Austria’s Greenwood Power receives €5.1M from local eQventure and tecnet equity
Brunn am Gebirge-based Greenwood Power, a provider of non-conventional transformers, has received €5.1 million in the funding round. The investment came from Austrian venture capital firm eQventure and the Lower Austrian VC fund tecnet equity.
- Founded in 2017 by Norbert Juschicz and Willibald Bacher, Greenwood Power develops non-conventional instrument transformers designed for medium voltage electrical grid. Its products can be used for applications like gas-insulated switchgear, air-insulated switchgear, and outdoor installations, with a focus on resilience in harsh environmental conditions.
- Now, Greenwood Power employs 161 people and claims that in 2023, it has an export share of 99% and is generating €10 million in revenue, which means the company is reaching profitability.
“A gigantic sales market is currently emerging for us, as on average one transformer station per 100 households needs to be equipped with current and voltage sensors. Our measurement-accurate sensors were specifically designed for retrofitting local network stations and, compared to the competition, are characterized by a cost-effective production method using 3D printing,”Norbert Juschicz, СEO of Greenwood Power, commented.
- The fresh round was co-led by:
- eQventure, an Austrian VC firm with hubs in Austria, Germany, the UK, Israel, the USA, and China. It supports high-tech startups in Austria with growth capital, a global network, and operational guidance.
- Austrian tecnet equity that focuses on early-stage investments with a fund volume of approximately €50 million. The firm offers capital and support to young high-tech startup companies with the potential for significant growth.
“With its products, Greenwood Power supplies a key component for turning existing power grids into powerful smart grids. We are excited to see how new added value, attractive jobs, and specialist know-how are developing in Lower Austria as a result of our investment,”Doris Agneter and Jürgen Milde-Ennöckl from tecnet equity added.
- Greenwood Power aims to use the funds to hire more employees, finance a possible production facility in the USA, and increase its global market share from its current level to 10%, quintupling its market presence.