Heimdall Power appoints Jørgen Festervoll as new CEO and Jan Frode Andersen as COO to strengthen growth in Europe and the USA. Bjørn Simonsen takes on the role as Chairman of the Board.
Since establishing Heimdall Power in 2016, we have secured contracts with 25 customers across 13 countries. Now, we are raising our growth ambitions further – strengthening the management team and Board to accelerate our international expansion.
The Board has appointed Jørgen Festervoll as the new Chief Executive Officer (CEO). Additionally, Bjørn Simonsen takes over as the new Chairman of the Board, while Jan Frode Andersen will take on the newly established role Chief Operating Officer (COO).
“Jørgen knows the inner workings of the company, while also bringing with him 20 years’ experience from the power sector. He has broad sales experience from amongst other the Swedish SaaS company Wide Narrow, as well as experience from capital markets through his previous role with the listed investment company Saga Pure. We are excited to continue our collaboration with Jørgen in his new role,” says Patrick Sandahl, Board Member of Heimdall Power and Investment Director in Investinor.
In-depth knowledge of the company
Festervoll has been on the Board of Heimdall Power since spring 2021 and took on the role as working Chairman of the Board on December 1, 2022. He comes from the role as VP Renewable Opportunities at Saga Pure and will assume the CEO role on February 1, 2023.
Bjørn Simonsen replaces Festervoll as Chairman of the Board. Until recently, he held the role as CEO of Saga Pure, where he led the investment company through multiple successful investments. Through his previous position, Simonsen has also gained an in-depth understanding of Heimdall Power.
Heimdall Power is also hiring Jan Frode Andersen to the newly established role as Chief Operating Officer (COO). Andersen comes from the role as Chief Financial Officer (CFO) at the listed company HYON AS. He has previously worked at Tandberg and has extensive operational experience from both large and small companies. Additionally, Andersen brings with him ten years’ experience from the Ferncliff group, including knowledge of the capital markets. Andersen will assume the COO role within six months.
World-leading software supplier to the power sector
Heimdall Power has established itself as a world-leading supplier of software and sensor technology for digitizing the power grid.
Since 2016, our software and sensor solutions have caught the interest of grid companies, authorities, wind power companies and other power-intensive industries in need of increased grid capacity. Our solution provides 30 per cent increased transmission capacity, while also reducing downtime and securing more cost-effective grid development and maintenance.
The past couple of years, we have worked to commercialize our services both in Norway and internationally, winning several important pilot contracts last year.
The Board commends outgoing CEO
The board commends the outgoing CEO, Thomas Wikberg, for the development under his leadership.
“Throughout 2022, Thomas has further professionalized the organization, secured several important pilot contracts, and initiated our entry into the US. The Board is very pleased with the work Thomas has put down,” says Sandahl.
In addition to securing new contracts in the European market, increasing annual recurring revenue by more than 300 per cent, the company has also in the past year implemented three extensive ISO certifications and increased focus on IT and cyber security. This makes the company well-equipped for further growth. Wikberg, who came from Kongsberg Gruppen, will remain a shareholder in Heimdall Power.
“I have great faith in the company and look forward to following Heimdall Power’s journey ahead. I am proud of the work that has been done together with the team and will cheer on from the sideline as a supporter and shareholder. I wish Jørgen all the best with taking the company into this new phase along with the strong Heimdall Power team,” says Wikberg.