Stockholm-based energy tech company Flower has acquired the “Pajkölen” energy storage project from Arise, adding a Ready-to-Build 40MW / 80MWh battery site to its portfolio. This acquisition will increase Flower’s total battery storage capacity to 270 MW by 2025, supporting the growing demand for renewable energy solutions in Sweden. The Pajkölen project is positioned to stabilize the energy grid, crucial as the country transitions toward a more renewable-centric energy system. The project is set to be operational by 2025, reflecting the ongoing evolution of Sweden’s energy storage landscape. Arise, a notable player in the renewable sector, continues to manage various energy projects, including wind and solar initiatives.
Headquartered in Stockholm, Sweden, Flower was founded in 2020 and has raised €90M to date. In 2023, Flower recorded revenue of 100M SEK (€8.6M), a x10 increase YOY vs. 2022, and has grown its team this year to 100 employees. In April, Flower announced it had acquired Sweden’s largest battery park, 42.5MW Bredhälla and in July 2024, it activated three new battery projects (Bredhälla, Kungälv, and Hanhals) to create the largest battery portfolio in Sweden.
“This will be a breakthrough asset for our portfolio that will make all the difference for the Swedish energy system in the years ahead,” says John Diklev, founder and CEO at Flower.
Flower is continuing on the path towards enabling the energy system of tomorrow, as Sweden takes a key role in Europe’s energy transition. With the acquisition of the 40MW / 80MWh Ready-to-Build project “Pajkölen” in northern Sweden, the energy tech company adds yet another large-scale asset to its rapidly growing battery portfolio of 270 MW, and solidifies its position as the country’s market leader in battery optimization.
“Acquisitions like these used to be unprecedented in the Swedish market. Now they occur with increasing frequency, which says something about the fantastic development in the Swedish battery energy storage industry today. With this breakthrough asset in place, Flower will further contribute to a balanced energy system by stabilizing the grid and reducing volatility, while strengthening our position at the forefront of the energy transition,” says John Diklev, founder and CEO of Flower.
Once operational, the project will give Flower end-to-end control over the complete battery value chain, opening up vital revenue streams for renewable energy actors such as grid operators and asset owners.
“With renewables projected to make up around 50% of the energy mix by 2050, energy storage is crucial to make way for renewable energy investments in the future. With this new project in place, Flower can continue to create more value for its partners by reducing negative price risks and allowing them access to lucrative energy trading markets. This project is one of many from our portfolio that illustrates how Sweden effectively can take steps towards a renewable revolution in the energy sector,” says John Diklev, founder and CEO at Flower.
Arise is a Swedish company involved in renewable energy, with a focus on wind, solar, and battery energy storage systems. Founded in 2007, it oversees the full development process of renewable energy projects, including exploration, permitting, financing, construction, and long-term management. Initially concentrated on onshore wind energy, Arise has broadened its scope to include other renewable technologies. Listed on Nasdaq Stockholm since 2010, the company operates independently in the energy sector, managing projects across different stages of the renewable energy value chain.
Listed on Nasdaq Stockholm since 2010, and with a strong ability to source and develop new renewable projects, renewable energy actor Arise is an important new partner for Flower.
“Flower has established itself as a very professional and leading player in battery storage, and we are therefore very pleased to be able to divest Pajkölen to Flower specifically. The transaction is the result of excellent cooperation between the companies over an extended period, and we look forward to maintaining this good relationship moving forward,” says Per-Erik Eriksson, CEO of Arise AB.
The project is set to be completed and fully operational in 2025.
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Read the orginal article: https://arcticstartup.com/flower-acquires-arise/
