Houston-based power grid technology company raises $25M Series B

The Houston, US-headquartered, Norway-based power grid technology provider has raised $25 million in Series B funding.

The venture capital arm of Polish energy giant Orlen, Norwegian cleantech fund NRP Zero and Norway-based Steinsvik Family Office co-led Heimdal Energy's funding round. Existing investors including Investinor, Ebony, Hafslund, Lise and Salcia Seed contributed $8.5 million of the $25 million funding round.

“This funding will fuel our international growth as we continue to build our organization, bringing together the world's best talent and industry experts,” Heimdal CEO Jurgen Festerwohl said in a news release.

Founded in 2016, Heimdal supplies software and sensors for monitoring overhead power lines, and the company says its technology can unlock up to 40 percent additional transmission capacity from existing lines.

After operating in the European market for several years, Heimdal entered the US market in 2023 with the opening of its Houston office.

Heimdal Power has uniquely positioned itself to be a driver of the ongoing energy transition, with surging demand for electricity and a queue of renewable energy sources waiting to be connected, said Marek Garniewski, president of Orens VC Fund.

Heimdal said it will use the new funding to expand production and installation of its “Magic Ball” spherical sensors, which in the United States help power grid operators maximize the capacity of aging electricity infrastructure.

In the United States alone, there are more than 500,000 miles of transmission lines, most of which have a much higher transmission capacity than grid operators have ever been able to achieve. To increase capacity, Heimdal said, many companies are launching large, expensive infrastructure projects.

Now the U.S. government is stepping in to help utilities grab more capacity from their existing infrastructure, aiming to upgrade 100,000 miles of transmission lines over the next five years.

Heimdal's technology enables grid operators and utilities to add transmission capacity without long, expensive infrastructure projects, and earlier this year the company launched the largest U.S. power grid optimization project in a collaboration with Minnesota-based Great River Energy.

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