GridRaven raises €4m for AI power line optimisation
GridRaven in Tallinn, Estonia,has raised €4 million in funding to expand into the US with its AI-based power line optimisation technology.
The company optimises high voltage transmission lines by leveraging machine learning-based weather models, allowing grids to carry more power during favourable conditions and providing up to 30% more capacity for grid operators today without the need for any new hardware. This is vital as more power lines are needed but can take years to install. This is a particular issue in the US.
The Dynamic Line Rating technology requires the position of every tree, hill and building near power lines. This is where satellite data is crucial, and the company is part of the incubator run by the European Space Agency (ESA).
The funding comes from European venture capital firms, including 42CAP in Germany and Icebreaker.vc in Finland. CEO Georg Rute is relocating to Austin, Texas, to spearhead the US operations in one of the world’s most dynamic energy markets.
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”The US and especially Texas are seeing significant load growth from electrification and data centres. More grid capacity is needed on day-ahead energy markets to power this growth. Our software solution boosts grid capacity with zero additional hardware, helping utilities service this load growth. We’re setting up in Austin, Texas, to be close to our customers,” said Rute.
Tests with Estonian energy provider Elering detailed the advantages of the system. Using a 110 kV line, forecasts were validated against eight measurement points up to 48 hours ahead in a forested area where current wind forecasts had previously failed to provide reliable results. This showed an average forecast accuracy 60% better than existing forecasts that enabled the 30% increase in capacity.
“We are very impressed with Gridraven’s team and technology. Their core innovation of applying AI and machine learning to increase the resolution of weather forecasts is the missing link for unlocking more capacity from the existing grids,” said Alex Meyer at 42CAP.
As part of the ESA Business Incubator, the company is also working with satellite operators to provide exactly the right data for the power line optimisation.
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