ABB invests in OKTO GRID to digitalise the energy grid
ABB is investing in Danish startup OKTO GRID to advance the development of technology that will digitalise and extend the useful life of aging 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 working life by another 40 years. In 2019, the company 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 the company’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.
As part of the collaboration, ABB will provide its electrification, digitalisation and industry knowledge to enhance the development of OKTO GRID’s solution in order to accelerate technology and commercial readiness.
The solution, which works independently of transformer type, make and age, is designed to be mounted without downtime or any tooling required.
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 startups that are synergetic with its electrification, robotics, automation and motion portfolio.
NSW's largest solar farm officially opened
Stage 1 of ACEN Australia's New England Solar project has been opened by the Hon Chris Bowen...
Is Australia in the race to net zero?
As global economies enter into a bidding war for dominance of hydrogen production, Australia is...
EDF Renewables acquires offshore wind project
EDF Renewables has acquired the Newcastle Offshore Wind Farm, a floating offshore project under...