A double header of news from Sweden, with BESS developer-operator Ingrid Capacity launching what it claimed is the largest project in the Nordics, and optimiser Flower completing a Series A.
The two firms have come to the BESS market from different angles, but both have recently integrated vertically into each other’s area of the value chain. Ingrid started out as a developer of BESS, moving into operation and now optimisation of its own projects. Flower meanwhile started as an optimiser and virtual power plant (VPP) company but has now invested in its own large-scale BESS projects.
Ingrid Capacity designing its first 2-hour system
The company, minority-owned by investor BW ESS, has launched the design phase of a 100MW/200MWh BESS project that would connect to E.ON’s regional grid in Horsaryd, Karlshamn Municipality. That is in the SE4 electricity market region of Sweden.
Construction on it should begin in 2026 for commissioning in 2027. It was first initiated in 2022 and, Ingrid claimed, would be the largest BESS in the Nordics. It would also be its first 2-hour system. A 211MW porfolio it recently inaugurated was made up of 1-hour systems, 14 in total.
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The Karlshamn project will contribute to stabilising local electricity prices, making the region more attractive for businesses, Ingrid said.
The title of largest BESS in the Nordics will probably be held by a 56.4MW/112.9MWh BESS in Finland being built by Paris-headquartered independent power producer (IPP) Neoen, set to come online next year.
Optimiser Flower brings total funding to €100 million
In related news, Flower has extended its Series A with an additional €20 million (US$21.8 million), bringing it to €45 million and its total investment to-date to €100 million.
The optimiser and BESS owner-operator will use the capital for pan-European expansion. It is active in Sweden and Denmark and will expand into the DACH (Germany, Switzerland, Austria) region, France, the Netherlands, and Belgium throughout 2025 and 2026.
The firm has moved into owning BESS to prove its ‘long-term optimisation’ model, which CEO John Diklev explained in an interview with Energy-Storage.news in January (Premium access).
It started with the acquisition of a 42.5MW/42.5MWh project from developer OX2 in April followed by a 40MW/80MWh project from developer Arise in September. The latter deal closed today (4 November), Arise announced.
The Series A was led by VC firm Northzone with additional investment from Giant Ventures and 82an Invest (a joint venture between the Wallenberg Foundation’s FAM and returning investor 41an Invest, the investment vehicle of H&M founder and CEO Karl-Johan Persson and Glocalnet and Kivra founder Stefan Krook). Other participants were Sony Innovation Fund and angel investors Thomas von Koch and Sebastian Knutsson. Northzone general partner Pär-Jörgen Pärson has joined Flower’s board.
