– Establishing oneself and reaching a certain size, that’s the wonderful conditions for Norway. That’s what the boss of Heimdall Power, Jørgen Festervoll, says – when he meets news at the head office in Oslo. He says public funds have been absolutely essential for the company to be where it is today. At Tau outside Stavanger, the technology company is creating a tool for energy efficiency: a sphere full of measuring equipment, which they attach to power cables with a drone. Photo: EVEN BJØRINGSØY JOHNSEN Kula found out that the network company can send much more current through the cable, and increase the capacity by up to 30-40 per cent. news got to see the Heimdall ball being attached to power cables in Vestby in April: With precision, a probe is placed on the high-voltage line using a drone. Photo: Even Bjøringsøy Johnsen/news Drone photo: Christian Nygaard-Monsen/news Due to the USA, Heimdall Power has around 50 employees – most in Norway, but they also have an office in North Carolina in the USA. Facts about Heimdall Power Established in 2016 Now has over 40 customers in 17 different countries, in Europe, Asia and the USA Has sold several hundred balls so far In July the company raised 260 million Norwegian kroner – and with it brought in three new investors: the Polish the energy company Orlen, the Nordic cleantech fund NRP Zero and the Norwegian Steinsvik family. Among other large owners are investor Øystein Stray Spetalen’s company Saga Pure, government agency Investinor, municipal Eviny, Hafslund, Lyse and Sarsia Seed. For now, the company is in the red, but Heimdall Power CEO Festervoll hopes the latest capital injection will lead to a positive cash flow for the company. It is unknown what the company will be valued at, and Festervoll will not disclose it. In recent years, the size of the contracts has multiplied. Festervoll is certain that the company will become a so-called unicorn, a company valued at over a billion dollars, but: – It will most likely not be because of the contracts we get in Europe, but things we do in the USA. VANSKELEG: The boss of Heimdall Power, Jørgen Festervoll, responds as follows to whether the company will be Norwegian in the future: – I hope so. But it is clear… It is difficult to predict the future. Photo: Ragnhild Vartdal And it is towards the American market that the company has directed its focus. And they are not alone. Pressed the alarm button. Because it is towards the US, several companies are turning their attention. The EU has pressed the alarm button: Europe is losing too many technology companies across the Atlantic. In fact, one in three unicorns has moved from Europe since 2008. We must be “uneasy for our existence”, said EU chief Mario Draghi, when he described the gloomy outlook for Europe’s competitiveness in September. He believes that Europe is forced to close the “innovation gap” to the United States. Draghi believes that European companies are good at older technology, but says that much more must be invested in innovation and new technology. RADICAL: Former head of the European Central Bank, Italian Mario Draghi, believes that Europe must take radical measures to increase its competitiveness. Photo: Yves Herman / Reuters Two reasons technology company Heimdall Power and Festervoll believe it is easier to secure the large contracts in the USA. He lists two reasons: more complicated procurement processes in Europe and the fact that the EU is not perceived as the internal market the union claims to be. The company’s customers are mostly public network companies, which buy the product through procurement processes. – The procurement processes in the USA are more based on dialogue with the suppliers, and not based on rigid purchasing frameworks, says Festervoll. – If we have made a mistake in the tender, it is actually possible to talk to them, sell in and discuss. And that makes it easier for a company like us. – Have to reinvent the wheel Festervoll explains that when it comes to power grids, there are very different regulations in the various EU countries. – The French have their ways of doing things, the Germans have their ways. He tells of a customer seminar, where one of their British customers said that regardless of whether the largest online company in Germany had bought the Heimdall bullet after several years of testing, they would still like to have their own tests. – Then it takes years to come through with technology. In the USA there is much more learning together, says Festervoll. Photo: Even Bjøringsøy Johnsen / news He says that they have a joint research environment in the USA, where they are now in the process of testing the Heimdall bullet for all the network companies. – In Europe, everyone must reinvent the gunpowder and do things themselves. It is demanding. Norwegian company in the future? – They already have an office in the USA. Will they be a Norwegian company in the future? … it takes some time before Festervoll answers: – I hope so. But it is clear… It is difficult to predict the future. – But it also requires Norwegian capital. We are good at seed capital, but when it becomes billions of kroner, then, as I see it from the people we talk to, many of the Norwegian investors disappear. There are still some Europeans involved, but there is very great interest from the USA. – Will an American investor demand that they move there? – At least they can do it. It is not unnatural that an American investor wants us to position ourselves differently than a Norwegian board and a Norwegian owner would have done. That’s where a lot of Norwegian companies still have, says Festervoll. Thought-provoking Innovation Norwegian CEO Håkon Haugli is very troubled by the diagnosis Draghi has made of Europe, and says that Norway is in the same boat. Haugli takes a very positive view of the fact that in 2023 there was growth in Norwegian companies with a high turnover, but notes that a small number of Norwegian start-up companies end up scaling to more than 100 employees. He says it is thought-provoking to hear what Festervoll tells about the possibilities for further growth in Norway. EVERYTHING WE CAN: Innovation Norway CEO Håkon Haugli says Norwegian governing authorities must do everything they can for good framework conditions for new companies in Norway. Photo: Ole Berg-Rusten / NTB – It is this type of company that we need more of in Norway, says Haugli. – What can Norway do to keep such businesses? – We can do everything we can to have good framework conditions for both “startups” and “scaleups”, says Haugli. – We can ensure access to expertise, good connections with the investor community and good connections with customers. And then the owners must be comfortable with making investments in Norway. Published 14.10.2024, at 05.28
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– Difficult to predict the future – news Norway – Overview of news from different parts of the country
