Saga Pure Announces Increases its Ownership in Heimdall Power

Source: www.gulfoilandgas.com 9/21/2021, Location: Europe

Saga Pure ASA has entered into an agreement to further invest NOK 9.6 million in Heimdall Power AS (Heimdall Power). Heimdall Power provides digital solutions for power grid monitoring and efficient operations. Saga Pure will hold 18.3 percent of the company following the transaction (undiluted basis).

“We are very happy about the progress Heimdall Power has made over the course of 2021, and have decided to further increase our ownership, as we see great opportunities for the company moving forward,” says Bjørn Simonsen, CEO of Saga Pure.

Saga Pure has entered into an agreement to invest NOK 9.6 million in Heimdall Power. Saga Pure is an active investor in Heimdall Power through its position on the Board of Directors.

Heimdall Power makes the power grid smarter by installing neurons, intelligent sensors on high-voltage power lines, providing insight for improved grid-operations and -utilization and reducing the need for investments. The key highlights for the company include:

- The Heimdall Neuron is an advanced, low-cost monitoring device that leverages various sensor technologies and a patented system design
- The company sells access to data and insights through a subscription-based model
- The product has been in the market since 2020 and the company is currently positioning for a substantial near-term scale up
- Currently, the Heimdall team consists of 35 FTEs with high expertise within sensor technology, wireless communication and infrastructure


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