Sustainable Energy Solutions AB (“SENS”), Vimab Group AB, and Mine Storage International AB, have announced the formation of a joint venture aimed at further developing the innovative UPHS project in Pyhäsalmi, Finland. This collaboration combines the unique expertise of each company to enhance sustainable energy solutions in the region.
Joint venture launch
The joint venture harnesses the strengths of three leaders in sustainable energy, storage, and infrastructure. SENS brings its comprehensive knowledge of renewable energy technologies, while Mine Storage contributes its industry expertise in underground storage solutions. Vimab adds its experience in advanced energy and project management.
Focus on the Pyhäsalmi UPHS
The Pyhäsalmi UPHS (Underground Pumped Hydro Storage) project aims to create an environmentally friendly energy storage system, utilizing the unique geological features of Pyhäsalmi, located in central inland Finland. This project is expected to play a crucial role in enhancing energy security and supporting Finland's transition to a more sustainable energy landscape.
Statements from executives
“This joint venture marks a significant step towards realizing the Pyhäsalmi UPHS and underscores our commitment to delivering sustainable energy solutions. Combining our expertise will enable us to develop this innovative project effectively,” comments CEO of SENS, Henrik Boman.
Co-founder and CEO of Mine Storage, Thomas Johansson, stated, “We are pleased to contribute with our experience from turnkey projects and in underground storage systems. It will be exciting to collaborate with SENS and Vimab to maximize the potential of this UPHS project.
“Working together with SENS and Mine Storage will enhance project efficiency and innovation. We look forward to leveraging our engineering capabilities for the success of the Pyhäsalmi UPHS,” comments Vimab’s CEO, Peter Fredell.
Future outlook
The joint venture is set to initiate project development immediately, focusing on feasibility studies and site assessments. The collaboration aims to establish Pyhäsalmi as a hub for sustainable energy innovation in Finland.
For more information regarding the joint venture and the UPHS project, please visit the respective company websites.
For further information contact:
Henrik Boman, CEO; Phone: +46 70-224 63 61
The information was submitted for publication through the agency of the contact person set out above on April 25, 2025 at 2:30 p.m.
About SENS
Sustainable Energy Solutions Sweden Holding AB (publ)(SENS), provides sustainable energy solutions enabling the transition to a fossil-free and CO2 neutral energy mix both locally and internationally. SENS develops, designs, constructs and sells large-scale energy projects combining renewable energy sources with next generation energy storage technologies such as underground pumped hydro storage (UPHS) and/or battery energy storage systems (BESS). The company also conducts technical advisory consultancy services within energy storage and energy systems optimisation. The company is listed on NGM Nordic SME under the short name SENS.
