The Austrian company Greenwood Power has raised 5.1 million euros in a financing round. The money will be used to expand the production of current and voltage sensors in the USA.
Greenwood Power manufactures sensors for gas and air substations in local distribution networks. The patented products are designed to compensate for fluctuations caused by renewable energy in the power grid.
According to Greenwood Power, demand for the sensors has increased worldwide. A new production facility in the U.S. is expected to help increase global market share from the current one percent to ten percent. Exports already account for 99 percent, he said.
“Our high-precision sensors were developed specifically for retrofitting and stand out due to a cost-effective 3D printing process,” said CEO Norbert Juschicz. Greenwood Power is also researching automatic detection of grid anomalies.
The investment comes from venture capitalists eQventure and tecnet equity. According to the companies, Greenwood Power has the potential to become a global leader in a fast-growing market.