HOUSTON, Nov. 19, 2024 /PRNewswire/ — MetOx International, Inc. (MetOx), a U.S. leader in High Temperature Superconducting (HTS) technology, has announced the closing of its Series B funding round, securing an additional $15 million from a strategic syndicate of investors, including Duquesne Family Office, LLC, Piedmont Capital, Crosscut Ventures, New System Ventures, John Doerr’s Family Office together with Ryan Panchadsaram, among others. This investment completes the Series B extension, bringing a total of $40M in expansion capital to the company, and bolstering MetOx’s growth momentum as it scales to meet surging market demand and expand out its domestic production of this vital technology.
The strategic capital injection will contribute to the buildout of additional high-capacity HTS manufacturing facilities in the U.S., establishing a new benchmark for production efficiency, scale, and security. As HTS technologies becoming increasingly critical to advancing renewable energy generation, grid expansion and modernization, and powering energy-intensive industries such as hyperscale data centers, AI and fusion energy – MetOx’s expansion is poised to play a key role in strengthening the nation’s infrastructure.
“We are thrilled by the confidence our strategic investors have placed in MetOx, particularly as we accelerate our efforts to scale HTS manufacturing capacity here in the U.S.,” said Arthur (Bud) Vos, President and CEO of MetOx. “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.”
Robert Long of Piedmont Capital commented, “MetOx’s vision to revolutionize the HTS market aligns well with our commitment to transformative technologies and infrastructure. We believe MetOx is uniquely positioned to meet the growing demands of the U.S. market, and we’re proud to support them in this next phase of their journey.”
Ian Samuels of New System Ventures, a prominent investor in energy transition technologies, added, “MetOx is addressing a crucial gap in domestic clean energy supply chains, and we are excited to continue to support the team as they drive forward with cutting-edge HTS technology and domestic manufacturing. This partnership strengthens our commitment to sustainable, scalable innovation in the United States including in clean energy generation and high-power transmission and distribution, enabling load growth and the deployment of power-dense data centers.”
This latest funding comes on the heels of an announced $80 million Department of Energy (DOE) grant awarded to MetOx, aimed at advancing clean technology manufacturing. This dual infusion of capital positions MetOx to significantly expand its domestic HTS production capabilities, fostering innovation, high quality skilled job creation, and a more resilient HTS supply chain.