Swedish grid startup Flower has reportedly scooped €25 million in Series A funding. Northzone partner PJ Pärson, who is also joining the board of directors, led the round with 82an Invest and Zebkei Invest. Previously, the Swedish startup raised around €40 million in debt a few months back.
“We are building something completely new for the future grid: enhancing predictability and flexibility of global energy systems, while simultaneously yielding extra revenue streams for renewable asset owners,” said John Diklev, founder at Flower.
What does the company do?
Increasing use of renewable generation, which in the case of wind and solar is less predictable than fossil fuels, has seen several companies launching solutions to maintain reliable input and output in the grid.
Flower was founded by John Diklev in 2020 to help clients that run battery energy storage infrastructure, such as companies running electric car fleets, owners of home batteries, data centres, and solar and battery parks. It aims to feed their stored power into the grid when demand is high.
It combines technology with flexible energy assets, enabling clean energy to power society. There is an increased demand for Flower’s solution, which is expected to help the company reach a 5x increase in revenue in 2024 in comparison to 2023.
“Key new partnerships and our recent acquisition of Sweden’s largest battery park demonstrate the exciting current momentum that is only growing,” Diklev added.
