Applied Superconductor, a UK-based developer of devices for utility and industrial networks employing high temperature superconductor materials, has raised £3.6m ($6m) from a consortium including OCAS Ventures, which manages the €100m ($145m) seed and early stage Finindus fund backed by steel maker ArcelorMittal and the Flemish Region in Europe.

Venture capital firm Octopus Ventures and UK-listed intellectual property company IP Group also invested in Applied’s round. The investment came a week after Applied Superconductor signed a £4m contract with UK-listed industrial group Rolls Royce and the Energy Technologies Institute, a public-private partnership between six industrial companies and the UK Government, to reduce downtime from electrical power cuts.

Applied said it had previously raised £650,000 from venture capital firms NorthStar Equity Investors and NEL Fund Managers.

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