Fort Capital Partners is pleased to announce that MetOx Technologies, Inc. (“MetOx” or the “Company“) has completed a Series A funding round for gross proceeds of US$23 million (the “Financing“). Proceeds from the Financing will allow MetOx to construct an advanced production facility with the capacity to produce approximately 1,200 kilometres per year of high temperature superconducting (HTS) wire, doubling 2020’s global supply of magnet wire.
“HTS wire will provide critical support for global energy transition, to include enabling expansion of the grid and the development of compact fusion. It will also support the development of powerful new medical devices and a myriad of other applications.” as Jim Jewitt, MetOx’s CEO, highlights.
“Growing mainstream use of superconductors is creating shortages of HTS wire today. We believe MetOx’s advanced production system will demonstrate the solution for building a cost-effective and scalable supply of HTS over the long term,” notes John Kermath, MetOx’s President and Chief Financial Officer.
MetOx has developed enhanced fabrication processes and patented methods to manufacture 2nd generation HTS wire that addresses limitations of traditional copper wire. Its highly scalable process has the ability to produce HTS wire at a significant cost advantage, utilizing production line equipment in widespread use in other applications. MetOx’s HTS wire is designed to meet today’s complex energy generation needs, enabling a wide range of applications in current and future global markets. These applications include high capacity magnets used in fusion devices, clean power generation, high capacity and urban transmission, medical diagnostics and treatment, transportation, military systems, high-energy physics, and space applications.
Fort Capital acted as financial advisor to MetOx.