BW Energy Storage Systems invests SEK 1bn in Ingrid Capacity and Swedish energy storage

28 April, 2023

BW Energy Storage Systems invests SEK 1bn in Ingrid Capacity and Swedish energy storage

Ingrid Capacity secures approx. SEK 1bn of investments from BW Energy StorageSystems (BW ESS), a part of BW Group, to accelerate growth and execute on an unparalleled 400MW pipeline of battery storage assets.


Ingrid Capacity has been an active player within the energy storage space in the Nordics since its foundation. The investment of about SEK 1bn will be used to both accelerate Ingrid Capacity’s growth trajectory and to execute on 400MW of energy storage, in a strategic partnership with BW ESS. BW Group has a long history as an investor in the energy value chain and a growing portfolio of sustainable energy investments. Battery energy storage systems are positioned to become a critical component of tomorrow’s grid infrastructure. Global trends shifting energy production towards intermittent renewable energy, such as wind and solar, creates significant challenges for national grids. Battery energy storage systems can help mitigate these challenges by storing excess energy when there is a surplus in the system and supporting the grids when there is a deficit. In addition, battery energy storage systems can provide a range of ancillary services, such as frequency regulation and voltage support, that are essential for maintaining grid stability.

“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.”

Becoming the leading energy storage company in the Nordics

With this capital injection, Ingrid Capacity will be able to complete approx. 20 projects in Sweden, located at strategic locations that will benefit greatly from the support services that the company’s energy storage facilities will be providing. Furthermore, Ingrid Capacity is already attracting top talents with grid- and electricity system expertise and will continue to build a strong organization to achieve the company’s goal of ensuring an electricity grid that serves society.

“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

Energy storage is an essential and indispensable element in the green transition to renewable energy, as it plays a crucial role in ensuring grid stability, enabling the integration of intermittent renewable sources, and ultimately reducing greenhouse gas emissions both on a national and international level.

”Energy storage has established itself as an essential infrastructure asset class that enables the green energy transition. As an early investor in the space, we have seen that our capital is having a meaningful impact on the speed with which these projects are deployed. The Investment in Ingrid Capacity is a part of a global investment strategy and comes of the back of our presence in the UK, which is one of the world’s most advanced markets for battery energy storage. We have been impressed with Ingrid Capacity’s rapid progress in establishing a strong first-mover advantage in its home market and an exceptionally strong team. As an investor with a global footprint and strong financing capabilities, we hope to accelerate Ingrid’s development and we look forward to being part of the company’s future journey.” Says Erik Strømsø, Managing Director, BW ESS

DNB Markets (financial advisor) and Advokatbyrån Kane (legal advisor) advised Ingrid Capacity.

Cirio Advokatbyrå (legal advisor) advised BW Energy Storage Systems.