Saga Pure ASA: To invest NOK 75 million in Heimdall Power
OSLO, Norway, March 23, 2021 /PRNewswire/ -- Saga Pure ASA (Saga, OSE: SAGA) has entered into an agreement to invest NOK 75 million in Heimdall Power AS (Heimdall Power), to help accelerate the company's growth strategy. Heimdall Power provides digital solutions for efficient power grid monitoring and operations. Saga Pure will hold 16,5 percent of the company following the transaction, and will be appointed to the Board of Directors.
"Heimdall Power is an extremely exciting technology company with proprietary smart grid solutions that help grid companies digitalize their power grids and improve operations. The electric grid is the worlds' largest man-made machine, spanning the entire globe. It's also an essential infrastructure to enable a sustainable, green energy transition. However, the grid needs to become smarter and more digital like everything else. It needs an upgrade to prepare for a new energy future. Heimdall has a proven technology which combines state-of-the-art sensors with artificial intelligence to ensure optimized grid performance. We look forward to supporting the company in the upcoming growth and expansion phase," says Bjørn Simonsen, CEO of Saga Pure.
Saga Pure has entered into agreement to invest NOK 75 million in Heimdall Power. Saga Pure will also hold a position on the Board of Directors.
Heimdall Power makes the power grid smarter by installing neurons; intelligent sensors on high-voltage lines, and providing insight for improved operations, better utilisation and reduced 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 25 FTEs with high expertise within sensor technology, wireless communication and infrastructure
"The investment from Saga Pure and their participation in the Board of Directors, as well as the continued support form existing shareholders, will enable us to realize the high ambitions of our company. The market potential is global, and the Green Shift is dependent on an optimized, digitized and robust grid," says Brage W. Johansen, Chief Executive Officer of Heimdall Power.
Heimdall Power will use capital from the private placement to implement the Heimdall Power growth strategy towards 2025 as the company expects significant growth and expansion.
The completion of the transaction is subject to all necessary corporate resolutions being validly made by Heimdall Power, including approval of an extraordinary general meeting to be held on or about end of March 2021.
For further information, please contact:
Bjørn Simonsen, CEO, Saga Pure, +47 971 79 821
Espen Lundaas, CFO, Saga Pure, +47 924 31 417
Brage W. Johansen, CEO, Heimdall Power, +47 91 18 11 29
About Saga Pure ASA | www.saga-pure.com
Saga Pure is an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2-reductions.
About Heimdall Power AS | www.heimdallpower.com
Heimdall Power digitizes the grid by installing power neurons on high-voltage lines and providing insight for improved operations.
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SOURCE Saga Pure ASA
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