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About Veir
Industries
Industrial & Manufacturing
Energy
Company Size
51-200
Company Stage
Series B
Total Funding
$109.7M
Headquarters
Woburn, Massachusetts
Founded
2019
Overview
VEIR focuses on enhancing electric transmission through superconducting power lines that utilize evaporative liquid nitrogen for cooling. This technology enables the transmission of 5 to 10 times more power than traditional lines at the same voltage, improving the capacity of existing transmission corridors and reducing the need for new infrastructure. The primary customers are utility companies and energy providers seeking to upgrade their systems to meet increasing electricity demands while promoting decarbonization and grid resilience. VEIR's business model includes the development, installation, and maintenance of these advanced lines, offering a solution that minimizes power loss and aligns with sustainability goals. The company aims to transform the electric transmission landscape by providing high-capacity, low-loss solutions that support the clean energy transition.
Simplify's Take
What believers are saying
- VEIR raised $75M in Series B funding, indicating strong investor confidence.
- Successful outdoor demo shows potential for commercial deployment and further investment.
- Global decarbonization efforts align with VEIR's mission, boosting demand for their solutions.
What critics are saying
- Emerging competition from perovskite solar cells could challenge VEIR's market position.
- Regulatory hurdles may delay VEIR's projects and affect market demand.
- High initial costs may deter utility companies from adopting VEIR's technology.
What makes Veir unique
- VEIR uses high-temperature superconductors for efficient electricity transmission.
- Their evaporative cryogenic cooling is 20 times more effective than mechanical subcooling.
- VEIR's technology allows 5-10 times more power transmission than conventional lines.
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Funding
Total Funding
$109.7M
Above
Industry Average
Funded Over
4 Rounds
Industry standards
Benefits
Health Insurance
Dental Insurance
Vision Insurance
Unlimited Paid Time Off
Paid Holidays
Parental Leave
Stock Options
Mental Health Support
Growth & Insights and Company News
6 month growth
↓ -8%1 year growth
↓ -5%2 year growth
↓ -1%VEIR, a leader in superconducting power delivery, today announced the successful closing of an oversubscribed $75 million Series B led by Munich Re Ve
Perovskite solar cells have been tantalizing photovoltaic innovators since the early years of the 21st century. The perovskite promise of more power for less cost will help kick fossil fuels out of the picture, but getting the finicky material to behave has been a next-level challenge. Nevertheless, solutions are beginning to emerge, and one of them involves a centuries-old tried and true material — glass.The Promise Of Perovskite Solar CellsFor those of you new to the topic, perovskite (CaTiO3) is a naturally occurring calcium titanium oxide mineral, first identified in the 19th century. It lay about for the 20th century until researchers learned how to reproduce its structure in the lab, yielding synthetic perovksite solar cells at a relatively low cost (more CleanTechnica coverage is here).When disposed in a solution, perovskite solar materials lend themselves to low cost manufacturing processes. They can be painted, printed, sprayed or squirted as a thin film on different surfaces, including flexible ones.“In addition to being relatively inexpensive, the lab-grown factor can help to skirt silicon supply chain issues,” we noted earlier this year. “Perovskite solar cells lend themselves to low cost, fast throughput, high volume manufacturing processes
Cleantech startup Veir has raised a $24.9 million Series A2 from investors including Breakthrough Energy Ventures and Congruent Ventures.
VEIR Energizes First-of-its-Kind Outdoor Demo of New Transmission Technology to Modernize Electric Power Grid, Increase Access to Renewable Energy. VEIR also raises $24.9 million in series A-2 funding. WOBURN, Mass., July 27, 2023-- VEIR, a clean technology company, today announced it has completed and energized a 100-foot overhead superconductor power line with a novel cooling approach that will help meet the global need for new power transmission. This technical milestone coincides with the company securing an additional $24.9 million in series A-2 funding from investors including Breakthrough Energy Ventures, The Engine Fund, Congruent Ventures, Fine Structure Ventures, Galvanize Climate Solutions, and VXI Capital.A significant expansion of energy transmission is critical to addressing the urgent and worsening global climate crisis. In fact, major studies indicate that the United States must double or triple the transmission capacity needed to connect more renewable energy to the electric grid and combat climate change.VEIR's technology provides a solution to help modernize the electric power grid, a critical need in meeting global clean energy goals. As new transmission lines become necessary, VEIR's new superconductors will increase transmission of 5-10x more energy than the current grid, using existing rights of way and easing siting and permitting reviews for developers."As we work to rapidly accelerate transmission capacity and curb global greenhouse gas emissions, this outdoor demonstration validates our technology's ability to deliver more energy in a more efficient manner," said Tim Heidel, CEO of VEIR
VEIR also raises $24.9 million in series A-2 funding
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About Veir
Industries
Industrial & Manufacturing
Energy
Company Size
51-200
Company Stage
Series B
Total Funding
$109.7M
Headquarters
Woburn, Massachusetts
Founded
2019
There are no jobs for Veir right now.
Find jobs on Simplify and start your career today