VEIR, a clean technology firm backed by BEV (Breakthrough Energy Ventures), has successfully completed the development of a groundbreaking 100-foot superconductor power line. This achievement marks a significant step forward in enhancing the transmission capacity over long distances and modernizing the energy grid.
Alongside this technological breakthrough, VEIR has secured an additional $24.9 million in series A-2 funding from various investors, including Breakthrough Energy Ventures, The Engine Fund, Congruent Ventures, Fine Structure Ventures, Galvanize Climate Solutions, and VXI Capital.
Addressing the escalating climate crisis necessitates a substantial expansion of energy transmission capabilities. Studies emphasize that the United States must double or even triple its transmission capacity to effectively integrate more renewable energy into the grid and combat climate change.
VEIR’s technology offers a solution to modernize the electric power grid, a critical aspect of achieving global clean energy objectives. By utilizing the new superconductor technology, transmission can be increased by 5-10 times compared to the current grid. This advancement leverages existing rights of way, simplifying the development process and permitting reviews for new transmission lines.
Tim Heidel, CEO of VEIR, states, “This outdoor demonstration validates our technology’s ability to deliver more energy in a more efficient manner as we work to rapidly accelerate transmission capacity and curb global greenhouse gas emissions.” The recent funding will facilitate the further advancement of VEIR’s technology, which is pivotal in meeting the world’s energy demands.
VEIR’s latest demonstration builds upon its indoor showcase from the previous year, during which it achieved a groundbreaking feat by transmitting 4,000 Amperes of electrical current through an overhead superconducting power line.
One of the unique features of VEIR’s approach is its innovative cooling technique for superconducting materials using liquid nitrogen. This approach enables the transmission of electricity with minimal losses and allows the technology to be deployed overhead for the first time, making it commercially viable for various applications.
VEIR’s achievements and its series A-2 funding enable the company to accelerate the development of its product specifications. The ultimate goal is to create an AC overhead VEIR solution that aligns with the standards set by the electric utility industry.
Michael Kearney, Partner at The Engine Fund, highlights the significance of VEIR’s technology in overcoming transmission constraints and reducing costs for consumers. This innovation paves the way for the expansion of capacity within existing rights of way, modernizing the electric grid.
VEIR’s collaboration with National Grid, a major player in the energy sector, further underscores the potential of its superconductor transmission solution. The partnership aims to advance VEIR’s technology on a utility-scale, with testing to be conducted at National Grid’s facilities in the US and the UK.
