Sweden’s Minister for Climate and the Environment Inaugurates the Largest Battery Storage Portfolio in the Nordics

The Role of Energy Storage in the Energy Transition

Since 2023, Ingrid Capacity has partnered with BW ESS to develop 14 large-scale battery storage projects at strategically selected locations throughout Sweden’s electricity grid, situated in the electricity price areas SE3 and SE4. This historic initiative aims to make the energy system more flexible and resilient, ensuring Sweden's future competitiveness and contributing to a robust energy system in both the short and long term. Present at the celebration in Eskilstuna, on one of the 14 sites, were the Minister of Climate and the Environment Romina Pourmokhtari.

“Sweden is facing a significantly increased demand for electricity, which must be addressed through a combination of increased fossil-free electricity production, stronger power grids and improved energy storage. It is a great honor to inaugurate the largest energy storage investment in the Nordics, with 211 MW now connected to the power grid. Thanks to the efforts of Ingrid Capacity and BW ESS, we are reducing grid congestion and enabling increased power production. To achieve our climate goals and strengthen our competitiveness, we need access to more fossil-free energy at affordable prices - this is absolutely essential for our electrification and climate transition,” says Romina Pourmokhtari, the Swedish Minister for Climate and the Environment.

Energy storage plays a crucial role in the green transition and in enabling electrification by storing energy when electricity demand is low, and then reinjecting that energy into the system when demand is high. This, in line with the integration of more renewables into our energy system, creates a more flexible and stable electricity grid. Furthermore, energy storage assets are critical for maintaining grid stability and contributing to a more decentralized energy system.

“This historic build-out represents a major milestone that we at Ingrid Capacity together with BW ESS have achieved. Flexibility solutions, such as large-scale battery storage, have proven to be both a cost-effective and scalable solution. It reduces societal costs while creating opportunities for industrial development and electrification, which is essential for Sweden’s future competitiveness and the green transition. We are very proud to contribute to this, while also demonstrating our ambition to become Europe’s leading flexibility provider,” states Axel Holmberg, CEO at Ingrid Capacity.

This historic initiative also shows that the energy transition is possible here and now. With lead times of 1-2 years, this solution represents the fastest way to ensure a flexible, cost effective, and resilient energy system. Battery storage is therefore critical to managing electrification, which in turn is key to Sweden’s future competitiveness and green transition. The technology is also the cheapest and fastest scaling clean technology, driven by a 90% cost reduction in batteries over the last 15 years1 .

“This is a very important milestone for Ingrid Capacity. As a company that aims to co-own our flexibility assets long-term, Ingrid Capacity’s relationship with authorities, local communities, and our partners is incredibly important. This day is a testimony to the good partnerships and cooperation we have had with municipalities, grid operators, suppliers, landowners, partners and other stakeholders that have contributed to making this historic initiative possible,” says Karin Lindberg Salevid, COO at Ingrid Capacity.

“It has been a pleasure to work in partnership with Ingrid Capacity to realize a pioneering energy storage portfolio for Sweden. We are committed to the long-term success of these vital energy transition assets. At BW ESS, we’re moving with speed to deliver market-leading projects across multiple territories. We have the scale and connections to move the needle in global energy storage,” states Erik Strømsø, CEO at BW ESS.

Ingrid Capacity Continues Its Journey to Become Europe’s Leading Independent Flexibility Provider

As a next step, Ingrid Capacity is about to commence the construction of another 13 new battery storage facilities in Sweden by the end of 2024, with a capacity of 196MW/196MWh, further strengthening the Swedish electricity grid in the SE3 and SE4 price areas. Ingrid Capacity will by the second half of 2025 co-own in total more than 400MW/400MWh of flexible assets in the Swedish electricity grid, a capacity that is sufficient to meet the total electricity demand of a city the size of Malmö for approximately one hour on a typical winter day. Additionally, we are making significant progress in our key European markets. In line with our ambitious growth plans, we are expanding our team with several key positions, including a CFO, a Global Head of Development, a Head of Origination, as well as strategic hires in Germany.

With Ingrid Capacity’s ambition to hold long-term ownership of its assets, combined with being a leading software provider for optimizing them, we aim to take a key role in shaping the energy system of tomorrow across Europe.