Hexaformer expands following investment from InnovationsKapital
Hexaformer, a Swedish challenger on the global market for distribution transformers, today announced that the leading Nordic private equity/venture capital investment firm, InnovationsKapital, invests 30MSEK in the company. The investment makes it possible to expand sales and production for Hexaformer’s patented distribution transformers.
During several years, Hexaformer has worked intensively to develop a new generation transformer, one that is significantly better and cheaper to produce compared to a conventional transformer. Up until now, Hexaformer has primarily sold prototypes, and smaller series of the new transformer – a total of 700 units have been sold to, among others, Vattenfall, Eon, Fortum, and Jämtkraft.
“The investment from InnovationsKapital makes it possible to ramp up production and sales, and make an aggressive bet on becoming a leading vendor of distribution transformers to customer all over Europe. A fully automated production line, with an initial capacity of 1,500 transformers per year, is being built in Västervik”, says Magnus Palmstierna, CEO of Hexaformer.
”Hexaformer is a very exciting company with a unique value proposition, a strong patent portfolio, and a great market position in the Nordic countries”, says Martin Falkevall, Investment Director at InnovationsKapital.
In connection to the investment from InnovationsKapital, the board of directors will be expanded and strengthened. Sören Swärd will be among those added to the board. Sören has extensive experience from the sector, and formerly served as the CEO of Siemens Sweden AB.
“In my previous role as CEO of Siemens Sweden, I followed Hexaformer’s development during an extended period of time. The fact that Hexaformer’s transformers were significantly better than the conventional kind was something that I understood very early. I am now even more convinced about the products superiority, and I am excited to take part in the company’s plans for the future. I hope that my long industrial experience and the network that I have built up over the years will contribute positively to the company’s development going forward”, says Sören Swärd.