Novo Holdings makes €40m bet on superconductors for fusion energy, power grids

Novo Holdings is leading a €40m Series A in Subra, a Danish deep-tech company building superconducting cable technology for fusion energy and next-generation power grids.

Co-investors include Danish asset manager Maj Invest and SPRIND, Germany's federal innovation agency.

The round partially funds the acquisition of one Subra's competitors, Theva, a German superconducting startup that has raised $26.8m since inception. Exactly how much Subra paid for Theva was not disclosed.

Scale-up capital

Anders Spohr, managing partner at Novo Holdings' Planetary Health Investments, said in a press statement that Europe must retain and scale industrial capabilities in strategically important technologies.

The firm said it intends to bridge the "scale-up gap" in Europe by providing long-term, active ownership rather than a conventional VC timeline.

Novo Holdings is among the most active investors in European impact and climate tech. Recent direct investments include two Danish foodtech startups, MATR and REDUCED. Recent LPs investments include in UK urban-focused VC 2150's €210m fund and Denmark's The Footprint Firm's €76m debut fund.

Anders Wulff, chief executive of Subra, said the deal unites "two pioneers at the forefront of superconductor technology" at a moment when Europe's energy systems are under acute pressure.

The combined company will be headquartered in Denmark.

The backbone of fusion

Superconductors carry electricity with virtually no resistance when cooled. In fusion energy – which replicates the process powering the sun – they are essential. Only superconducting magnets can produce the powerful magnetic fields needed to contain the plasma that generates fusion reactions.

Subra's core product converts superconducting material from flat tape into bundled wire, a format purportedly easier to manufacture at scale and cheaper to integrate into fusion reactors and power infrastructure.

Subra's investment arrives as Europe's fusion sector accelerates. European fusion startups raised $340m in 2025, surpassing the previous record of $217m set in 2024, as Impact Loop previously reported.