Ingrid Capacity, an energy storage project developer, secured SEK1 billion (~$96.7 million) financing for BW Energy Storage Systems (BW ESS), a battery storage subsidiary of BW Group.

The funding will go towards the execution of a 400 MW pipeline of battery energy storage system (BESS) projects and support the company’s expansion in Europe, Australia, and the US markets.

Ingrid Capacity, founded in 2021, will aim to deploy around 2 GW of energy storage in the Nordic region of Europe, with backing from shareholders, including property developers and investment firms.

“Energy storage solutions enable the green transition by facilitating a shift to electricity from renewable sources. Our systems balance differences in electricity production and consumption, decrease the impact of local capacity shortages and reduce volatility in the Swedish electricity market, which in turn leads to increased energy self-sufficiency and security in Sweden. When there is a deficit in the grid, the batteries can discharge electricity to balance the grid and charge in the event of a surplus on the grid. Although we believe prices for ancillary services will slow down and stabilize at European levels, increased volatility will contribute to higher revenues from arbitrage trading in the long term.” says Nicklas Bäcker, CSO at Ingrid Capacity.”

“This investment solidifies Ingrid Capacity’s position as the leading actor within energy storage in the Nordics, and we look forward to proceeding with the construction of several battery facilities while seeking new opportunities to develop, both within and outside of Sweden. We have chosen BW Energy Storage Systems because of their expertise in energy systems and our shared long-term view on the necessary developments needed to secure the functionality of our national grids. This makes them an excellent partner at this stage of Ingrid Capacity’s development”. Says Ibrahim Baylan, board member of Ingrid Capacity

DNB Markets (financial advisor) and Advokatbyrån Kane (legal advisor) advised Ingrid Capacity. Cirio Advokatbyrå (legal advisor) advised BW Energy Storage Systems. With this capital injection, Ingrid Capacity will be able to complete approximately 20 projects in Sweden located at strategic locations that will benefit greatly from the support services the company’s energy storage facilities will provide.

According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&A Report, announced Energy Storage project funding came in at $2 billion in nine deals in Q1 2023, compared to $749 million raised in seven deals in Q4 2022.