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HomeFunding Austrian-based Greenwood Power Secures €5.1 million in Funding

[Funding alert] Austrian-based Greenwood Power Secures €5.1 million in Funding

A power and voltage sensor firm based Austria, Greenwood Power, secures €5.1 million in funding. Austrian venture capital firms eQventure and tecnet equity led the funding round.

A power and voltage sensor firm based Austria, Greenwood Power, secures €5.1 million in funding. Austrian venture capital firms eQventure and tecnet equity led the funding round.

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To pay for the expansion of its staff and for a future US production site. With a 99 percent export share and €10 million in sales, it expects quintupling its globally market share to 10% and achieving profitability soon. By the money to expand its workforce and finance a US manufacturing facility.

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Greenwood Power CEO Norbert Juschicz. “We are currently researching a system where our sensors send power and voltage data to a central data processing system. Deviations from normal operation will be automatically detected and reported to the grid operator.”

Herbert Gartner and Franz Salomon of eQventure, “Austrian companies can achieve global leadership in new, rapidly growing markets within a few years. Key success factors include a strong entrepreneurial team, a rapidly growing market, unique selling propositions based on patented technologies, combined with venture capital and entrepreneurial courage”.

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About Greenwood Power

Smart grid voltage and current sensors Greenwood-Power has been concentrating on developing unconventional instrument transformers for the low voltage grid since 2017.
These goods are meant for all types of installations, particularly outdoor installations that with stand severe weather, air-insulated switchgears, and gas-isolated switchgears.

Read also – Brussels-based Proptech Startup Izix Raises €3 Mn Series A Funding

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