ABB supports Danish startup to improve ageing power grids
Copenhagen, Denmark: ABB is investing in Danish start-up Okto Grid to enhance development of technology that will digitalize and prolong the useful life of outdated electrical assets.
Okto Grid has designed a prototype that digitalizes electrical infrastructure to enable real-time, remote condition and performance monitoring to extend their working life by another 40 years. Safety and efficiency optimization of older equipment will not only increase reliable and stable power supplies, but also lower the equipment’s total carbon emissions.
The technology works for any transformer, regardless of it’s type, make and age. It’s important to say that it is mounted without downtime or any tooling required. ABB agreed to provide their electrification, digitalization and industry knowledge to accelerate development and roll out of the technology.
The company has developed an IoT device that captures four different data types non-invasively from electricity-generating or distributing assets, with a primary focus on transformers. In the second stage of development the data is analyzed using Okto’s proprietary algorithms for detecting anomalies and certain events related to the assets’ operation.
The combination of a physical device, data capture, and analysis methods has encouraged several patent applications for the method and technology. As a result, customers in five European countries are using the system in a demonstration phase.
Golam Sadeghnia, CEO of Okto Grid said that his goal is to digitalize transformers so they would be able to handle new energy sources and rising energy consumption, as the world is becoming increasingly electrified. He added that the competitors are mostly larger companies that have equipment to collect certain types of dana, but they are limited to their own products, while smaller companies offer solutions applicable only to certain transformer types and use technologies requiring downtime and significant cost.
In December the company raised $3m from Elewit (Redeia’s corporate VC), Rockstart and EMD Fonden which brings the total investment to $4m before the support from ABB.
Stuart Thompson, president of ABB’s Electrification Service Division pointed out that the partnership with Okto grid demonstrates their approach to collaboration with innovative start-ups who share the desire to develop technology that deliver smart, safe and sustainable outcomes for our customers.