VEIR Raises $10M Series A and Debuts New Approach to Electricity Transmission to Transform the Grid
Summary
HTS has long held the promise of using smaller transmission lines and better utilization of existing rights-of-way, but has been hampered by higher costs, distance limitations and overall system complexity. VEIR’s novel approach to HTS—which was unveiled today—solves those problems by simplifying the system design that connects green energy sources to the transmission grid to address the ever-growing demand for electricity and overcoming constraints currently holding back renewables penetration. The new capital will allow VEIR to scale its team and begin to develop and test the critical subsystems required to deploy its product to the transmission grid. VEIR will also use the funding to establish a physical development site in Massachusetts to demonstrate its core technical innovation of evaporative cryogenic cooling, which is crucial in enabling the cost-effective deployment of HTS transmission lines. “With VEIR, we can finally unlock low-cost, high-reliability HTS transmission with their innovative, evaporative cooling technology.” “We are very excited to support VEIR’s unique approach to solving the biggest challenges in transmission infrastructure that will improve overall grid resilience, reduce long term energy costs, and increase the amount of renewable energy resources on the grid,” said Joshua Posamentier, Managing Partner and Co-Founder Congruent Ventures.