Target Partners and Bayerische Beteiligungsgesellschaft increase their investment in second financing round
Ismaning, July 4, 2016 – In a second financing round totaling 6.4 million euros, THEVA has taken eCAPITAL on board as lead investor and the Bavarian Growth Fund as co-investor. Target Partners and the Bayerische Beteiligungsgesellschaft (BayBG) became shareholders in 2012 in the first financing round. Both have now increased their investment. Whether for electric aircraft, wind turbines or underground cables, the market is eager for superconductors at competitive prices. To meet this demand, THEVA Dünnschichttechnik GmbH has invested millions in recent years to set up the first superconducting wire manufacturing facility in Germany. The new capital will enable further growth.
The lead investor in this case is Münster-based eCAPITAL, which specializes in technology-focused growth industries. Co-investor is the Bavarian Growth Fund administered by Bayern Kapital GmbH, which was set up in 2015 by the Bavarian state government with 100 million euros of state money. Co-investments by private risk capital investors are intended to boost this to several hundred million.
According to Bavarian Economic Minister Ilse Aigner: “With the Bavarian Growth Fund we have taken a route that is unique in Germany. Particularly during the growth phase, there is often a lack of suitable financing instruments. With the Growth Fund we are closing the gap and strengthening Bavaria as a state for start-ups. THEVA is one of eight companies the fund is currently invested in. Both the number of companies invested in, and the leverage effect of between seven and eight, have exceeded our own expectations. In this particular case, the investment will also contribute to the success of the energy transition in Bavaria, which makes me very happy indeed.”
THEVA is already the third investment of eCAPITAL IV Technologies fund, which was formed earlier this year. The goal of eCAPITAL IV is to build a portfolio of about 15 investments with a total volume of about 100 million euros, invested in high growth, innovative companies in the fields of software & IT, cleantech, automation / Industry 4.0 and new materials. As a specialist in high-temperature superconductors and physical coating technologies, THEVA is a perfect fit for the eCAPITAL portfolio. Michael Mayer, Managing Partner at eCAPITAL, adds: “As investors it is important for us to help companies after the first start-up years to really penetrate markets and gain worldwide market share. This takes more than money – it also takes know-how and a good network. So THEVA is a great fit for our portfolio.”
THEVA’s goal is to get the costs for superconductors down to the level of copper through volume production, and supply the market with sufficient amounts of material. THEVA CEO Dr. Werner Prusseit notes: “There is not enough material available in the market at competitive prices. In Germany, we are the only company so far that has been able to set up superconductor manufacturing and to produce wire in quantity. To do so, we developed a proprietary, patented process that in combination with our modular, likewise proprietary production plant, gives us a real competitive advantage.”
Demand is growing in numerous markets. With the EcoSwing project, THEVA is part of a consortium building the largest wind turbine with superconductor technology for actual operation. THEVA delivers the rotor coils for this project. The transmission of large amounts of electrical power in industrial plants and public grids using underground superconductor cables is also of great interest, and the next few years should see a growing number of pilot installations.
With 20 years’ experience in coating technology and equipment engineering, THEVA produces high-temperature superconductors (HTS) for loss-free transmission of extremely high electric current, with a unique approach to superconductor manufacture. The company has invested over fifteen years in development to build Germany’s first commercial HTS production plant. Thanks to its very high energy density, THEVA Pro-Line superconductor wire can replace conventional copper conductors in high-performance applications, and opens up new perspective for the design of electrical components. Manufacturers of cables, power switches, large electric drives and power rails can rely on the high quality standard and performance of the material. In parallel, THEVA develops high-end solutions in coating technology and equipment engineering. THEVA Dünnschichttechnik GmbH was founded in 1996 and today has around 50 employees. Headquartered in Germany, and with contacts in Asia, the USA and Russia, the company has a global presence for its customers. In 2012, with Target Partners and the Bayerische Beteiligungsgesellschaft two powerful VC partners came on board. As of 2016 eCAPITAL and Bayern Kapital are additionally supporting the growth of the company.
Bayern Kapital GmbH in Landshut was founded in 1995 at the initiative of the Bavarian state government as a wholly owned subsidiary of the LfA Foerderbank Bayern (Bavaria‘s development bank). As a venture capital company of the State of Bavaria, Bayern Kapital makes share capital avaılable to founders of innovatıve high tech companies and young, innovative technology companies. Bayern Kapital currently manages eleven funds to a value of 340 million euros. Bayern Kapital has invested over 220 million euros in some 240 innovative technology companies in a wide range of industries, including life sciences, software & IT, medical technology, materials & new materials, nanotechnology and environmental technology. This has helped create over 5000 steady jobs in companies with good future prospects.
eCAPITAL AG in Münster is a capital management company for alternative investment funds (AIF) pursuant to EuVECA. The company is one of Germany’s leading venture capital investors, and has accompanied actively innovative entrepreneurs in forward-looking industries since 1999. The focus is on fast-growing companies in the software / IT, Industry 4.0, cleantech and new materials categories. eCAPITAL currently manages six funds with a subscribed capital of over 160 million euros, and makes investments from early to later stage phases.
With 300 million euros under management, Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in new start-up and early-stage companies and supports them with venture capital during their build-out and expansion phases. With many years of experience as managers, entrepreneurs and venture capitalists, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States.
Bayerische Beteiligungsgesellschaft mbH is one of the largest share capital investors for medium-size Bavarian companies. Currently it is invested in about 500 Bavarian companies with over 300 million euros. With its participations and investments, BayBG enables companies to execute innovation and growth plans, implement shareholder changes and succession, optimize their capital structure and implement turnaround projects.
Adriana Olivotti Raum für Technik GmbH & Co. KG Schlagintweitstrasse 11 80638 Munich T: +49 89 22 848 746 M: firstname.lastname@example.org W: www.raumfuertechnik.com