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- Tau closes a series B financing round of 9 million euros to increase the production of electric vehicles
- The round, led by Solvay Ventures, is joined by existing investors, including Finindus, and takes place in parallel to Tau's commercial advance with clients in the automotive sector
TURIN, Italy and BERLIN, February 1, 2023 /PRNewswire/ -- Technology company Tau has closed a series B round raising €9 million with Solvay Ventures as lead investor. Solvay Ventures joins existing shareholders, including Finindus, a Belgium-based joint venture of ArcelorMittal and the Flemish Region, as well as managers and individuals.
Tau has established itself as an innovative supplier to the automotive industry by setting a new world standard in cable winding for electric mobility. Its wires respond to the industry's demand for next-generation electric motors with a reduced carbon footprint, which use fewer resources and improve the efficiency, range and recharging time of electric vehicles, in particular thanks to superior resistance. to partial discharges and the ability to withstand voltages of 800 V and higher.
Tau recently reached a significant commercial milestone when its wire products completed diligent validation processes from various automotive OEMs and Tier 1 suppliers in Europe, Asia and North America. The company is currently ramping up capacity, giving early adopters immediate competitive advantages, and preparing industrial-scale production of carbon-neutral winding wire in Italy, with the goal of starting deliveries worldwide. world in 2024.
"By using special polymers, Tau's innovative technology enables higher performance electric motors, key to accelerating EV adoption," explained Peter Vanlaeke, partner at Solvay Ventures.
"We are delighted to add Solvay Ventures as one of our lead investors as we move into this new phase of our business. Strengthening the ties between the different parts of the value chain is critical to help accelerate solutions like winding wire of Tau and the impact it will have on the energy transition," said Francesco Taiariol, CEO and co-founder of Tau.
"Since our initial investment in mid-2021, we have seen excellent progress of this cutting-edge technology towards large-scale industrial manufacturing and market acceptance by world-renowned automotive companies. We are delighted to have Solvay Ventures join us. board - adding more ideas - to strengthen our network and complement existing core investors," said Hans Maenhout, Investment Director at Finindus.
About Tau
Tau is a technology company at the center of the energy transition, the decarbonization of energy and the electrification of transport. Its patented technologies reconcile the need for sustainable manufacturing that minimizes resources with the power, reliability and performance required by electrification to enable smaller, greener, more durable and more powerful motors, transformers and generators. Tau focuses on carbon friendly protective coatings for standard and high performance copper, aluminum and steel wires.
Visit www.tau.group or follow Tau on Twitter and LinkedIn
About Solvay Ventures
Solvay Ventures is Solvay's venture capital fund. Solvay Ventures invests in cutting-edge technologies in advanced materials, devices, and business model innovation. In operation since 2005, Solvay Ventures currently invests from a global evergreen fund of €80 million. Solvay Ventures focuses on early-stage investment opportunities (seed to Series B) with a particular focus on start-ups addressing better use of resources, energy transition, increased well-being, and the digital age. Beyond capital, Solvay Ventures seeks to leverage Solvay's resources to help accelerate technology and market adoption.
Visit www.solvay.com/en/innovation/solvay-ventures or follow Solvay on LinkedIn
About Finindus
Finindus is a Belgium-based investment company funded by ArcelorMittal and the Flemish Region and linked to OCAS, a world-class metal research center 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 materials processing), sustainable manufacturing and industry 4.0. Finindus invests across Europe, with Flanders as its base and sweet spot, and worldwide for investment opportunities in technologies at the core of our core domains and in line with our shareholders' strategic interests and areas of expertise.
Visit www.findindus.be or follow Finindus on LinkedIn
Contact: Elizaveta Shlenskaia, press@tau.group, 39 (329) 142-4549
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