Heimdall Power, a technology company focused on optimising power grids for utility companies globally, announced the closing of its $25 million Series B funding round.
This significant investment will enable Heimdall to scale its operations and unlock up to 40% more transmission capacity from existing power lines, a critical need as energy demands surge worldwide.
Just a day back, we also reported about how a solar tech provider Naked Energy secured £17M, to debut manufacturing in Texas. It’s an interesting read too.
Who led the funding round
The funding round was co-led by international energy giant Orlen, Nordic cleantech fund NRP Zero, and the Steinsvik Family Office. Existing investors, including Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed, also participated.
Heimdall will leverage the funds to ramp up production and installation of its “Magic Ball” sensors, formally known as Neuron sensors. These innovative devices provide real-time data on power line capacity, empowering utilities to move beyond static ratings and achieve Dynamic Line Ratings (DLR).
Addressing ageing infrastructure challenges
Power grids around the world are struggling to keep pace with the ever-increasing demand for electricity. In the United States alone, over 500,000 miles of power lines exist, most with far greater potential capacity than currently utilised. Traditionally, expanding capacity required expensive and time-consuming infrastructure projects. Heimdall’s technology offers a compelling alternative.
Heimdall’s success has garnered attention from the U.S. government. The company was invited to the White House after launching the nation’s largest grid optimization project with Minnesota’s Great River Energy. This project serves as a blueprint for utilities to leverage Heimdall’s Grid Enhancing Technologies (GETs) and increase transmission capacity without resorting to lengthy infrastructure upgrades.
“This Series B round arrives at a perfect moment,” said Jørgen Festervoll, CEO of Heimdall Power. “The U.S. government aims to upgrade 100,000 miles of transmission lines in the coming years, and Heimdall Power is positioned to contribute significantly to that vision.”
Festervoll emphasised that the funding will fuel international growth, attract top talent, and advance technological development, solidifying Heimdall’s leadership in grid-enhancing technologies.
Heimdall’s Neuron sensors, nicknamed “Magic Balls,” are sphere-shaped sensors deployed by drones onto live power lines. These sensors collect real-time data on weather conditions, line sag, and other factors, feeding into Heimdall’s advanced software. This allows grid operators to determine the safe maximum capacity for each power line at any given time.
Investors expressed confidence in Heimdall’s technology and its potential to address a critical global challenge. “Heimdall Power’s solutions are transformative,” said Marek Garniewski, President of the Management Board at Orlen VC. “Their ability to increase grid capacity by 40% aligns perfectly with the growing demand for renewable energy integration.”
Patrick Sandahl, Investment Director at Investinor, echoed this sentiment, highlighting Heimdall’s role in reshaping the energy sector and its pivotal role in modernising global power grids.
What we think about the startup
Founded in 2016, Heimdall Power is headquartered in Oslo, Norway, with a US office in Charlotte, North Carolina. The company’s technology is already trusted by over 40 utilities in 17 countries, with a proven track record of increasing grid capacity by up to 40% for clients like Swissgrid, Austrian Power Grid, TenneT, and Great River Energy. Heimdall offers a combination of smart software solutions and industrial devices, all designed to facilitate a swift, secure, and affordable global energy transition.
With this significant funding round, Heimdall Power is poised to make a substantial impact on the future of the power grid. By unlocking hidden capacity in existing infrastructure, Heimdall’s technology offers a cost-effective and scalable solution to meet the growing demand for clean and reliable energy.
