Novo Holdings leads €40 million Series A in Subra to build a European platform for next-generation superconductors

Novo Holdings today announced that it is leading the Series A fundinground of Subra, a European deep-tech company specialising in high- temperature superconducting technologies. The investment supports Subra’s acquisition of Theva, a Germany-based producer of superconducting materials. The transaction aims to create a fully integrated European platform, supplying advanced superconducting solutions critical to future energy systems and strategic infrastructure.

The investment enables the combination of Subra’s differentiated superconducting cable technology with Theva’s manufacturing capabilities, creating a European supplier for high-performance superconductors. These materials are increasingly recognised as enabling for Europe’s strategic priorities, including energy transmission, advanced magnet systems, and next-generation power infrastructure.

The combined company will be headquartered in Denmark and will utilise and extend both its Danish base and Theva’s established German facilities to scale domestic production capacity to serve customers across energy, research, and industrial markets internationally. By strengthening Europe-based manufacturing in a strategically sensitive technology area, the transaction contributes to greater supply-chain resilience and technological autonomy at a time of heightened geopolitical, infrastructural, and supply-chain uncertainty.

Novo Holdings’ Planetary Health Investments team has made the investment, alongside a syndicate of co-investors Maj Invest and SPRIND. The investment reflects Planetary Health Investments’ strategic objective of scaling industrial capabilities that support the energy transition and sustainable infrastructure and aligns with Novo Holdings’ broader engagement in European scale-up initiatives, which seeks to address Europe’s structural financing gap for critical technologies.

Anders C. Wulff, CEO, Subra, said:
“Today, we unite two pioneers at the forefront of superconductor technology to create the strongest possible platform for impact. Together, we are building a European champion in superconductors, anchored in decades of deep-tech innovation, scientific excellence, and advanced manufacturing expertise.

We are taking this step at a critical moment, where Europe’s energy systems are under immense pressure. By bringing together our complementary technologies within one unified company, we are strengthening our ability to develop and deliver superconductor solutions to support the transformation of Europe’s energy landscape.”

Anders Spohr, Managing Partner, Planetary Health Investments, Novo Holdings, said:
“Advanced superconducting technologies are increasingly central to the future of energy systems and resilient infrastructure. This investment reflects our view that Europe must be able to retain and scale its own industrial capabilities in strategically important technologies. By supporting the combination of Subra and Theva, we are backing a platform with the technical depth and ambition to become a strong European supplier in a field of growing global relevance.”

Marcus Remmers, Partner, Planetary Health Investments, Novo Holdings, said:
“We look forward to working closely with the teams of Subra and Theva to execute on the next phase, as Novo Holdings commits as a long-term partner with patient capital to strengthen capabilities through engaged ownership. We are happy to be collaborating closely with a strengthened team, able to capitalise on the accumulated technological and business experience of the parties involved.”

Novo Holdings will support the company through active ownership, drawing on its experience in company building, scaling advanced technologies and working with industrial partners across Europe and internationally.