Sweden’s Flower secures €20M in its Series A round

Stockholm-based Flower, an vitality tech firm, has raised a further €20M in its Collection A funding, totalling €45M for this spherical and €100M in whole investments.

Flower’s AI-driven platform and infrastructural {hardware} assist make vitality utilization inside international grids extra versatile, steady, and predictable. This allows a cleaner vitality system and provides new income alternatives for renewable energy asset house owners.

Traders supporting Flower

The spherical was led by Northzone, with extra investments from Large Ventures, 82an Make investments (a partnership between the Wallenberg Basis’s FAM and 41an Make investments, linked to H&M CEO Karl-Johan Persson and Kivra founder Stefan Krook), Sony Innovation Fund, and angel traders together with EQT Basis Companion Thomas von Koch and King founder Sebastian Knutsson. 

Northzone Basic Companion Pär-Jörgen Pärson has additionally joined Flower’s board.

Pärson, says, “We’re very excited concerning the workforce’s pioneering strategy to addressing the challenges of renewable vitality with cutting-edge, AI-driven optimisation mixed with grid-level battery programs to rework the grid all through Europe. We’ve by no means seen such a fast-moving firm.”

Capital utilisation

Flower will use the funds for growth throughout Europe and to advance its infrastructural Battery Power Storage Techniques. Presently lively in Sweden and Denmark, the corporate goals to begin operations within the DACH area, France, the Netherlands, and Belgium by 2025 and 2026.

John Diklev, founder and CEO of Flower, says, “2024 has already been a pivotal 12 months within the progress of Flower, with our acquisition of Sweden’s largest battery park and the announcement of great new partnerships.”

“Finishing our Collection A spherical, and bringing on board a few of Sweden and Europe’s main traders within the course of, is not only a significant milestone on the Flower journey, however in the direction of the vitality programs of tomorrow that we’re serving to to construct.”

Flower: Every little thing it’s essential to know

Based in 2020 by John Diklev, Flower combines superior software program with battery vitality storage to optimise renewable vitality programs. The corporate’s platform permits grid operators to stabilise vitality flows, handle photo voltaic and wind manufacturing, and keep worth consistency. 

Its AI-powered forecasting helps environment friendly, clear vitality distribution, decreasing the necessity for pricey grid growth. Targeted on European progress, Flower is advancing in the direction of a fossil-free vitality system, serving to renewable vitality energy society extra reliably and sustainably.

As Europe transitions to renewable vitality sources like photo voltaic and wind, the variability in manufacturing has elevated worth volatility on account of vitality being auctioned each day. Flower’s platform helps deal with this by integrating buying and selling information, climate forecasts, and client behaviour modelling to optimise vitality provide and demand, offering higher management over vitality property. 

This alignment of renewable manufacturing with peak demand helps scale back grid congestion. Flower additionally enhances grid flexibility with its Battery Power Storage Techniques (BESS), which act as a direct resolution for grid stability, offering important assist for vitality grid operators.

To handle the shift to renewable vitality, Europe and the US will want large-scale vitality storage, comparable to battery parks, to stability electrical energy grids for producers and shoppers. 

Since wind and photo voltaic have variable output relying on time and placement, BESS can retailer extra vitality and launch it when wanted, serving to align provide with demand and keep grid stability.

In 2023, Flower achieved revenues of 100M SEK (€8.6M), a tenfold enhance from the earlier 12 months, with a projected 2-3x progress for 2024. The corporate has expanded to 130 workers.

This 12 months, Flower partnered with Kalmar Energi on a large-scale battery storage mission and bought Sweden’s largest battery parks, together with the 42.5MW Bredhälla and 40MW Pajkölen websites. The corporate has since activated extra battery initiatives, creating Sweden’s largest battery portfolio.