Heimdall Power Raises $25M Series B to Unlock Up to 40% More Transmission Capacity From the Aging Power Grid

July 16, 2024 at 07:00 AM EDT

International Energy Giant Orlen and Nordic Cleantech Fund NRP Zero Lead Series B Round for Technology Company that Has Launched the Largest Ever Grid Optimization Project in the U.S.–With Its “Magic Ball'' Sensors. Investors include Investinor, Eviny, Hafslund, Lyse, Sarsia Seed and the Steinsvik Family Office.

Heimdall Power, the technology company that’s driving power grid optimization for utility companies around the world, today announced the closing of its $25 million Series B funding round. The round was co-led by international energy giant Orlen, Nordic cleantech fund NRP Zero and the Steinsvik Family Office. Additional investments were made by existing investors, Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed.

Heimdall Power has repeatedly demonstrated its ability to access up to 40% additional transmission capacity from existing power lines. The company will leverage the funding to scale the production and installation of its Neuron sensors, also known as “Magic Balls,” as it works with power grid operators to optimize the nation’s aging infrastructure at scale.

Globally, the power grid is buckling under a significant increase in demand for energy. In the United States alone, there are over 500,000 miles of power lines – most of which have a far higher transmission capacity than grid operators have historically been able to realize. To increase capacity, many have launched large-scale and expensive infrastructure projects. Now the U.S. government is stepping in to ensure that utilities are getting more capacity from the existing infrastructure, with the stated ambition of upgrading 100,000 miles of transmission lines over the next five years.

Heimdall Power recently caught the attention of the U.S. government and was invited to the White House after launching the largest grid optimization project in the United States with Minnesota’s Great River Energy. The company has created a blueprint for using its Grid Enhancing Technologies (GETs) to enable U.S. grid operators and utilities to increase the transmission capacity of their power grids without having to launch seven to 12-year infrastructure projects. New and existing investors have taken note of this cost effective and scalable approach, and how it meets the fast-increasing demand for electricity in the U.S. and around the world.

“We have reached many key milestones in Heimdall Power during the last 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’s Neurons (or “Magic Balls”) are sphere-shaped sensors that are installed by autonomous drones on live, high-voltage power lines, in a matter of seconds. They assess line transmission capacity in real-time, empowering utilities to achieve Dynamic Line Ratings (DLR) rather than static or seasonal ratings. By relaying hyper-local data about current weather conditions, line sag and more to its advanced software, grid operators know on a line-by-line level how much electricity that can safely pass through each power line at any given time.

“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.