Veir Raises USD24.9M In Series A-2 Funding

Veir, a Woburn, MA-based clean technology company, raised $24.9m in series A-2 funding.

Backers included Breakthrough Energy Ventures, The Engine Fund, Congruent Ventures, Fine Structure Ventures, Galvanize Climate Solutions, and VXI Capital.

The company intends to use the funds to develop full product specifications for each of the subsystems of the solution.

Led by Tim Heidel, CEO, Veir provides a technology solution working to develop the next generation of efficient, reliable electric transmission of renewable energy via new superconductors that aim to increase transmission of energy than the current grid, using existing rights of way and easing siting and permitting reviews for developers.

Veir’s outdoor demonstration uses its proprietary technology to cool the superconducting line with liquid nitrogen, transmitting electricity with negligible losses that enable the lines to operate at levels of electrical current that are much higher than conventional lines.