Swedish grid startup Flower has raised a 290m SEK (€25m) Series A, according to documents in Bolagsverket, the Swedish company’s house.
Northzone partner PJ Pärson — who is also joining the board of directors — led the round with 82an Invest and Zebkei Invest also participating, according to Swedish publication Impact Loop which first reported the news.
Flower, founded by John Diklev in 2020, helps clients that run battery energy storage infrastructure — such as companies running electric car fleets, owners of home batteries, data centres and solar and battery parks — to feed their stored power into the grid when demand is high.
“We are building something completely new for the future grid: enhancing predictability and flexibility of global energy systems, while simultaneously yielding extra revenue streams for renewable asset owners,” Diklev says.
Increasing use of renewable generation (which in the case of wind and solar is less predictable than fossil fuels) has seen several companies launching solutions to maintain reliable input and output in the grid.
For Flower, this has led to a large increase in demand in the last year and Diklev has forecasted a 5x increase in revenue in 2024 in comparison to 2023, from around 100m SEK (€8.7m) to 500m SEK (€43m), according to local media reports.
“Key new partnerships and our recent acquisition of Sweden’s largest battery park demonstrate the exciting current momentum that is only growing,” Diklev says.
Earlier this year the startup raised around €40m in debt.
Read the orginal article: https://sifted.eu/articles/energy-grid-flower-raises-e25m-northzone-news/
