Laki Power receives EUR 2.1m grant

Recognized as one of the most promising start-ups in Europe

Laki Power, Statnett, high voltage line

Laki Power founder and CTO Oskar Valtysson together with Þórdís Kolbrún Reykfjörð Gylfadóttir, Minister of Tourism, Industry and Innovation.

Reykavik, Iceland - 20 January 2021 - Laki Power, the world's leading provider of innovative high voltage surveillance and real-time monitoring for transmission systems, today announced it received a significant grant of EUR 2.1m from the European Commission. The grant will be used to accelerate Laki Power's product development and marketing efforts and will help Laki Power reach power grid operators in Europe. Þórdís Kolbrún Reykfjörð Gylfadóttir, Minister of Tourism, Industry and Innovation, has presented Oskar Valtyrsson, founder and CTO of Laki Power with a Letter of Support from the Ministry, a valuable resource when entering new markets.

Laki Power was recognized as one of Europe's most promising start-ups and was selected through a highly competitive evaluation process by a panel of external experts. The funding, which is the last round in the pilot phase of the European Innovation Council Accelerator, received more than 4,200 applications – the highest number it has ever received.

Laki Power was founded in 2015 and has developed monitoring systems for high voltage power grid operators. Laki Power's advanced hardware and software solutions provide innovative tools for many of the most pressing issues faced by transmission system operators today.

“The technologies developed by Laki Power are a great testament to what can be achieved in a supportive environment where nurturing start-ups has been made a priority. Innovation is extremely important for future growth and job creation, and green and sustainable solutions are the best ingredients for such innovation,” said Þórdís Kolbrún Reykfjörð Gylfadóttir, Minister of Tourism, Industry and Innovation in Iceland. “It will be very exciting to follow Laki Power's journey over the coming years.“

“This is a significant milestone for Laki Power and we are grateful to the European Commission for recognizing our innovative technology and the efforts we are making to advance the energy industry,” said Bjorgvin Sigurdsson, Laki Power's CEO. “Our unique, breakthrough technology has the potential to radically accelerate the access to surveillance data for the energy industry. This grant is another step to helping us realize our vision to become provider of real-time, actionable intelligence for the management of power grid infrastructure .”


About Laki Power

Laki Power is a leading provider of high voltage surveillance technology, real-time monitoring and analytics for transmission systems that transform the way line monitoring takes place for transmission system operators (TSOs) and distribution system operators (DSOs). Laki Power’s 24/7 real-time technology gives a complete picture of line performance and activity, dramatically enhancing the ability of TSOs and DSOs to optimise performance, reduce costs, increase safety and security, and improve resilience. Powered by a unique current harvesting system that sits directly on the phase wire, Laki Power's technology provides continuous monitoring, enabling real-time insight into line health for customers at a fraction of the cost of existing solutions.

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Bjorgvin Sigurdsson

CEO, Laki Power