– VEIR, a company developing a new approach to using High Temperature Superconductors (HTS) for electricity transmission, today announced $10 million in Series A financing and debuted a new architecture for high-voltage superconducting transmission lines to transform the grid.
– The company’s Series A investment was led by Breakthrough Energy Ventures (BEV), with participation from existing investor Congruent Ventures and new investor The Engine.
– The financing brings the company’s total funding to date to more than $12 million.
– With the expected growth of electric vehicles and the rest of the economy shifting to electric power from fossil fuels, we will need extremely large amounts of new renewable energy and a correlating amount of transmission.
Unicorn Nest news
– Veir Raises $10M in Series A Funding.
– The round was led by Breakthrough Energy Ventures (BEV), with participation from existing investor Congruent Ventures and new investor The Engine.
– The company intends to use the new capital to scale its team, hiring technical talent in the cryogenic and energy industries, as well as operational and sales staff to support commercial development, begin to develop and test the critical subsystems required to deploy its product to the transmission grid and establish a physical development site in Massachusetts.
Unicorn Nest news
– WiTricity announced an additional $18m to its previously announced October fund raise of $34m.
– The extension included investments from Tony Fadell’s Future Shape and other private investors. Fadell also joins WiTricity’s newly formed Board of Advisors.
– Stage 1 Ventures led the first tranche of $34m with participation from Air Waves Wireless Electricity and a strategic investment by Mitsubishi Corporation through its U.S. subsidiary, Mitsubishi Corporation (Americas).
– As global automakers race to support both consumer and government-generated demand for zero-emissions vehicles, they are also developing wireless charging capabilities that will improve the owner experience.