SuperNode, Eddie O’Connor’s company specializing in power transmission technology, has secured an extra €16 million in funding from its Norwegian co-owner and the entrepreneur himself.
O’Connor, who established SuperNode, previously sold a controlling interest in his Mainstream Renewable Power group to Aker Horizons from Norway in 2021, resulting in a €1 billion valuation for Mainstream and a €550 million valuation for O’Connor’s 55% share.
In 2018, SuperNode was established by its founder in partnership with Mainstream, and he owns 50% of the enterprise. Aker, having purchased Mainstream, now owns the remaining 50% of the company.
SuperNode’s specialty is the design of superconducting transmission systems for linking renewable energy and electricity markets. The company claims that its superconducting technology is less material-intensive, more efficient, and cheaper than other viable alternatives.
The companies CEO, John Fitzgerald, says, “This funding will enable us to progress the development of our technology at our dedicated European Cryogenic Centre for Superconductors.”
“We are optimistic about our ability to provide innovative and game-changing superconducting cable systems that have the potential to transform the energy and transmission sectors, and enable the rapid expansion of renewable-powered electrification, which is required to decarbonise the global economy,” he remarked.
Eddie O’Connor, who previously served as Bord na Mona’s CEO and founded Airtricity in 1997, has stated that SuperNode is the “crucial component” for achieving total decarbonisation of Europe. He has also stated that he expects the firm to be able to finalize some projects around 2025.
According to the company’s website, a European supergrid would enable the unrestricted transmission of electricity across “large land areas.”
“This would address the inconsistency issue of renewable energy by providing access to a significantly wider range of demand centers while also ending the inefficient curtailment of energy,” it explains.
SuperNode recently stated that a connected cross-border European energy system could cut costs by up to 39% compared to the conventional approach.