ABB Invests In OKTO GRID to Advance Electrical Infrastructure Digitalization

ABB is investing in Danish start-up OKTO GRID to advance the development of technology that will digitalize and extend the useful life of ageing electrical assets in order to meet the growing demand for reliable and stable power.

OKTO GRID has developed a pilot solution that to enable real-time, remote condition and performance monitoring to prolong their working life by another 40 years. Optimizing safety and efficiency of older equipment will enhance reliable and stable power supplies and reduce the equipment’s total carbon emissions. As part of the collaboration, ABB will provide their electrification, digitalization, and industry knowledge to enhance the development of OKTO GRID’s solution and accelerate technology and commercial readiness.

Managed through ABB’s venture capital unit, ABB Technology Ventures (ATV), the minority investment in OKTO GRID is the company’s 11th venture capital investment of 2022. Since its formation in 2009, ATV has invested around $300 million in start-ups that are synergetic with its electrification, robotics, automation and motion portfolio.

Harry Forbes, ARC Advisory Group, commented, “Extending condition monitoring into electrical infrastructure enables both life extension and higher reliability. This can be challenging for ‘static’ assets such as grid equipment. However, accurately assessing the condition of such equipment while it remains in service can deliver these benefits.”