Ingrid Capacity partners with SEB Nordic Energy’s portfolio company Locus Energy

The partnership with Locus Energy, which has a presence in over 50 local communities throughout the Nordics, will enable the construction of 13 new large-scale battery energy storage systems across southern Sweden, adding an additional 196 MW of flexible capacity to the national grid in price areas SE3 and SE4. This investment is the second largest of its kind in Sweden and the Nordics.

“We are thrilled to join forces with Locus Energy and welcome them as a key partner in our mission to shape the energy system of tomorrow,” says Axel Holmberg, CEO of Ingrid Capacity. “I am impressed by the Locus team, whose combination of long-term active ownership and deep expertise in energy systems makes them an ideal partner to help us achieve our ambitious goals. With our shared vision and commitment to advancing the energy transition, partnering with Locus Energy is an excellent fit.”

Energy storage plays a crucial role in the green transition by accelerating the integration of renewable energy—storing excess energy during periods of surplus production and redistributing it when wind and solar generation are low. Further, these flexible assets are vital for maintaining grid stability and contribute to a more decentralized energy system, which is essential for grid resilience and national security.

This partnership underscores the growing attractiveness of batteries as a new asset class and reinforces Ingrid Capacity's capability to develop, own, and optimize such assets. This will solidify Ingrid Capacity’s position as the Nordic leader in battery energy storage and optimization, with a total portfolio exceeding 400 MW under management. To put this into perspective, a 400 MW/400 MWh capacity is sufficient to meet the total electricity demand of a city the size of Malmö for approximately one hour on a typical winter day. This milestone is a crucial step toward achieving the company’s goal of installing and managing 8 GW of capacity across Europe by 2030.

“We have closely followed Ingrid’s remarkable progress and growth over the past years. Our confidence in their proven track record of developing high-quality storage sites, coupled with their in-house technology and data-driven focus, was pivotal in our investment decision. This partnership is about combining our strengths to make greater impact. We’re confident this collaboration will not only create synergies with our existing production portfolio but also accelerate the critical energy transition by adding much-needed flexibility to the Nordic energy system,” says Mattias Söderqvist, Deputy CEO & Partner at Locus Energy. “We’re excited to get started and together bring the systems online within the next 12 months.”

The battery energy storage assets, ranging between 8-20 MW, have been strategically located to maximize their value to the grid both immediately and over the long term. Using advanced grid analytics, Ingrid Capacity’s team has positioned the storage assets where they will support the local grids the most. Upon commissioning and in the short-term, these flexible assets will provide crucial ancillary services, ensuring grid stability and reliability. This will also help reduce the cost of ancillary services, which has increased rapidly to SEK 6 billion per annum in recent years, a burden ultimately borne by society and end-consumers. In the mid-to-long term, these storage assets will not only provide ancillary services but also be instrumental in load shifting, as well as supporting energy grid companies (DSOs) and industries, ultimately contributing to more stable electricity prices and facilitating smarter and more cost-effective grid upgrades and operations.

“We have in a short time taken a leading position in Sweden and are now entering several European countries. Energy systems across Europe are undergoing massive transformation, and the need for flexible assets is huge,” says Nicklas Bäcker, CSO of Ingrid Capacity. “We see this as a win-win-win situation. By providing value to the grids and supporting the electrification of society, we are building a sustainable business.”

The partnership with Locus Energy is the second of its kind for Ingrid Capacity. The first partnership was announced one year after Ingrid Capacity’s founding in mid 2022 and is Sweden’s largest battery energy storage investment. It includes 14 large-scale batteries totaling 211 MW. Since its inception, Ingrid Capacity has expanded to over 50 employees, with the tech team being the fastest growing part of the company, underscoring Ingrid Capacity’s commitment to develop digital solutions that will drive the energy and grid solutions of tomorrow.