HEIMDALL-POWER
16.7.2024 13:01:32 CEST | Business Wire | Press release
Heimdall Power, the global leader in power grid optimization, today announced a $25 million USD capital raise in a Series B financing. The round 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, participated in the round with a combined $8.5 million USD.
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New and existing investors united in Heimdall Power’s Oslo HQ to celebrate the successful funding round. Photo: Jola McDonald
Founded in 2016, Heimdall Power delivers software and sensors for the monitoring of overhead power lines. The technology enables electric utilities to increase transmission capacity in their high-voltage power grids by 40% on average, while simultaneously improving the safety and efficiency of their operations. Heimdall Power’s solutions allow utilities to optimize existing power grid assets, reducing or delaying the need for expensive infrastructure upgrades, while making utilities better prepared to meet the growing electricity demand fueled by the ongoing energy transition.
The sphere-shaped sensor-units, called Neurons by Heimdall Power, gather live data that allows the company’s advanced software to assess the actual transmission line capacity in real-time. This way, utilities can harness the increased capacity made available by Dynamic Line Ratings (DLR), moving on from the traditional static or seasonal line ratings that limit grid operators from utilizing power grids in a dynamic fashion.
The Neuron’s unique design and remarkable ability to squeeze more capacity out of the existing infrastructure has earned it recognition as a “Magic Ball” by top global media outlets like the Wall Street Journal, Forbes, and Yahoo. The sensor units can be installed in a matter of seconds on live power lines through a patented autonomous drone system, providing unrivaled scalability and efficiency while ensuring safety of workers. By combining them with their digital sibling, the AI-powered Virtual Neuron, Heimdall Power is the first to offer precise monitoring of overhead lines at system-wide scale.
“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 Heimdall Power. “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.
Heimdall Power is trusted by more than 40 utilities in 17 countries across Europe, Asia, and the U.S. The company recently caught the attention of the U.S. government after launching the largest grid optimization project in the United States with Minnesota’s Great River Energy, and was subsequently invited to the White House in Washington D.C. for a summit on Grid Modernization.
“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.”
Sharing in the excitement about the company’s future, Patrick Sandahl, Investment Director at Investinor, added: "As both an investor and board member, I've witnessed Heimdall Power's remarkable journey firsthand. Their technology has already started to reshape the entire energy sector. This funding round is a testament to the team's vision and execution, cementing Heimdall Power’s pivotal role in modernizing power grids globally."
About Heimdall Power
Heimdall Power is a technology company that specializes in power grid optimization, making the world's grids smarter, more capable and more sustainable. Heimdall Power’s technology is trusted by over 40 utilities in 17 countries, across Europe, Asia and in the United States, where it has successfully increased power grid capacity for companies like Swissgrid, Austrian Power Grid, TenneT and Great River Energy by as much as 40% on average. The company 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 was founded in 2016 with European headquarters in Oslo, Norway and US headquarters located in Charlotte, North Carolina.
About ORLEN Group
The ORLEN Group is an integrated multi-utility energy company listed in the prestigious global Fortune Global 500. It was the first company in the region to declare achieving total emission neutrality in 2050. Thanks to the recent acquisitions and mergers, it became one of the 150 largest companies in the world. The company operates on 10 home markets: Poland, Czech Republic, Germany, Lithuania, Slovakia, Hungary, Austria, Canada, Norway and Pakistan. By the end of this decade, ORLEN will invest over PLN 320 billion to implement strategic projects, of which approximately 40% will be allocated to green investments, including wind energy at sea and on land, photovoltaics, biogas and biomethane, biofuels, electromobility, green hydrogen and synthetic fuels.
About NRP Zero
NRP Zero is an Oslo-based industrial cleantech fund manager investing in late-stage venture companies accelerating the energy transition and optimizing resource efficiency with a positive impact beyond the Nordics. Through active engagement with companies’ management teams and stakeholders, we seek to amplify long-term returns while delivering positive and sustainable environmental outcomes. The investment team comprises of five professionals with longstanding experience in active ownership at the cross-section of industry, energy and finance.
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