Heimdall Power, a global frontrunner in power grid optimisation, has secured $25m in Series B funding. This round was co-led by Orlen, an international energy firm; NRP Zero, a Nordic cleantech fund; and the Steinsvik Family Office. Existing investors, such as Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed, contributed a combined $8.5m.
Heimdall Power CEO Jørgen Festervoll said: “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 US 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 fulfil that vision.
“This funding gives us fuel to grow internationally, as we continue to build our organisation 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.”
Established in 2016, Heimdall Power provides software and sensors for monitoring overhead power lines. Their technology allows electric utilities to enhance transmission capacity in high-voltage power grids by an average of 40%, while also improving operational safety and efficiency. Heimdall Power’s solutions enable utilities to optimise existing power grid assets, thereby reducing or postponing the need for costly infrastructure upgrades, and better preparing them to meet the increasing electricity demand driven by the ongoing energy transition.
Heimdall Power’s sphere-shaped sensor units, known as Neurons, collect live data that enables the company’s advanced software to evaluate the actual transmission line capacity in real time. This allows utilities to leverage the increased capacity provided by Dynamic Line Ratings (DLR), moving beyond traditional static or seasonal line ratings that restrict grid operators from dynamically utilising power grids.
The Neuron’s innovative design and exceptional capability to extract more capacity from existing infrastructure have led to its recognition as a ‘Magic Ball’ by prominent global media outlets, including the Wall Street Journal, Forbes, and Yahoo. These sensor units can be installed within seconds on live power lines using a patented autonomous drone system, offering unmatched scalability and efficiency while ensuring worker safety. Combined with its digital counterpart, the AI-powered Virtual Neuron, Heimdall Power is the first to provide precise monitoring of overhead lines on a system-wide scale.
Heimdall Power is trusted by over 40 utilities across 17 countries in Europe, Asia, and the US. The company recently garnered attention from the US government after initiating the largest grid optimisation project in the US with Minnesota’s Great River Energy. This achievement led to an invitation to the White House in Washington D.C. for a summit on Grid Modernisation.
