Automation company ABB is investing in and collaborating with Danish start-up OKTO GRID to advance technology that will digitalise and extend the useful life of ageing electrical assets and meet growing demand for reliable and stable power.
OKTO GRID has developed a pilot solution that digitalises electrical infrastructure to enable real-time, remote condition and performance monitoring to prolong working life by an extra 40 years.
Optimising safety and efficiency of older equipment will enhance reliable and stable power supplies and reduce the equipment’s total carbon emissions.
As part of the collaboration, ABB will provide their electrification, digitalisation and industry knowledge to enhance the development of OKTO GRID’s solution and accelerate technology and commercial readiness.
“The world is becoming increasingly electrified which requires an upgrade of our existing electricity infrastructure. OKTO GRID is on a mission to digitalise transformers to handle new energy sources and rising energy consumption,” stated Golam Sadeghnia, CEO of OKTO GRID. “Our solution, which works independently of transformer type, make, and age of the transformer, is mounted without downtime or any tooling required.”
“I am confident that ABB’s investment in OKTO GRID, when combined with our technology and in-depth industry insights, will help industry leapfrog the much-needed upgrade to aging electrical grids to meet the demands for higher power performance, reliability and availability,” added Stuart Thompson, electrification service division president, ABB.
“This partnership with OKTO GRID exemplifies our approach to collaborating with innovative start-ups who have the shared goal of developing technology that drives smart, safe and sustainable outcomes for our customers.”
The minority investment – its amount yet unannounced – was managed through ABB’s venture capital unit, ABB Technology Ventures (ATV). It follows a successful seeding round by the startup in December 2022 of €3 million ($3.3 million) from investors Elewit, Rockstart and EMD Fonden