Swedish energy storage company Ingrid Capacity has secured Skr1 billion ($100 million) of investments from BW Energy Storage Systems. It said it will use the funds to boost growth and implement new lithium-ion battery storage.
Market sources estimate this will amount to some 15GWh/year.
Ingrid said the partnership with BW ESS is strategic, adding BW Group has a long history as an investor in the energy value chain and a growing portfolio of sustainable energy investments.
Nicklas Bäcker, CSO at Ingrid Capacity, said: “Although we believe prices for ancillary services will slow down and stabilise at European levels, increased volatility will contribute to higher revenues from arbitrage trading in the long term.”
The investment will enable the company to complete some 20 projects at strategic locations in Sweden, it said.
