Participated · Series B · Jan 2025

VEIR designs superconducting power-delivery products that provide up to 10× the power of traditional cables at the same voltage, enabling a smaller electrical footprint for AI-focused data centers and higher-capacity transmission corridors. Its solutions aim to improve data-center efficiency, reduce server latency, simplify campus electrical designs, and enable existing transmission lines to carry significantly more power within the same corridor. VEIR targets customers across data centers, utilities, and renewable energy developers to accelerate grid resilience and global decarbonization. The company positions superconductors as a way to relieve interconnection bottlenecks and integrate new generation onto the grid. VEIR is based in Woburn, Mass., and is pursuing commercialization of its product portfolio. The company recently closed a major financing to support those commercialization efforts. Veir develops next-generation superconducting electric transmission technology designed to carry much higher electrical currents with negligible losses by cooling lines with liquid nitrogen. The company’s proprietary system aims to increase transmission capacity relative to the current grid while using existing rights of way, which can ease siting and permitting for developers. Veir operates an outdoor demonstration of its technology and is focused on delivering full product specifications for each subsystem. Led by CEO Tim Heidel, the company plans to use new funding to advance product development across its subsystems. No revenue or user metrics were disclosed in the article. Veir is a Boston, MA–based company led by CEO Adam Wallen that develops an evaporative cryogenic cooling technology platform for high-temperature superconductor electricity transmission. Its platform is designed to increase the amount of power transmitted at lower voltages in smaller right-of-ways, connecting low-cost renewable resources to demand centers. The company raised a $10M Series A, bringing total funding to date to more than $12M. The round was led by Breakthrough Energy Ventures, with participation from existing investor Congruent Ventures and new investor The Engine. Veir intends to use the capital to scale its team—hiring technical talent in cryogenics and the energy industry as well as operational and sales staff—and to begin developing and testing critical subsystems required for grid deployment. The company also plans to establish a physical development site in Massachusetts to support commercial development and testing.

Participated · Equity · Dec 2024

Fervo Energy develops next-generation geothermal power using innovations in horizontal drilling, fiber-optic sensing and advanced reservoir engineering to make geothermal scalable and competitive. Its flagship Cape Station project in Beaver County, Utah is slated to deliver first power to the grid in 2026, reach about 100 MW of operating capacity by early 2027 and has plans to scale to 500 MW. Cape Station is fully contracted through power purchase agreements with Southern California Edison, Shell Energy and community choice aggregators. The company secured long-term non-recourse project financing for the first phase of Cape Station to fund remaining construction costs and meet counterparty credit support requirements. Fervo positions its technology and commercial contracts as enabling Enhanced Geothermal Systems to be treated as a bankable, utility-scale infrastructure asset.

Participated · Equity · Jul 2024

Alcemy offers an AI-powered software platform that provides quality predictions across clinker production and at ready-mix concrete plants, delivering real-time insights along the entire value chain. Its algorithms enable producers to reduce clinker content step by step, with reported emissions reductions of up to 65 percent, while improving quality and lowering production costs. The company has demonstrated its solution in commercial settings, including a partnership with Spenner to produce a low-clinker, low-carbon cement mixture. Alcemy has also secured TITAN America as a customer and will deploy its quality-control software at a Titan cement plant in Florida. Founded in 2018 and based in Berlin, the startup plans to use new funding to continue research and development and to enter multiple new markets in 2024, including the United States. alcemy builds machine-learning and control-technology software that provides precise quality predictions for cement and concrete mixtures and their ingredients before shipping. The product enables manufacturers to counterbalance limestone and cement fluctuations, incorporate recycled ingredients safely, and produce higher-quality material at lower cost. The company says its solution can save up to 50% CO2 during production and that the startup and customers reduced 80,000 tonnes of CO2 in 2021. Founded in 2018 by Leopold Spenner and Dr. Robert Meyer, alcemy targets decarbonisation and regulatory compliance challenges in the cement and concrete industry. The startup will use the Series A proceeds to accelerate growth of its software development team and to build a sales team. alcemy positions its offering as a way to scale more sustainable cement and concrete production in a historically high-emission sector.

Led · Series A · Apr 2024

Quilt develops sleek, connected heat pumps that can receive over-the-air software and firmware updates, allowing in-field performance improvements such as a recent 20% efficiency boost. Drawing on a team with deep Nest experience, the company takes a design- and software-first approach to challenge incumbent HVAC manufacturers. As of its Series B, Quilt has installed nearly 1,000 units across 16 U.S. states and five Canadian provinces, demonstrating early adoption of its product. The latest funding will be used to expand manufacturing capacity, sales operations, and geographic reach. Co-founder and CEO Paul Lambert leads the company. With the new capital, Quilt has raised at least $53 million to date, including a $33 million Series A announced in April 2024 and the recent $20 million Series B.

Participated · Series C · Feb 2024

Watershed provides an enterprise climate platform that combines climate data and climate action to help large companies measure, report, and reduce their carbon emissions. In 2023 the company acquired CEDA, a multi-region emissions database, launched Watershed Disclosures to streamline global sustainability reporting, and expanded the Watershed Marketplace to enable companies to fund clean power and sustainable aviation fuel. The company employs nearly 300 people and has offices in San Francisco, New York, and London. Customers span every region and industry and include General Mills, Suncorp, Medline, BBVA, Paramount, Spotify, Klarna, four of the top six US banks, and six of the top 10 private equity firms. Watershed has partnered with KPMG, Accenture, ERM, and PCAF. The company raised $100M in a Series C at a $1.8B valuation and intends to use the proceeds to expand operations and its business reach.