Digitization is very important for the world’s energy grid. Many operators are about to make a once-in-a-generation capital investment and must see if they get it right the first time or get left behind in the race for energy resilience and stability.
This evolution is being driven by the emergence of more powerful IoT devices that extract all sorts of data about the health of power cables and gas pipelines. Live pressure feedback, methane leak detection, intelligent video feeds and more help prevent vandalism.
Originating from the Danish ecosystem, OKTO Grid aims to address the resilience of transformers, which are critical nodes in power transmission networks.
The startup has announced a €3 million seed round led by Swedish-Swiss industrial automation giant ABB. Other investors include early-stage investor Rockstart, sustainability impact fund EMD Fonden and Elewit, corporate VC for Redeia (aka Red Eléctrica Group).
OKTO Grid’s digitization software for energy grids allows operators to upload information from assets without taking them offline, saving downtime.
The product is supposed to work “independently” regardless of transformer brand and subtype and take “less than 10 minutes” to install.
Golam Sadeghnia, CEO of OKTO Grid, said:
“Today’s competitive landscape consists primarily of large companies that manufacture transformers and generators and have equipment for collecting specific types of data.
“But they are limited to their products to some extent. Smaller companies offer solutions that are limited to specific transformer types and use technology that requires downtime and significant costs. .”
Global energy experts believe that the rise of electric vehicles and the electrification of heavy infrastructure, from oil and gas fields to railroads, food processing and paper pulping, will see electricity use continue to grow by the end of the decade. We expect it to continue to surge to all-time highs.
Early in its growth journey, OKTO Grid has recovered to gain market share in Denmark, Belgium, Italy, Slovenia and Spain, with further growth planned in Europe following a €3 million seed funding. I’m here.
Rockstart Managing Partner Max ter Horst added:
“OKTO GRID has developed a patented state-of-the-art sensor that remotely monitors the status of transformers.It is easy and safe to deploy.
“We are very pleased to participate in this round. This round will not only provide OKTO GRID with sufficient capital to expand its business, but also provide an investor base with excellent market access. ”
