Innovestor launches unique Energy Storage initiative to accelerate the transition to clean energy
October 9th, 2024, HELSINKI, Finland – Finnish investment manager Innovestor launches today a unique energy storage initiative designed to smooth out fluctuations in clean energy production and enhance energy system resilience. The initiative focuses on decentralized energy storage systems installed directly in commercial properties, improving energy grid efficiency, supporting flexible energy consumption, and accelerating the transition to clean energy sources.
In the initiative’s first phase, Innovestor invests over €20 million to install local battery systems for solar energy storage across 30 commercial properties. This marks the first investment of its kind in Finland, specifically focusing on decentralized energy storage within commercial buildings.
The energy storage initiative centers on local “behind-the-meter” solutions, referring to decentralized energy production and storage located near the point of consumption – such as battery systems installed directly in buildings. The initiative is estimated to cut carbon dioxide emissions by over 900 tons annually by reducing reliance on non-renewable energy sources through solar energy stored in the batteries. Finland’s Ministry of Economic Affairs and Employment has granted the project €3.6 million in REPowerEU support, aimed at accelerating the green transition.
“Existing infrastructure and properties present significant opportunities for energy storage, contributing to a more balanced energy system and accelerating the transition to clean energy. At Innovestor, we’ve been closely tracking the energy market’s evolution. Our expertise in technology and real estate investments uniquely equips us to harness energy storage opportunities,” says Wilhelm Lindholm, CEO of Innovestor, and continues: “As a high-tech nation, Finland has the potential to become a leader in the energy storage sector. Local energy storage and decentralized energy production represent promising growth opportunities, making them an attractive investment area for both local and international investors in the energy sector.”
“Innovestor’s pioneering energy storage initiative is set to build Finland’s first decentralized ‘behind-the-meter’ solar power and battery storage system. I’m pleased that with the REPowerEU support by the Ministry of Economic Affairs and Employment, we can accelerate this investment, advancing the transition to clean energy while helping to stabilize electricity prices, says Kai Mykkänen, Minister of the Environment and Climate Change of Finland.
Innovestor’s energy storage initiative integrates battery systems at clean energy production sites into a unified, functional virtual power plant, powered by Capalo AI’s advanced AI platform. These energy storage units deliver 15 MW of power and a total capacity of 60 MWh, actively participating in Fingrid’s regulation electricity and reserve markets. The installation of the first solar panels and battery systems in selected properties is set to begin later this year. Innovestor has also appointed Elie Kopaly as the Investment Director for the energy storage segment.
“Storing energy directly in properties during periods of overproduction or low demand enables efficient use during high electricity price peaks. This not only alleviates grid stress during peak consumption but also enhances system resilience and supports local energy generation. Local energy storage reduces dependence on power plants, transmission infrastructure, and non-renewable energy sources, offering significant benefits to consumers, property owners, and the environment,” says Kopaly.
About Innovestor
Innovestor is a Finnish investment manager focusing on venture capital, real estate, and energy storage. In addition, we offer corporate venturing services. The firm currently manages six VC funds with a total capital of over €250 million. Consisting of over 100 growth companies across multiple sectors of technology and life science & health, it represents one of the largest private venture-backed portfolios in the Nordics. Our mission is to make Good Money.
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For more information, please contact:
Heli Mehtätalo-Takala
Chief Marketing and Communications Officer
heli.mehtatalo-takala@innovestor.fi
+358 50 402 6781