Heimdall raises $25m for power grid optimisation
Heimdall Power in Norway has raised $25m to take on the upgrade of the US power grid with its power sensors.
The Series B financing for Heimdall was co-led by the international energy company Orlen, Nordic cleantech fund NRP Zero, and the Steinsvik Family Office. Existing shareholders, including Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed, also participated in the round with a combined $8.5m.
“We have reached many key milestones in Heimdall Power during the past year, but this is the biggest yet and the timing is perfect. The U.S. government recently announced a goal to upgrade 100,000 miles of transmission lines in the next few years, and powered by this Series B round, we’ll do our fair share to fulfill that vision,” said Jørgen Festervoll, CEO of the Oslo-based company.
“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,” he said,
The Heimdall sensors and software are used by more than 40 utilities in 17 countries across Europe, Asia, and the U.S. IT recently launched the largest grid optimization project in the United States with Minnesota’s Great River Energy.
- The Heimdall ‘magic ball’ sensor
- Heimdall is also one of 48 companies in Europe’s EIC scale up programme
“Heimdall Power has built itself a unique position as an enabler for the ongoing energy transition with, fast-increasing electricity demand and queues of renewables waiting to get connected. As the owner of one of Poland’s four utilities, we have observed the growing challenges power grids around the world are facing” said Marek Garniewski, President of the Management Board at Orlen VC.
“The ability of Heimdall’s solutions to increase grid capacity by 40% is not just impressive, it’s transformative. Combined with the increasingly strong governmental interest and new mandates coming out of the U.S. and Europe we are happy to be part of this investment opportunity, supporting Heimdall Power in their ongoing international growth journey.”
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
