Power grid optimization specialist Heimdall Power has raised $25 million in a Series B funding round which it will use to scale up production of its “Magic Ball” sensors.
The company claims its technology can help grid operators access up to 40 percent of additional transmission capacity in existing power lines.
It has raised the funds in a round co-led by international energy giant Orlen, Nordic cleantech fund NRP Zero and the Steinsvik Family Office. Existing investors Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed also participated.
Power lines commonly have a higher transmission capacity than can be accessed by network operators, and Heimdall believes its system can help make the grid more efficient by bringing some of this capacity into use.
The Norway-based company’s Neuron sensors - also known as Magic Balls - are sphere-shaped devices that are installed by autonomous drones on live, high-voltage power lines. They can apparently assess line transmission capacity in real-time, empowering utilities to achieve dynamic line ratings - assessing its capacity in real-time - rather than using static or seasonal ratings.
By relaying hyper-local data about current weather conditions, line sag and more to its software, grid operators know on a line-by-line level how much electricity can safely pass through each power line at any given time, the company claims.
“We have reached many key milestones in Heimdall Power during the last year, but this is the biggest yet and the timing is perfect,” said Jørgen Festervoll, CEO of Heimdall Power. “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 fulfill that vision.”
He said the funding will give the company “fuel to grow internationally,” and let it hire more staff, as well as make “further investments in our tech development.”
Demand for power, fueled by the rapid build-out of large AI data centers, is rising around the world. It was revealed earlier this month that commercial energy use in the US is up one percent in the last four years, due mainly to increased load on the grid in ten states where data center developments are concentrated.
Heimdall is already active in the US, where it has undertaken a grid optimization project with Minnesota’s Great River Energy. The company said it has created a blueprint for using its technology to enable US grid operators and utilities to increase the transmission capacity of their power grids without having to launch seven to 12-year infrastructure projects.
“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 percent is not just impressive, it's transformative. Combined with the increasingly strong governmental interest and new mandates coming out of the US and Europe we are happy to be part of this investment opportunity, supporting Heimdall Power in their ongoing international growth journey.”
