March 28, 2022
Novinium Acquired by Southwire
SJF Ventures portfolio company Novinium, a power cable rejuvenation and reuse solutions provider focused on electric utilities, has been acquired by one of North America’s largest wire and cable producers, Southwire.
Novinium has patented processes to help utilities address a growing infrastructure problem of increasing faults from aging underground power cables. The company’s injection technology extends the useful life of these cables by another 20 to 40 years, reusing them in situ. Cable rejuvenation is faster, safer, and more environmentally friendly than cable replacement. The process saves up to 70% over the cost of cable replacement, allowing utilities to address a significantly larger portion of high-risk cable, providing a much higher impact on improving grid reliability and resiliency.
Since its founding, Novinium’s advanced cable rejuvenation technology has enabled over 150 million feet of power cable for reuse and eliminated 660k metric tons of CO2. Reuse of these existing power cables has saved almost 10,000 tons of aluminum, 24,000 tons of copper, 48,000 tons of plastic, and 50 million gallons of diesel fuel. The positive impacts of the Novinium team’s work will continue to align with Southwire’s commitment to environmental stewardship and sustainability.
SJF Managing Director David Griest led the Novinium investment for SJF and served on its Board of Directors through the acquisition. “Novinium is literally a hidden opportunity of the circular economy, addressing the reuse of underground power cable while generating tremendous environmental impacts,” said David. “Novinium’s founder Glen Bertini deserves tremendous credit for developing this innovative technology, and CEO Sidney Hinton for leading the company to a fantastic outcome for all Novinium stakeholders.”
Read more about the acquisition in the press release.