Brunn am Gebirge, Austria-based Greenwood Power, a leading innovator for non-conventional transformers, announced on Thursday that it has secured €5.1M in growth funding.
Doris Agneter and Jürgen Milde-Ennöckl of tecnet equity say, “Greenwood Power’s products provide a key component in turning existing power grids into high-performance Smart Grids.”
“We are excited to see how our investment is creating new value, attractive jobs, and specialised expertise in Lower Austria,” they add.
Current and voltage sensors for the smart grid
Founded in 2017 by Norbert Juschicz and Willibald Bacher, Greenwood Power specialises in non-conventional instrument transformers designed for use in the medium voltage electrical grid.
Its products are suitable for applications like gas-insulated switchgear, air-insulated switchgear, and outdoor installations, with a focus on resilience in harsh environmental conditions.
Greenwood Power currently employs 161 people and claims to be witnessing global growth in demand for its in-house manufactured power and voltage sensors. These sensors are specifically designed for gas and air-insulated local grid substations.
The surge in demand is primarily attributed to the growing integration of renewable energy sources like solar and wind into the power grid.
The company says its patented products, which incorporate innovations in electrical engineering principles, play a crucial role in mitigating the destabilisation of power grids caused by fluctuations in production and demand.
In the current year, the company has an export share of 99 per cent and is generating €10M in revenue – the company is reaching profitability.
Greenwood Power says it will use the funds to hire more employees, potentially establishing a production facility in the United States, and increase its global market share from its current level to 10 per cent, quintupling its market presence.
The Middle East stands as the company’s primary sales region, contributing around 70 per cent of its revenue. These strategic moves reflect the company’s commitment to expanding its global footprint and meeting the rising demand for its advanced electrical engineering solutions.
Juschicz says, “We are witnessing the emergence of a massive global market across all continents, as on average, one power and voltage sensor-equipped substation is required per 100 households to modernise them for future load and supply profiles.”
“Our highly precise sensors are specifically designed for retrofitting local grid substations and stand out from the competition due to our cost-effective 3D printing manufacturing process,” adds Juschicz.
Local grid substations are essential for transforming voltage and controlling electricity distribution. They are becoming critical in preventing blackouts as they integrate advanced technologies and handle renewable energy sources.
“We are currently researching a system where our sensors send power and voltage data to a central data processing system. Deviations from normal operation will be automatically detected and reported to the grid operator,” adds Juschicz.
Founded in 2014, eQventure is an Austrian VC firm with hubs in Austria, Germany, the UK, Israel, the USA, and China. It supports high-tech startups in Austria with growth capital, a global network, and operational guidance.
Herbert Gartner and Franz Salomon of eQventure say, “Austrian companies can achieve global leadership in new, rapidly growing markets within a few years. Key success factors include a strong entrepreneurial team, a rapidly growing market, unique selling propositions based on patented technologies, combined with venture capital and entrepreneurial courage.”
tecnet equity focuses on early-stage investments with a fund volume of approximately €50M. The firm offers capital and support to young technology companies and innovative businesses, leveraging its international network and experience to guide portfolio companies to success.
As a stalwart in the Austrian startup ecosystem, tecnet plays a pivotal role in nurturing innovation and entrepreneurship.