The round, led by Solvay Ventures, is joined by existing investors including Finindus and happens in parallel with Tau's commercial breakthrough with automotive customers
TURIN, Italy and BERLIN, Feb. 1, 2023 /PRNewswire/ -- Technology company Tau has concluded a series-B round raising €9 million with Solvay Ventures as a lead investor. Solvay Ventures is joined by existing shareholders including Finindus, a Belgium-based joint venture of ArcelorMittal and the Flemish Region, as well as management and private individuals.
Tau has established itself as an innovative supplier to the automotive industry by setting a new global standard in winding wire for e-mobility. Its wire addresses the industry's demand for the next generation of electric motors with a reduced carbon footprint, using less resources and improving the electric vehicles' efficiency, range and recharge time, notably through superior resistance to partial discharge and accommodating voltages of 800V and higher.
Recently, Tau reached an important commercial milestone when its wire products completed diligent validation processes of several automotive OEM and Tier 1 suppliers in Europe, Asia and North America. The company is currently ramping up capacity, providing early adopters with immediate competitive advantages, and is preparing industrial scale carbon-neutral winding wire production in Italy with the goal to start worldwide deliveries by 2024.
"Through the use of specialty polymers, Tau's innovative technology enables higher performance electric motors, key to the accelerating adoption of electric vehicles", says Peter Vanlaeke, Partner at Solvay Ventures.
"We are delighted to add Solvay Ventures as one of our key investors as we move into this new phase for our business. Strengthening the ties between the different parts of the value chain is critical to help accelerate solutions like Tau's winding wire and the impact it will have on the energy transition", says Francesco Taiariol, CEO and co-founder of Tau.
"Since our initial investment mid 2021 we have seen excellent progress of this leading-edge technology towards full scale industrial manufacturing and market acceptance by world renowned automotive players. We are thrilled to have Solvay Ventures on board - adding more insights - to strengthen our network and to complement the existing core investors", says Hans Maenhout, investment director of Finindus.
Tau is a technology company at the core of energy transition, decarbonization of energy and electrification of transport. Its patented technologies reconcile the necessity of sustainable, resource-minimizing manufacturing with the power, reliability and performance that electrification requires to enable smaller, greener, longer-lasting and more powerful motors, transformers and generators. Tau focuses on carbon-conscious protective coatings for high-performance and standard copper, aluminium and steel wires.
Visit www.tau.group or follow Tau on Twitter and LinkedIn
About Solvay Ventures
Solvay Ventures is the Venture Capital fund of Solvay. Solvay Ventures invests in breakthrough technologies in advanced materials, devices and business model innovation. Operating since 2005, Solvay Ventures is currently investing out of a €80 million global evergreen fund. Solvay Ventures targets early stage investment opportunities (Seed through Series B) with a focus on startups addressing better use of resources, energy transition, increased well-being, and digital age. Beyond capital, Solvay Ventures looks to leverage the resources at Solvay to help accelerate technology and market adoption.
Visit www.solvay.com/en/innovation/solvay-ventures or follow Solvay on LinkedIn
Finindus is a Belgium-based investment company funded by ArcelorMittal and the Flemish Region and is linked to OCAS, a world class metal research centre with campuses in Zelzate and Zwijnaarde (Belgium). Finindus provides early stage and growth financing (both equity and debt) to innovative technology companies active in the field of materials (including material processing), sustainable manufacturing and industry 4.0. Finindus invests across Europe, with Flanders as a home base and sweet spot, and across the globe for investment opportunities in technologies at the centre of our core domains and in line with the strategic interests and areas of expertise of our shareholders.
Visit www.findindus.be or follow Finindus on LinkedIn
Contact: Elizaveta Shlenskaia, firstname.lastname@example.org, +39 (329) 142-4549