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Laki Power Secures $3M Funding Round

Northstack article (English version) | Viðskiptablaðið article (Icelandic version)


Eyrir Vöxtur participated in the 3 million USD financing round of Laki Power along with current shareholders.


The innovation company Laki Power, which develops and produces surveillance stations to monitor the status of high-voltage lines, recently secured a 421 million krona financing. Eyrir Vöxtur led the financing along with current shareholders, and among the largest shareholders is the investment fund Brunnur Vaxtarsjóður.


The announcement states that the funding will support product development, staff augmentation, and continued expansion into foreign markets.


“There's no company that possesses the power harvesting technology that we have, creating various opportunities to power energy-intensive equipment on lines, such as surveillance equipment and drone charging stations. With close collaboration with energy companies worldwide, we've developed a solution that's garnering significant interest, and this financing will allow us to further develop our software and hardware, in addition to supporting our expansion into foreign markets,” says Ósvaldur Knudsen, CEO of Laki Power.


Laki states that energy companies face daily challenges in transporting electricity through high-voltage lines. These challenges are often related to adverse weather, including icing on the lines that can lead to power outages, or the need for real-time monitoring and surveillance to ensure safety near crucial facilities in remote areas.


"With Laki Power's technology, energy companies can closely monitor the status of high-voltage lines with surveillance stations that include cameras, weather sensors, and other measuring devices. The technology thus reduces maintenance costs, enhances the stability of transmission systems, and decreases the risk of power outages."


Traditional surveillance equipment used to monitor high-voltage lines relies on fossil fuels, solar cells, and other energy sources, which are both unreliable and environmentally unfriendly, as well as require frequent maintenance trips by staff in often dangerous conditions.


"Laki Power's equipment is built on newer, environmentally friendly energy acquisition technology that utilizes the electromagnetic field of high-voltage lines without electrically connecting to the lines. The technology offers various opportunities, and alongside the production of surveillance stations, Laki Power is developing drone charging stations, making it easier for energy companies to charge drones that can be used in malfunction searches and surveillance."


Laki Power has secured patents for the technology in the United States, Europe, China, and several other market areas."


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