Greenwood Power manufactures power and voltage sensors for gas and air-installed local substations. Its patented products help reduce any destabilisation of the grids caused by production and demand fluctuations.
To fund the expansion of its team and finance a potential production facility in the US, the Austrian-based company has raised a €5.1 million growth capital funding round. It is expecting to quintuple its global market share to ten percent and reach profitability soon, claiming an export share of 99 percent and revenues of €10 million.
"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,” says Greenwood Power CEO Norbert Juschicz. "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."
"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,' says Herbert Gartner and Franz Salomon of eQventure.
Lead image: (from left to right): Jürgen Milde-Ennöckl, Franz Salomon, Herbert Gartner, Willibald Bacher, Doris Agneter, and Norbert Juschicz. Credit: Michael Beck.