Irish renewables company SuperNode nets €16m fund from stakeholders

14 Apr 2023

Eddie O'Connor. Image: SuperNode

SuperNode is co-owned by its founder Dr Eddie O’Connor and Norwegian company Aker Horizons. Their latest cash injection follows a previous €14m funding boost last year.

Dublin-based renewables tech company SuperNode has secured €16m in funding from its shareholders, Aker Horizons and Dr Eddie O’Connor.

SuperNode designs superconducting transmission systems to integrate renewable energy and connect electricity markets. The funding will enable the company to invest further in developing its superconducting transmission tech.

Commenting on the new funding injection from its two stakeholders, SuperNode CEO John Fitzgerald said, “We express our appreciation for the endorsement and backing of esteemed investors like Aker Horizons and our visionary founder, Dr Eddie O’Connor.”

“With this funding, we will advance the development of our technology at our specialised European Cryogenic Centre for Superconductors.”

He added that the company is confident in its capacity to deliver superconducting cable systems that can improve the energy and transmission sectors, as well as facilitate the acceleration of electrification powered by renewables.

O’Connor and Aker Horizons’ €16m commitment comes just a year after they injected €14m into the company.

Both O’Connor and Aker Horizons have established themselves in the renewables space, with O’Connor best known for his role as former chair of Dublin-headquartered global renewables business Mainstream Renewable Power, while Aker Horizons is a Norwegian company that develops green industry tech.

O’Connor founded SuperNode in 2018. In 2021, he made an agreement with Aker Horizons for the company to acquire a three-quarters stake in Mainstream Renewable Power.

As part of the deal, Aker Horizons got a 50pc stake in SuperNode.

Last year SuperNode commissioned a study by researchers from University College Dublin that found that an integrated pan-European energy grid could reduce energy costs by as much as 32pc.

At the time the study was released, SuperNode market and policy analyst Marcos Byrne said that Ireland and Europe’s grid challenges will “only worsen” as more renewables are added unless a new mindset in grid development is taken.

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Blathnaid O’Dea was a Careers reporter at Silicon Republic until 2024.