Heimdall Power raises $25 million in Series B to accelerate power grid optimization worldwide

OSLO, Norway–(BUSINESS WIRE)–Heimdall Power, the global leader in power grid optimization, today announced a capital increase of USD 25 million in a Series B financing round. The round was co-led by 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 total of USD 8.5 million.

Founded in 2016, Heimdall Power supplies software and sensors to monitor overhead power lines. The technology enables utilities to increase the transmission capacity of their high-voltage networks by an average of 40% while improving the safety and efficiency of their operations. Heimdall Power’s solutions enable utilities to optimize existing power grid assets, reduce or delay the need for expensive infrastructure improvements, while being better prepared for the growing electricity demand created by the ongoing energy transition.

The spherical sensor units, which Heimdall calls Power Neurons, collect live data that allows the company’s advanced software to determine actual transmission line capacity in real time. This allows utilities to take advantage of the increased capacity available through Dynamic Line Ratings (DLR) and move away from traditional static or seasonal line ratings that prevent grid operators from using power grids dynamically.

The Neuron’s unique design and remarkable ability to squeeze more capacity out of existing infrastructure has earned it recognition as the “Magic Ball” by leading global media outlets such as the Wall Street Journal, Forbes and Yahoo. The sensor units can be installed on live power lines in seconds using a patented autonomous drone system, offering unmatched scalability and efficiency while ensuring worker safety. Combined with their digital sibling, the AI-driven Virtual Neuron, Heimdall Power is the first to offer precise monitoring of overhead power lines across the entire system.

“We have achieved many important milestones at Heimdall Power over 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 over the next few years and with this Series B funding round we will do our part to make that vision a reality,” said Jørgen Festervoll, CEO of Heimdall Power. “This funding gives us the drive to grow internationally as we continue to build our organization with the best people and industry experts in the world. It will also enable us to make further investments in our technology development and take scalability to the next level as we strengthen our position as the clear global leader in grid-enhancing technologies,” concluded Festervoll.

More than 40 utilities in 17 countries in Europe, Asia and the United States rely on Heimdall Power. The company recently caught the attention of the US government after it launched the largest grid optimization project in the United States together with Great River Energy of Minnesota and was subsequently invited to a summit on grid modernization at the White House in Washington, DC.

“Heimdall Power has built a unique position as an enabler of the ongoing energy transition, with rapidly increasing electricity demand and queues of renewables waiting to be connected. As the owner of one of Poland’s four utilities, we have observed the growing challenges facing power grids around the world,” said Marek Garniewski, Chairman of the Board of Orlen VC. “The ability of Heimdall’s solutions to increase grid capacity by 40% is not just impressive, it is transformative. Combined with increasingly strong government interest and new mandates from the US and Europe, we are excited to be part of this investment opportunity and support Heimdall Power on its continued international growth trajectory.”

Patrick Sandahl, Investment Director at Investinor, shares the excitement for the company’s future, adding: “As an investor and board member, I have witnessed Heimdall Power’s remarkable development first-hand. Their technology has already begun to transform the entire energy sector. This financing round is a testament to the team’s vision and execution and solidifies Heimdall Power’s central role in modernizing power grids around the world.”

About Heimdall Power

Heimdall Power is a technology company specializing in power grid optimization, making the world’s power grids smarter, more efficient and more sustainable. Heimdall Power’s technology is used by over 40 utilities in 17 countries in Europe, Asia and the US, where the company has successfully increased power grid capacity by up to 40% on average for companies such as Swissgrid, Austrian Power Grid, TenneT and Great River Energy. The company designs and develops intelligent software solutions and industrial devices to support its mission to enable a fast, safe and cost-effective energy transition around the world. Heimdall Power was founded in 2016 and has its European headquarters in Oslo, Norway and its US headquarters in Charlotte, North Carolina.

About the ORLEN Group

The ORLEN Group is an integrated energy company listed in the prestigious global Fortune Global 500. It was the first company in the region to declare its intention to achieve complete emission neutrality by 2050. Thanks to recent acquisitions and mergers, it became one of the 150 largest companies in the world. The company operates in 10 domestic 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 in the implementation of strategic projects, of which about 40% will be allocated to green investments, including offshore and onshore wind energy, photovoltaics, biogas and biomethane, biofuels, electromobility, green hydrogen and synthetic fuels.

About NRP Zero

NRP Zero is an Oslo-based fund manager of industrial cleantech companies, investing in late-stage venture capital companies that accelerate the energy transition and optimize resource efficiency, with positive impact beyond the Nordics. Through active engagement with the companies’ management teams and stakeholders, we seek to increase long-term returns while achieving positive and sustainable environmental outcomes. The investment team consists of five professionals with extensive experience in active ownership at the intersection of industry, energy and finance.

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