Lower Austria’s current and voltage sensors, crucial for the advancement of smart grids, are in global demand. Greenwood Power, co-founded by Norbert Juschicz (CEO) and Willibald Bacher (CTO) in 2017, is delighted to announce the successful closure of a financing round, securing 5.1 million euros in growth capital.
The investment comes from Austrian venture capital firm eQventure and the Lower Austrian VC fund tecnet equity.
Greenwood Power, which has now expanded its team to 161 employees, is experiencing robust global demand for its internally manufactured current and voltage sensors designed for gas and air-insulated local substations. This surge in demand is primarily driven by the increasing integration of renewable energy sources like solar and wind power into the grid. Greenwood Power’s patented products, built upon advanced electrotechnical principles, play a vital role in mitigating grid destabilization caused by fluctuations in energy production and consumption.
Remarkably, the company is on track to achieve profitability this year, boasting an impressive 99 percent export share and an anticipated turnover of 10 million euros.
The freshly acquired capital will be allocated towards several strategic initiatives, including expanding the workforce, potentially establishing a production facility in the United States, and aggressively increasing the company’s global market share from its current level to ten percent. Currently, the Middle East is the most critical sales region for Greenwood Power, accounting for approximately 70 percent of its sales.
CEO Norbert Juschicz highlights the burgeoning global market potential, with substantial demand emerging on every continent. The need to equip roughly one transformer station per 100 households with current and voltage sensors for future load and feed-in profiles presents a massive sales opportunity. Greenwood Power’s sensors, known for their precision and cost-effective 3D printing production method, are specifically tailored for retrofitting local substations, distinguishing them from competitors.
Local network stations serve as crucial transformation and node points within energy suppliers’ distribution networks, with an increasingly vital role in preventing power outages. Juschicz reveals ongoing research into a system where their sensors transmit current and voltage data to a centralized processing system, enabling the automatic detection and reporting of deviations from normal operation to grid operators.
Herbert Gartner and Franz Salomon of eQventure see their investment in Greenwood Power as proof that Austrian companies can swiftly attain global market leadership in rapidly expanding sectors. They emphasize that the keys to this success include a strong entrepreneurial team, a fast-growing market, unique selling propositions based on patented technologies, and the combination of venture capital and entrepreneurial bravery.
Doris Agneter and Jürgen Milde-Ennöckl of tecnet equity express their excitement about the impact of Greenwood Power’s products in transforming existing power grids into high-performance smart grids. They anticipate the creation of new value, the generation of attractive job opportunities, and the cultivation of specialized expertise in Lower Austria as a direct result of their investment.
Established in 2014, eQventure stands as a prominent Austrian private equity firm, boasting a strong presence in key locations such as Austria, Germany, the UK, Israel, the USA, and China. Beyond offering growth capital, eQventure extends its support to promising Austrian high-tech enterprises by furnishing them with an extensive global network and operational assistance, thus expediting their expansion efforts. The driving force behind eQventure comprises accomplished entrepreneurs who not only invest their personal capital but also contribute their expertise, playing an active role within their portfolio companies.
About tecnet equity
Boasting a fund volume in the vicinity of 50 million euros, tecnet equity has firmly established itself as a prominent equity provider for early-stage investments in Austria. Tecnet is dedicated to funding young technology enterprises and innovative businesses through venture capital, extending its support well beyond mere financial backing. With a combination of personal dedication, a global network, and extensive experience, tecnet plays a pivotal role in guiding its portfolio companies toward achieving success. As a quintessential early-stage investor, tecnet has been an integral part of the Austrian startup landscape for numerous years.