Subra, a Danish deep-tech company that develops high-temperature superconducting technology, raised a €40m (about $46.8m) Series A round, announced on 10 April 2026. Novo Holdings led the round through its Planetary Health Investments team. Maj Invest and SPRIND also invested. eCAPITAL, a long-standing THEVA investor, is listed in its announcement as an existing investor in the deal. No valuation was disclosed.
The round supports Subra's combination with THEVA, a German producer of superconducting materials. Novo Holdings and Pulse 2.0 described it as an acquisition of THEVA by Subra, while eCAPITAL, a long-standing THEVA backer, described it as a merger. None of the reports disclosed the terms.
“Advanced superconducting technologies are increasingly central to the future of energy systems”Anders Spohr, Managing Partner, Planetary Health Investments, Novo Holdings
What the combined company will do
The aim is to join Subra's superconducting cable technology with THEVA's manufacturing capability and materials science to form an integrated European supplier of superconducting solutions. Pulse 2.0 said the target markets are energy systems, infrastructure, research and industry, and that the deal is meant to strengthen Europe's domestic capabilities in critical technologies and make its supply chains more resilient.
Novo Holdings said the combined company will be based in Denmark, using its Danish base together with THEVA's German facilities to scale production in Europe. Pulse 2.0 said Subra develops superconducting solutions for zero-loss power transmission and fusion energy.
About THEVA
eCAPITAL said THEVA is based in Munich and makes superconducting tapes using a proprietary thin-film coating process. The tapes are used in applications such as power-transmission cables, MRI systems and high-field magnets. Pulse 2.0 reported that THEVA has more than three decades of experience in high-temperature superconductors and thin-film deposition, which it said enables industrial-scale production.
Steffen Reinecke, a partner at eCAPITAL, said the firm had recognised the potential of superconducting technologies as an early investor in THEVA. He described the transaction as an important step towards a strong European platform for superconducting technologies.
What the people involved said
Anders C. Wulff, Subra's chief executive, said that together the companies are building a European champion in superconductors, according to Novo Holdings. Pulse 2.0 quoted him describing the move as uniting two pioneers at the forefront of superconductor technology.
Anders Spohr, managing partner of Planetary Health Investments at Novo Holdings, said that advanced superconducting technologies are increasingly central to the future of energy systems and resilient infrastructure. His colleague Marcus Remmers, a partner at the team, said Novo looked forward to working closely with the Subra and THEVA teams to carry out the next phase. Lars Ruppert, managing director of THEVA, said THEVA has a unique technical approach to the industrial production of superconductors.
What is not disclosed
The reports did not give Subra's total funding, its founders, its headcount, its headquarters city or a breakdown of how the €40m will be divided between the combination and further growth. The Novo Holdings announcement described the round as supporting the transaction and the next phase of the combined business.