ORLEN VC invests to enhance reliability of power supply to consumers
The ORLEN VC Fund has invested in Norway’s Heimdall Power, a global leader in providing solutions for optimised power grid operations. By directly monitoring the operating parameters of power lines, the company enables the assessment of the current line load and the detection of events such as failure, icing, fire, or high vibration levels. Data from sensors are also used to model the state of the network or plan the development of transmission infrastructure. Based on the technology developed by ORLEN VC’s new partner, the power grid capacity can be boosted by up to 40%, enhancing the security of power supply to consumers.
“Flexible and efficient management of power transmission grids is a key challenge in the ongoing energy transition. As we unavoidably move towards distributed generation sources, a robust grid infrastructure will be ever more crucial. Managing over 200 thousand kilometres of power networks, we are committed to seeking out cutting-edge technology solutions to achieve lasting competitive advantages. The investment in Heimdall Power, a global leader in power grid innovations, presents a significant opportunity to increase use of our power transmission system,” says Ireneusz Fąfara, CEO and President of the Management Board of ORLEN S.A.
Founded in 2016, Heimdall Power has established a strong presence in Europe over the past several years and initiated expansion into the US market in 2023. The company delivers software and sensors for monitoring overhead power transmission lines. Its technology enables grid operators to increase the capacity and improve operational safety of existing medium and high-voltage grid infrastructure. As a result, companies using Heimdall Power solutions can effectively meet rising electricity demand, while reducing the need for or delaying costly infrastructure upgrades. The unique combination of innovative solutions has positioned Heimdall Power as a competitive force, putting it on track to become a leading provider of power line monitoring systems globally.
“Heimdall Power has established a unique position in the energy sector as a transition enabler amid rapidly growing demand and transmission challenges. The ability of Heimdall Power technology to improve the flexibility of high-voltage networks can also significantly support our Group's operations. Furthermore, with increasing interest and new orders coming from Europe and the US, Heimdall Power is solidifying its status as a key player in the market. We are delighted to be part of the company’s story, supporting it on the way towards new projects and deployments,” says Marek Garniewski, CEO of ORLEN VC.
The market has seen growing interest in advanced solutions for monitoring high-voltage overhead power lines, with an increasing number of new tenders being announced.More and more clients are transitioning from system testing to commercial deployment. In September 2023, the company signed a pioneering agreement with Elvia, Norway’s largest operator, to implement a comprehensive grid monitoring system. Currently, Heimdall Power has several ongoing projects for further system deployments in Europe and the US, where it opened a new office in 2023. The company’s client base includes more than 40 distribution companies across Europe, the US and Asia.
Heimdall Power is the eleventh investment of ORLEN VC, which, in just two years, has risen to prominence as one of Central Europe’s largest and most active venture capital funds.Its portfolio also includes two foreign venture capital funds.In line with its objectives, ORLEN VC plans to make about five investments a year, focusing on the most promising companies that offer innovative technologies ready for commercialisation and aligning with the goals of the ORLEN2030 strategy.
