The Engine and Congruent Ventures have both participated in a series A round for the developer of high-voltage superconducting transmission lines.

Veir, a US-based developer of high-temperature superconductors for the electrical grid, raised $10m in series A financing yesterday from investors including The Engine, the incubator and venture fund backed by Massachusetts Institute of Technology (MIT) and Harvard University.

Breakthrough Energy Ventures (BEV) led the round, which also included University of California-backed Congruent Ventures.

Veir is working on reliable, cost-effective high-voltage superconducting transmission lines to connect renewable energy sources to the grid. The company is led by chief executive Adam Wallen and chief technology officer Tim Heidel, who both previously worked for BEV.

Wallen said: “Achieving decarbonisation goals require increasing penetrations of renewables that are located far from major population centres along traditional transmission corridors. This, along with supporting the megatrend of electrification, will require a doubling or tripling of US transmission capacity by 2050.

“Veir’s technology enables increasing the amount of power transmitted in a given right-of-way by a factor of five. This will enable the transmission of more power at lower voltages in smaller right-of-ways, reducing the uncertainty, time, and cost of siting and permitting new transmission corridors.”

The company will use the money to build a physical development site in order to demonstrate its evaporative cryogenic cooling technology. It will also hire additional staff with expertise in the cryogenic and energy industries, as well as personnel for its operational and sales activities.

Katie Rae, managing partner and chief executive of The Engine, said: “Electricity transmission is a critical facet of any plan to decarbonize the electric sector, and Veir’s approach will enable a significant increase in transmission capacity through existing infrastructure, not only reducing the cost of transmission but also removing key barriers to transmission development.

“The science behind Veir’s approach and its leadership team will be instrumental to enabling an energy future where more parts of the economy are electrified.”

The company said it had now received more than $12m in overall funding. It identified Congruent Ventures as an existing shareholder

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.