Swedish startup’s grid solution tech secures ABB-led funding round

Swedish startup Eneryield, which has developed an AI-based grid maintenance solution to help operators reduce unplanned outages, has successfully closed a seed funding round with investment from ABB and Chalmers Ventures.

Already a Chalmers Ventures portfolio company, Eneryield developed its tech over a decade of research at Chalmers University of Technology and spun out in 2019.

Eneryield says its software solution offers a proactive approach to power grid maintenance, helping power grid operators move from reactive to proactive maintenance.

The software, dubbed Intelliview, uses machine learning prediction technology integrated into existing systems to reduce unplanned outages. According to Eneryield, Intelliview seamlessly integrates into existing power networks without requiring additional hardware like sensors.

Eneryield adds that the technology is designed to analyse and predict overloads and faults, helping grid operators resolve the problem without disrupting the power supply.

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In a release, Dr Ebrahim Balouji, chief executive officer of Eneryield, said: “With support from strategic investors like ABB and Chalmers Ventures, we are ready to take our solution to the market.

“Seeing our research fields combined and come to life as a commercial product is motivating to say the least. Our timing is perfect with the growing demand for green energy and the world’s economic and security situation; the need for local, smart energy grid solutions is growing rapidly, and we are ready to meet that demand.”

Added Sami Raitakoski, grid components global product group manager from ABB’s Electrification Distribution Solution: “The portfolio synergies between ABB and Eneryield will help create one of the most advanced prediction systems for power networks.

“Combining Eneryield’s AI analytics with ABB relays and centralised or virtualised protection and control systems will result in improved accuracy and better maintenance planning for utility and industry customers. The early warning gives the grid operator the time needed to take necessary actions to avoid faults and outages, resulting in better grid reliability and reduced operational costs.”

Financial details on the investment round have not been disclosed.