Veir, a Boston, MA-based company developing a new approach to using High Temperature Superconductors (HTS) for electricity transmission, raised $10m in Series A financing.
The round, which brought total funding to date to more than $12m, was led by Breakthrough Energy Ventures (BEV), with participation from existing investor Congruent Ventures and new investor The Engine.
The company intends to use the new capital to scale its team, hiring technical talent in the cryogenic and energy industries, as well as operational and sales staff to support commercial development, begin to develop and test the critical subsystems required to deploy its product to the transmission grid and establish a physical development site in Massachusetts.
Led by CEO Adam Wallen, Veir provides an evaporative cryogenic cooling technology platform that enables the increase of the amount of power transmitted at lower voltages in smaller right-of-ways connecting lowest cost renewable resources to where they’re needed, when they’re needed.
FinSMEs
04/03/2021