Flower, a Stockholm, Sweden-based energy tech company, raised additional €20M in funding, closing the total of Series A at €45M.
The round was led by Northzone with additional investment from Giant Ventures, 82an Invest, Sony Innovation Fund, and angel investors Thomas von Koch and Sebastian Knutsson. Northzone General Partner Pär-Jörgen Pärson has also joined Flower’s board.
The company intends to use the funds for its European expansion, as well as further development of its infrastructural Battery Energy Storage Systems.
Led by CEO John Diklev, Flower is a battery storage trading and optimization company combining software technology with battery energy storage. Its AI-powered capabilities help manage solar, wind, and battery parks, as well as at-home storage. This enables grid operators to mitigate against the frequency volatility of renewable energy production, and make efficient use of local markets, deploying power when it is most clean and affordable.
In 2023, Flower recorded revenue of 100M SEK (€8.6M), a x10 increase YOY vs. 2022, with a further 2-3x increase forecast for 2024. The company has grown its team to 130 employees from 25+ countries as it scales to become a leader in European energy flexibility. In February, Flower announced a new partnership with Kalmar Energi to promote sustainable energy solutions through a large-scale battery storage facility, and in April acquired Sweden’s largest battery park, 42.5MW Bredhälla and followed that up by acquiring another 40MW park, Pajkölen, in September.
FinSMEs
31/10/2024