The Swedish company Metrum, a world-leading measurement and power quality company, is adding new capital through equity issuance in order to further develop AI for use in electricity power quality. The technology enables Metrum to predict shortcomings and disruptions in the electrical grid. Owing to the equity issuance, the company shortly will be able to double the number of employees at its head office in Gothenburg, as well as increase the pace of its global expansion.
“We have utilized Artificial Intelligence to predict what will occur in the electrical grids. The information allows decisions to me made quickly on a vastly improved basis, and grid owners are able to make substantial savings. At the same time, consumers are afforded a much more reliable electricity supply. The equity issuance is enabling us to further develop our new instrument platform PQX3, which is equipped to handle big data and AI, and we are focusing on being active in a growing global market,” says Magnus Andersson, CEO of Metrum.
Metrum is the market leader in Sweden and more than 70 of the 100 largest Swedish electricity transmission and distribution companies, and over 20 countries in the world utilize Metrum’s solutions in the form of energy and power quality instruments and associated software applications. The capital injection will see Metrum focusing on two areas: the further development of its measurement instruments and systems with AI, and global expansion.
“We are noticing huge interest in our solutions, not least in developing countries, and particularly in African countries. We have had great success in Zambia, for example. These kinds of nations generally have much more stringent legal requirements and regulations, which means our products are essential for preventing blackouts several times a day as is unfortunately the case in many developing countries. There is also considerable global interest in being able to better control electricity quality in conjunction with the introduction of new, untested technologies in the electrical grids, such as electric vehicles,” says Magnus Andersson.
It is Metrum’s principal owner, K-Svets Venture, which is now increasing its stake in the company by means of the latest equity issuance. The state-owned Almi Invest is also a joint-owner in the company.