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
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.
“Through the use of specialty polymers, Tau’s innovative technology enables higher performance electric motors, key to the accelerating adoption of electric vehicles”, said Peter Vanlaeke, Partner at Solvay Ventures.
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.
“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”, said Francesco Taiariol, CEO and co-founder of Tau.
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.
“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”, said Hans Maenhout, investment director of Finindus.