Technology company SuperNode said its shareholders, AKER Horizons and Volnay, have injected €8m of additional funding into the company.
SuperNode said the new funding will be used for the further development of innovative superconducting transmission technology.
SuperNode, which was founded in 2018 by the late Eddie O'Connor, is supported by IDA Ireland and has an Irish workforce of over 60.
The company develops revolutionary superconducting transmission technology for the renewable energy transition.
Its superconducting cables can transfer renewable electricity with reduced losses, costs and footprint compared to conventional cable technology.
It uses liquid nitrogen to cool its cables to cryogenic temperatures and into a state of superconductivity, enabling efficient and high-density power transfer - up to five times more power than conventional cables at much lower voltage levels.
SuperNode CEO, John Fitzgerald, said the company was thankful for the continued backing from its major investors, AKER Horizons and Volnay.
"This funding will enable us to further develop our key initiatives - technology development at our Dublin and Blyth facilities, prototype testing and demonstration projects, and bringing this game-changing technology to market, supporting decarbonisation and energy independence," the CEO added.
SuperNode has recently expanded its operations with a new Cable Technology Centre in Blyth in Northumberland.
Its polymer superconducting cable technology will undergo high current testing at National Grid's Innovation centre in Deeside next year.
