Novinium Inc., a Seattle-based provider of cable life extension technology for the utility market, has raised $6 million in Series C funding led by Nomura's New Energy & Clean Technology Ventures. Evolution Capital Advisors served as financial advisor to Novinium.
Novinium, Inc., the global leader in cable life extension technology for the utility market, today announced the successful completion of $6 million in new financing. The Series C funding round was led by Nomura's New Energy & Clean Technology Ventures and included financing from existing shareholders.
Novinium has seen triple-digit growth in the past year and has built a solid record in outperforming comparable cable life extension technologies. The latest round of funding will enable Novinium to maintain its rapid pace of growth and continue to offer innovative technology to improve grid reliability for leading utility companies.
Glen Bertini, Novinium CEO, said, “We were very pleased with the interest we received for venture backing. We are delighted to be working in partnership with Nomura to fast track our growth and build our global presence. Nomura's strong international connections and detailed knowledge in our market domain will serve us well going forward.”
Whitney Rockley, a Principal with Nomura's New Energy & Clean Technology Ventures will join the Novinium Board of Directors. Ms. Rockley brings solid experience in the sector, having worked for one of
Ms. Rockley said, “Novinium's cable rejuvenation technology is revolutionizing the way top tier power and telecommunications companies are addressing their ageing and deteriorating cables. Its latest technology repairs and rejuvenates the cable to extend its useful life by up to 40 years, and on top of that, it is faster and a fraction of the cost of cable replacement, allowing a utility to rejuvenate significantly more cable each year.”
Kirk Van Alstyne, Managing Partner of Evolution Capital Advisors provided investment banking to complete the transaction. Mr. Van Alstyne commented,
“The Novinium-Nomura transaction, from start to finish, was one of the quickest and most efficient I've experienced, which is a real testament to the team on both sides. The Novinium management and technology team is highly regarded by the industry on technical and business matters and it was easy for the venture community to feel the excitement about Novinium's growth potential.”
Novinium provides cable rejuvenation services and products to electric utilities and other circuit owners in the United States and around the world. Since its founding in 2003 in the Seattle area, Novinium has raised about $10 million of investment capital. Its primary products are novel fluids, methods, and tools to inject stranded underground cable. The injection process rejuvenates and extends the reliable life of the cable up to 40 years. These products address a primary utility industry infrastructure problem at a fraction of the cost of existing methods. (www.novinium.com)