Media Contact:
Naomi Le Bihan
Director of Communications
MetOx International, Inc.
[email protected]
