Heimdall Secures $25m for Power Grid Optimization

Heimdall Power, a leading energy technology company based in Norway, has successfully raised $25 million in Series B financing to spearhead the upgrade of the power grid infrastructure in the United States. The funding round was co-led by prominent investors including the international energy company Orlen, Nordic cleantech fund NRP Zero, and the Steinsvik Family Office. Notably, existing shareholders such as Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed also participated in the round, contributing a combined $8.5 million.

Expressing his enthusiasm for the significant milestone, Jørgen Festervoll, the CEO of Heimdall Power, highlighted the company's alignment with the recent U.S. government initiative to upgrade 100,000 miles of transmission lines in the coming years. Festervoll stated, "We have reached many key milestones in Heimdall Power during the past year, but this is the biggest yet and the timing is perfect. Powered by this Series B round, we’ll do our fair share to fulfill that vision."

The infusion of capital will enable Heimdall Power to expand its global presence and enhance its team with top industry experts. Moreover, the funding will facilitate further investments in technology development, propelling scalability to new heights. Currently, Heimdall's cutting-edge sensors and software are utilized by over 40 utilities in 17 countries spanning Europe, Asia, and the U.S. The company recently embarked on its most extensive grid optimization project in the United States in collaboration with Minnesota’s Great River Energy.

Marek Garniewski, President of the Management Board at Orlen VC, emphasized Heimdall Power's pivotal role in facilitating the ongoing energy transition amidst surging electricity demand and the integration of renewable energy sources. As an observer of the challenges faced by power grids globally, Garniewski lauded Heimdall's solutions for their ability to boost grid capacity by an impressive 40%, heralding a transformative impact. With the increasing governmental focus on grid modernization in the U.S. and Europe, Orlen VC is proud to support Heimdall Power in its international growth trajectory.

Heimdall Power's innovative approach and strategic partnerships position the company as a key player in advancing grid resilience and efficiency on a global scale. By leveraging advanced technology and industry expertise, Heimdall is poised to drive substantial improvements in power grid infrastructure, paving the way for a more sustainable and reliable energy future. To learn more about Heimdall Power and its groundbreaking initiatives, visit www.heimdallpower.com.