The Engine and Congruent Ventures have both participated in a series A round for the developer of high-voltage superconducting transmission lines.
Veir, a US-based developer of high-temperature superconductors for the electrical grid, raised $10m in series A financing yesterday from investors including The Engine, the incubator and venture fund backed by Massachusetts Institute of Technology (MIT) and Harvard University.
Breakthrough Energy Ventures (BEV) led the round, which also included University of California-backed Congruent Ventures.
Veir is working on reliable, cost-effective high-voltage superconducting transmission lines to connect renewable energy sources to the grid. The company is led by chief executive Adam Wallen and chief technology officer Tim Heidel, who both previously worked for BEV.
Wallen said: “Achieving decarbonisation goals require increasing penetrations of renewables that are located far from major population centres along traditional transmission corridors. This, along with supporting the megatrend of electrification, will require a doubling or tripling of US transmission capacity by 2050.
“Veir’s technology enables increasing the amount of power transmitted in a given right-of-way by a factor…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
