Woburn, Massachusetts - VEIR, a cutting-edge technology company specializing in the development of High-Temperature Superconductor (HTS)-based transmission lines, announced today the successful closure of its Series A funding round, securing a total of $24.9 million in investments. The funding was led by prominent investors, including Breakthrough Energy, The Engine, Fine Structure Ventures, Congruent Ventures, and Galvanize Climate Solutions.

Founded by visionary entrepreneur Tim Heidel, VEIR is at the forefront of transforming the utility industry through its innovative evaporative cooling architecture. This groundbreaking technology offers an astounding 20 times the cooling power per kilogram of coolant flow compared to conventional methods. By harnessing the potential of High-Temperature Superconductors, VEIR aims to enable reliable, low-loss, and cost-effective transmission of electricity over long distances in narrow rights-of-way, connecting the most affordable renewable power to precisely where and when it is needed.

The successful Series A funding will be a pivotal turning point for VEIR as it accelerates the development and commercialization of its pioneering HTS-based transmission technology. With the backing of these distinguished investors, the company is poised to realize its vision of revolutionizing the energy transmission landscape.

"Securing this substantial funding marks a pivotal milestone for VEIR as we continue to push the boundaries of innovation in the utility sector," said Tim Heidel, Founder and CEO of VEIR. "Our high-temperature superconductor-based transmission lines will usher in a new era of efficient and eco-friendly energy distribution, unlocking the full potential of renewable energy sources while reducing carbon emissions and ensuring a sustainable future for generations to come."