Woburn, MA-based clean technology company VEIR has achieved a significant milestone in the renewable energy sector.
The company recently announced the successful completion and energization of a 100-foot overhead superconductor power line, showcasing a novel cooling approach that promises to revolutionize global power transmission.
As part of this achievement, VEIR secured an additional $24.9 million in series A-2 funding from prominent investors, including Breakthrough Energy Ventures, The Engine Fund, Congruent Ventures, Fine Structure Ventures, Galvanize Climate Solutions, and VXI Capital.
The pressing global climate crisis calls for a drastic expansion of energy transmission to accommodate more renewable energy sources in the electric grid.
Studies reveal that the United States must double or even triple its transmission capacity to effectively combat climate change and connect a higher share of renewable energy sources.
VEIR’s Technological Breakthrough
VEIR’s cutting-edge technology presents a crucial solution to modernize the electric power grid and align with global clean energy goals. The newly developed superconductors have the potential to transmit 5-10 times more energy than conventional grids, all while using existing rights of way.
This innovation also streamlines the siting and permitting process for developers, enabling a smoother transition to renewable energy sources.
A standout feature of VEIR’s technology lies in its innovative approach to cooling superconducting materials. The company can transmit electricity with negligible losses by employing liquid nitrogen, allowing the power lines to handle much higher electrical currents than traditional lines.
As a result, VEIR’s superconducting lines contribute significantly to the grid’s capacity without the complexities of conventional lines’ siting and permitting requirements.
Impressive Funding Milestones
VEIR’s remarkable achievements have caught the attention of major investors in the energy sector. Previously, the company secured $10 million in series A funding from Breakthrough Energy Ventures, The Engine, and Congruent Ventures in March 2021.
With the latest series A-2 funding of $24.9 million, VEIR has raised $36.7 million in private capital, propelling its technology closer to commercialization.
The current funding boost will allow VEIR to accelerate the development of full product specifications for each subsystem of its innovative solution. Their ultimate goal is to introduce an AC overhead VEIR solution that aligns with all the stringent standards required by the electric utility industry.
Partnerships for Real-world Testing
VEIR’s vision of transforming power transmission has attracted collaboration with National Grid, an electricity, natural gas, and clean energy delivery company with US and UK operations.
The two entities signed a five-year collaboration agreement in October 2022, focusing on testing VEIR’s superconductor transmission solution at a utility-scale. The testing will be conducted at National Grid’s facilities in Millbury, Mass., and the UK, paving the way for real-world applications.
As global concerns over climate change continue to escalate, energy transmission constraints represent a significant barrier to electrification goals.
With the successful completion of their outdoor demonstration and substantial funding injection, VEIR will play a pivotal role in reshaping the future of global energy transmission.
As they work towards commercializing their revolutionary technology, the world eagerly awaits the positive impact of VEIR’s advancements in combating climate change.
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