This acquisition marks a pivotal moment in Flower's journey toward enabling and balancing tomorrow's renewable energy systems. The investment further solidifies Flower's position as the leading battery optimizer in the country.
Recently, Flower, an energy technology company, announced securing substantial debt financing through Norion Bank. The purpose was to partially finance future investments for continued expansion, a goal now realized.
It is now confirmed that Flower has entered into an agreement with the solar and wind power company OX2, acquiring Sweden's largest battery park, Bredhälla. Situated in Uppvidinge municipality in southern Sweden, the facility boasts a total capacity of 42.5 MW/42.5 MWh spread across 20 modules, making it the largest of its kind in the country.
“We are thrilled to welcome Sweden's largest BESS (Battery Energy Storage System) to our portfolio. The Bredhälla project will support with grid stabilization, reducing volatility in electricity markets, and serving as a safeguard for our solar and wind power partners. This aligns precisely with Flower's core mission. This marks a significant milestone for us, and we now eagerly anticipate our next steps, beginning in Austria and Germany, as we establish ourselves in Europe,” says Emma Hellström, Chief Strategy Officer at Flower.
Initially, the battery park will focus on providing ancillary services to Svenska Kraftnät to ensure grid stability. Following commissioning, OX2 will oversee the technical and commercial management of the project under a 10-year agreement.
“We have observed considerable investor interest in Bredhälla and are delighted to announce our inaugural sale in energy storage. OX2 has curated a robust portfolio in energy storage, a technology poised to play a pivotal role in the ongoing energy transition,” says Paul Stormoen, CEO of OX2.
The transaction is subject to approval from Swedish authorities and Svenska Kraftnät and is anticipated to conclude in the second quarter of 2024.
“We are thrilled to have reached an agreement with OX2 regarding the Bredhälla project. This strategic addition to our portfolio enables us to develop new products and revenue streams for flexible assets, ultimately expediting the energy transition. Additionally, the acquisition underscores Flower's position as a key player in the industry,” says John Diklev, CEO of Flower.
