Heimdall Power secures 260 million Norwegian kroner funding to boost energy efficiency in Stavanger

Establishing a business and achieving a certain scale in Norway presents fantastic opportunities, according to Jørgen Festervoll, the CEO of Heimdall Power. He emphasizes that public funding has been essential to the company’s current position. Based in Tau, near Stavanger, Heimdall Power has developed a tool for energy efficiency: a sphere filled with measuring equipment that can be attached to power cables using a drone.

The sphere helps utilities identify that they can transmit significantly more electricity through their cables, potentially increasing capacity by 30–40 percent.

Heimdall Power employs around 50 staff, primarily in Norway, but also has an office in North Carolina, USA. Since its establishment in 2016, the company has gained over 40 clients across 17 countries including Europe, Asia, and the USA, and sold several hundred units. Recently, the firm secured 260 million Norwegian kroner from three new investors, including the Polish energy company Orlen.

Despite currently running at a loss, Festervoll is optimistic that this latest capital injection will lead to positive cash flow. He claims that while the firm’s contracts in Europe are increasing, the real potential for reaching “unicorn” status—a valuation exceeding one billion dollars—will arise from opportunities in the U.S. market.

Festervoll also noted that U.S. procurement processes tend to be less rigid and encourage dialogue with suppliers, making it easier for companies like Heimdall Power. He expressed hope that Heimdall will remain a Norwegian company in the future, but acknowledged the uncertainties that lie ahead, especially with increasing interest from U.S. investors.