Heimdall Power receives $25 million in second round of financing

Heimdall Powera Houston, Texas and Oslo, Norway-based technology company that advances power grid optimization for utilities around the world, has raised $25 million in its second round of funding.

The round was led by Orlen, Nordic cleantech fund NRP Zero and Steinsvik Family Office, with additional investments from existing investors Investinor, Eviny, Hafslund, Lyse and Sarsia Seed.

The company intends to use the funds to expand its business and 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 in Europe, Asia and the US, where it has 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 affordable energy transition around the world.

Heimdall Power’s Neurons (or “Magic Balls”) are spherical sensors that are deployed by autonomous drones on live high-voltage power lines in seconds. They assess the transmission capacity of the lines in real time, allowing utilities to achieve dynamic line ratings (DLR) instead of static or seasonal ratings. By feeding hyperlocal data about current weather conditions, line sag, and more to the advanced software, grid operators know at the line level how much power can safely flow through each power line at any given time.

Jørgen Festervoll commented on the news as follows: “This funding gives us the strength 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,” concludes Festervoll.“

FinSMEs

16.07.2024