Heimdall Power, a Houston, TX- and Oslo, Norway-based technology company that’s driving power grid optimization for utility companies around the world, raised $25M in Series B funding.
The round was led by Orlen, Nordic cleantech fund NRP Zero and the Steinsvik Family Office. Additional investments were made by existing investors, Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Jørgen Festervoll, Heimdall Power specializes in power grid optimization. Its technology is used by over 40 utilities in 17 countries, across Europe, Asia and in the United States, where it has increased power grid capacity for companies like Swissgrid, Austrian Power Grid, TenneT and Great River Energy by as much as 40% on average. It designs and develops smart software solutions and industrial devices in support of its mission to enable a swift, secure and affordable energy transition around the world.
Heimdall Power’s Neurons (or “Magic Balls”) are sphere-shaped sensors that are installed by autonomous drones on live, high-voltage power lines, in a matter of seconds. They assess line transmission capacity in real-time, empowering utilities to achieve Dynamic Line Ratings (DLR) rather than static or seasonal ratings. By relaying hyper-local data about current weather conditions, line sag and more to its advanced software, grid operators know on a line-by-line level how much electricity that can safely pass through each power line at any given time.
Commenting on the news, Jørgen Festervoll said: “This funding gives us fuel to grow internationally, as we continue to build our organization with the best people and industry experts in the world. It will also allow us to make further investments in our tech-development, taking scalability to the next level as we strengthen our position as the clear world-leader within Grid-Enhancing Technologies,” Festervoll concluded.“
FinSMEs
16/07/2024