Flower’s Acquisition of Arise’s Battery Project: A Major Step for Swedish Energy

Stockholm-based energy tech startup Flower is making significant strides in the renewable energy sector with its latest acquisition of one of Sweden's largest battery projects. This strategic move involves the acquisition of a Ready-to-Build 40MW / 80MWh Battery Energy Storage System (BESS) site being developed by Arise, a prominent player in Sweden's renewable energy landscape.

Founded in 2007, Arise has built a robust reputation as an independent power producer, initially focusing on onshore wind energy. Over the years, the company has diversified its operations to encompass a wide array of renewable technologies, including utility-scale solar and battery storage solutions. Arise manages the entire value chain in renewable energy, from exploration and permitting to financing, construction, and long-term management of renewable electricity production.

John Diklev, the founder and CEO of Flower, highlighted the transformative nature of recent developments in the Swedish battery energy storage market. He noted, “Acquisitions like these used to be unprecedented in the Swedish market. Now they occur with increasing frequency, which speaks to the remarkable advancements within the battery energy storage sector. With this breakthrough asset, Flower will enhance its ability to stabilize the grid, reduce volatility, and reinforce our leadership role in the energy transition.”

Flower, which was established in 2020, has rapidly positioned itself as a significant player in the energy tech industry, raising €90 million in funding to date. In 2023, the company reported impressive revenue of 100 million SEK (€8.6 million), marking a tenfold increase year-over-year compared to 2022. The startup has also expanded its workforce, reaching a team of 100 employees this year, reflecting its aggressive growth strategy.

Earlier in 2023, Flower made headlines by acquiring Sweden’s largest battery park, a 42.5MW facility known as Bredhälla. Following this, in July 2024, the company activated three additional battery projects—Bredhälla, Kungälv, and Hanhals—creating what is now the largest battery portfolio in Sweden. The latest acquisition allows Flower to gain end-to-end control over the entire battery value chain, opening up new revenue opportunities for stakeholders in the renewable energy ecosystem, including grid operators and asset owners.

Per-Erik Eriksson, CEO of Arise AB, expressed confidence in the collaboration with Flower, stating, “Flower has established itself as a very professional and leading player in battery storage, and we are therefore very pleased to divest Pajkölen to Flower specifically. The transaction is the result of excellent cooperation between the companies over an extended period, and we look forward to maintaining this good relationship moving forward.”

The Pajkölen project is expected to be completed and fully operational by 2025, further solidifying Flower's position as a key contributor to Sweden's renewable energy future. This acquisition is not just about expanding Flower's capabilities; it also represents a significant step towards a more sustainable energy landscape in Sweden.

As the demand for renewable energy solutions continues to grow, Flower’s strategic acquisitions and innovative approach to energy storage will play a crucial role in enhancing the reliability and efficiency of the country’s energy system. By investing in large-scale battery projects, Flower aims to address the increasing need for energy stability and flexibility, ultimately supporting Sweden's ambitious climate goals. With the ongoing evolution of the energy market, Flower's proactive strategies position it at the forefront of the energy transition, ready to meet the challenges of a dynamic industry and contribute to a greener future.