SuperNode Secures €8 million in Additional Funding
SuperNode today announced that it has secured €8 million of additional funding from current shareholders AKER Horizons and Volnay. The funding will be used for the further development of innovative superconducting transmission technology.
SuperNode a cutting-edge technology company, and a graduate of the NovaUCD, specialises in next-generation superconducting cable systems, capable of conveying 5-10 times more energy than conventional electricity cables.
Last month the company announced the opening of its new Cable Technology Centre in Blyth, Northumberland, expanding SuperNode’s operations beyond Dublin.
This Blyth facility represents the first phase of a larger, multi-year project to develop next-generation superconducting cables. These cables will transform long-distance transmission by reducing costs and infrastructure requirements compared to traditional copper cables, while transferring several times more power.
The SuperNode technology will enhance grid reliability, address critical supply chain challenges, and provide a scalable solution to meet the increasing global demand for efficient renewable energy infrastructure.
At its R&D headquarters in Dublin, SuperNode has developed an initial prototype cable.
John Fitzgerald, SuperNode, CEO said, “We are thankful for the continued backing from our major investors, Aker Horizons and Volnay. This funding will enable us to further develop our key initiatives: technology development at our Dublin and Blyth facilities, prototype testing and demonstration projects, and bringing this game-changing technology to market, supporting decarbonisation and energy independence.”
In September SuperNode was officially recognised as one of the Best Workplaces in Europe™ in 2024 and was ranked as the 17th best workplace in Europe and was the highest-ranked Irish company on the list.
SuperNode was founded in 2018 by the late renewable energy pioneer Eddie O’Connor.
SuperNode is co-owned by Volnay and Norwegian green investment group AKER Horizons.
ENDS
4 October 2024
For further information contact Micéal Whelan, Communications and Media Relations Manager, UCD Research and Innovation, e: miceal.whelan@ucd.ie or Aoife Cronin, SuperNode, e: aoife.cronin@supernode.energy.