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

Swedish energy storage company Ingrid Capacity, the market leader in the Nordics, secures
approx. SEK 1bn of investments from BW Energy Storage Systems (BW ESS), a part of BW Group, to
accelerate growth and execute on an unparalleled 400MW pipeline of battery storage assets.

Swedish company 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.

Ingrid Capacity:
Ingrid Capacity facilitates the electrification of society and the transition to renewable energy
generation by contributing to the construction of critical electricity infrastructure that is grid-scale
energy storage in Sweden. The idea was born in 2021 and the company was formed in early 2022.
The key players behind the company have a wide background from the real estate, finance and the
energy sector. Current owners of Ingrid Capacity includes, among others, Engelbrekt Utveckling,
Neptunia and Philian.

BW Energy Storage Systems:
BW ESS is a leading global investor within the Battery Energy Storage Systems space, with a sizeable
portfolio in the United Kingdom and an investment focus that also spans Europe, Australia, and the
United States. The company is part of BW Group, which is a global energy and maritime company
with a growing portfolio of clean energy investments, including solar, offshore wind and biogas. BW
Group’s operational headquarters are in Singapore, and the company has had a strong presence in
Scandinavia for the past 20 years.

For media enquiries, please contact:
Mikaela Sundström, Ingrid Capacity. [email protected], +46 70 934 94 88
Hana Schoon, BW Energy Storage Systems. [email protected], +65 9788 5629