THEVA's Owner Subra Closes a 50 Million Euro Series A
Subra, the group that acquired German tape maker THEVA in April 2026, has closed a Series A at 50 million euros with a final 10 million euros from Bayern Kapital. Subra says the money will build a European high-temperature superconductor (HTS) business covering the whole chain, from rare-earth barium copper oxide (REBCO) coatings to finished cable systems. The deal also ends THEVA’s long-held position as the main independent European tape producer.
Bayern Kapital’s 10 million euros completes the round
Bayern Kapital put in 10 million euros through two vehicles, the Innovation Fund ERDF II and the ScaleUp Fund Bavaria. That second closing takes the Series A to 50 million euros in total. The first closing was led by Novo Holdings, with Maj Invest and SPRIND, Germany’s Federal Agency for Breakthrough Innovation, alongside it.
Bayern Kapital, a Bavarian public investor with 1.3 billion euros under management, is not new to the company. It first invested in THEVA in 2016, so this is a follow-on into a business it already knew. Monika Steger, its managing director, says the two companies’ technologies combine into an industrial platform “unique in Europe in this form”.
Subra now owns the tape line it wants to build cables on
Subra acquired THEVA in April 2026 as part of the same Series A. THEVA, based in Ismaning near Munich, was founded in 1996 and has around 60 employees. It makes REBCO coated conductor tape under the Pro-Line brand.
The release states that the 50 million euros will develop and scale the two companies into a fully integrated European HTS platform covering the entire value chain, from REBCO coatings to superconducting cable systems. Coating tape and building cable systems become steps inside one company rather than a customer relationship between two.
Anders C. Wulff, Subra’s chief executive, says the backing equips the company to continue developing its superconductor technologies and to “accelerate for large-scale production”. Neither company has published a target tape capacity in kilometres per year, or a date for reaching one.
THEVA’s German projects carry on inside the group
THEVA supplies the tape for SuperLink, the Munich project with NKT and the city utility Stadtwerke München, planned as a 110 kV, 500 MVA cable running up to 15 km. In December 2024 it started HTS4Fusion with the Max Planck Institute for Plasma Physics and the Technical University of Munich, aimed at tape for fusion magnets. Both now sit inside Subra.
THEVA’s tape now comes from inside a cable group
Until April, a European buyer could source REBCO tape from THEVA without buying from a cable maker. THEVA now sits inside a group that has stated its own ambition to supply complete cable systems, so its tape customers and its owner’s cable business occupy the same market. Neither company has said anything about changing what THEVA sells to third parties. Buyers who valued an independent tape source will be reading the next year of announcements closely. THEVA and the SuperLink cable both appear in our project tracker.