ABB is investing in Danish start-up OKTO GRID to advance the development of technology that will digitalise and extend the useful life of ageing electrical assets in order to meet the growing demand for reliable and stable power.
OKTO GRID has developed a pilot solution that digitalises electrical infrastructure to enable real-time, remote condition and performance monitoring to prolong their working life by another 40 years. Optimising safety and efficiency of older equipment will enhance reliable and stable power supplies and reduce the equipment’s total carbon emissions. As part of the collaboration, ABB will provide their electrification, digitalisation and industry knowledge to enhance the development of OKTO GRID’s solution and accelerate technology and commercial readiness.
“The world is becoming increasingly electrified which requires an upgrade of our existing electricity infrastructure. OKTO GRID is on a mission to digitalise transformers to handle new energy sources and rising energy consumption,” says Golam Sadeghnia, CEO of OKTO GRID. “Our solution, which works independently of transformer type, make, and age of the transformer, is mounted without downtime or any tooling required. To the best of our knowledge, we are unique in the market with this combination. Partnering with ABB will be key to accelerating market adoption, given ABB’s global footprint, technology leadership and domain expertise.”
“I am confident that ABB’s investment in OKTO GRID, when combined with our technology and in-depth industry insights, will help industry leapfrog the much-needed upgrade to aging electrical grids to meet the demands for higher power performance, reliability and availability,” says Stuart Thompson, Electrification Service Division President, ABB. “This partnership with OKTO GRID exemplifies our approach to collaborating with innovative start-ups who have the shared goal of developing technology that drives smart, safe and sustainable outcomes for our customers.”
Managed through ABB’s venture capital unit, ABB Technology Ventures (ATV), the minority investment in OKTO GRID is the company’s 11th venture capital investment of 2022. Since its formation in 2009, ATV has invested around $300 million in start-ups that are synergetic with its electrification, robotics, automation and motion portfolio.
OKTO GRID is a company specialised in the digitalisation of electricity assets to boost the predictive maintenance of infrastructure. In 2019, started developing an IoT device that captures four different data types non-invasively from electricity-generating or distributing assets, with a primary focus on transformers. The data is then analysed using OKTO GRID’s proprietary algorithms for detecting anomalies and certain events related to the assets’ operation. The combination of a physical device, data capture, and analysis methods has given rise to several patent applications for the method and technology. OKTO GRID is a first mover in the market with its innovative solution, which is easily deployed and installed. OKTO GRID currently has customers in five European countries using the solution in a demonstration phase.