Stockholm-based Flower, an energy tech company, has raised an additional €20M in its Series A funding, totalling €45M for this round and €100M in total investments.
Flower’s AI-driven platform and infrastructural hardware help make energy usage within global grids more flexible, stable, and predictable. This enables a cleaner energy system and offers new revenue opportunities for renewable power asset owners.
Investors supporting Flower
The round was led by Northzone, with additional investments from Giant Ventures, 82an Invest (a partnership between the Wallenberg Foundation’s FAM and 41an Invest, linked to H&M CEO Karl-Johan Persson and Kivra founder Stefan Krook), Sony Innovation Fund, and angel investors including EQT Foundation Partner Thomas von Koch and King founder Sebastian Knutsson.
Northzone General Partner Pär-Jörgen Pärson has also joined Flower’s board.
Pärson, says, “We’re very excited about the team’s pioneering approach to addressing the challenges of renewable energy with cutting-edge, AI-driven optimisation combined with grid-level battery systems to transform the grid throughout Europe. We have never seen such a fast-moving company.”
Capital utilisation
Flower will use the funds for expansion across Europe and to advance its infrastructural Battery Energy Storage Systems. Currently active in Sweden and Denmark, the company aims to start operations in the DACH region, France, the Netherlands, and Belgium by 2025 and 2026.
John Diklev, founder and CEO of Flower, says, “2024 has already been a pivotal year in the growth of Flower, with our acquisition of Sweden’s largest battery park and the announcement of significant new partnerships.”
“Completing our Series A round, and bringing on board some of Sweden and Europe’s leading investors in the process, is not just a major milestone on the Flower journey, but towards the energy systems of tomorrow that we are helping to build.”
Flower: Everything you need to know
Founded in 2020 by John Diklev, Flower combines advanced software with battery energy storage to optimise renewable energy systems. The company’s platform allows grid operators to stabilise energy flows, manage solar and wind production, and maintain price consistency.
Its AI-powered forecasting supports efficient, clean energy distribution, reducing the need for costly grid expansion. Focused on European growth, Flower is advancing towards a fossil-free energy system, helping renewable energy power society more reliably and sustainably.
As Europe transitions to renewable energy sources like solar and wind, the variability in production has increased price volatility due to energy being auctioned daily. Flower’s platform helps address this by integrating trading data, weather forecasts, and consumer behaviour modelling to optimise energy supply and demand, providing better control over energy assets.
This alignment of renewable production with peak demand helps reduce grid congestion. Flower also enhances grid flexibility with its Battery Energy Storage Systems (BESS), which act as a direct solution for grid stability, providing essential support for energy grid operators.
To manage the shift to renewable energy, Europe and the US will need large-scale energy storage, such as battery parks, to balance electricity grids for producers and consumers.
Since wind and solar have variable output depending on time and location, BESS can store excess energy and release it when needed, helping align supply with demand and maintain grid stability.
In 2023, Flower achieved revenues of 100M SEK (€8.6M), a tenfold increase from the previous year, with a projected 2-3x growth for 2024. The company has expanded to 130 employees.
This year, Flower partnered with Kalmar Energi on a large-scale battery storage project and acquired Sweden’s largest battery parks, including the 42.5MW Bredhälla and 40MW Pajkölen sites. The company has since activated additional battery projects, creating Sweden’s largest battery portfolio.
