ABB Invests in OKTO GRID

To meet the growing demand for reliable and stable power, ABB is investing in Danish start-up OKTO GRID to support the development of technology to digitize and extend the life of aging electrical equipment.

OKTO GRID has developed a pilot solution that digitizes the electrical infrastructure to enable real-time remote status and performance monitoring to extend their operational life by another 40 years. This solution will optimize the safety and efficiency of legacy equipment, increase the reliability and stability of power supplies, and reduce the overall carbon emissions of the equipment. As part of the collaboration, ABB will present electrification, digitization and industry knowledge to help develop OKTO GRID's solution and accelerate technological and commercial readiness.

Golam Sadeghnia, CEO of OKTO GRID, said, “The world is becoming more and more electrified, which requires upgrading our current electrical infrastructure. OKTO GRID is moving with the mission of digitizing transformers in order to cope with new energy sources and increasing energy consumption.” “Regardless of transformer type, brand and age, our solution is installed without downtime or any tools. As far as we know, it is unique in the market with this combination. Given ABB's global presence, technology leadership and domain expertise, partnering with ABB will be key to accelerating market adoption.”
Stuart Thompson, Head of ABB's Electrification Services Division, said: "ABB's investment in OKTO GRID, coupled with our technology and in-depth industry understanding, will meet industry demands for higher power performance, reliability and availability and assist in the critically needed improvement for aging electrical grids." said. “This partnership with OKTO GRID exemplifies our approach to collaborating with innovative start-ups with the common goal of developing technologies that deliver smart, safe and sustainable outcomes for our customers.”

The minority investment in OKTO GRID, managed through ABB's venture capital unit ABB Technology Ventures (ATV), is the company's 2022th venture capital investment in 11. Since its establishment in 2009, ATV has invested approximately $300 million in start-ups that do business in line with ABB's electrification, robotics, automation and motion portfolio.