In 2024, Sustainable Energy Solutions Sweden Holding AB (publ) (“SENS” or the “Company”) took significant steps in the right direction to develop sustainable energy solutions. With new initiatives, a growing project portfolio, and international expansion, the Company has further strengthened its role in the energy transition.
SENS is leading the shift to fossil-free energy by combining renewable production, such as photovoltaic solar power (PV), with advanced storage technologies like Underground Pumped Hydro Storage (UPHS) and Battery Energy Storage Systems (BESS). SENS creates sustainable systems that enhance delivery reliability and flexibility. Through innovation and a focus on sustainability, SENS contributes to climate-smart energy supply that meets future demands – in Sweden and globally.
2024 in short
Interest in SENS’s solutions has grown significantly in the international market. The Company’s latest initiatives, particularly in combined solar and battery projects, demonstrate its ability not only to follow but also to lead developments within the energy sector. During 2024, SENS actively engaged in dialogues with international stakeholders, including representatives from Spain, Romania, and Portugal, to name a few, and is well positioned to meet the growing demand for renewable energy and contribute to the ongoing energy transition.
One of the major projects launched in 2024 is the Callio Project, where an energy cluster is now taking shape at the Pyhäsalmi mine in Finland. By combining advanced technologies such as Battery Energy Storage Systems (BESS) and Underground Pumped Hydro Storage (UPHS) with potential solar power solutions (PV), a forward-looking platform for sustainable energy production is being established.
The Callio Project not only demonstrates how energy storage solutions can stabilize energy supply and improve grid reliability but also how they can enable better utilization of renewable energy sources. In short, SENS uses energy clusters to create a smoother, more flexible, and reliable energy supply – solutions that meet the demands of the rapidly growing and evolving energy market.
Currently, SENS has over 20 active projects, the majority of which are located in Sweden. In Sweden, long and complex permitting processes continue to pose a challenge. These processes impact key projects that are crucial to meeting the growing demand for renewable energy and investment interest in the market. Therefore, SENS has focused on streamlining the management of these processes and securing grid connection agreements – a critical factor for maintaining operational efficiency and driving projects forward with a focus on financial performance.
SENS’s revenue model, which is based on project development with milestone payments and divestments, has led to varied results in 2024, as reflected in the interim reports. Since revenues are influenced by the developmental phase of projects, short-term fluctuations have been noticeable, especially with more projects in early stages. However, as the portfolio matures and more projects reach the divestment phase, revenue streams will stabilize. To create a more sustainable revenue base, SENS focuses on building a broader and more diverse project portfolio and establishing long-term partnerships with risk-tolerant investors, which is expected to strengthen the Company’s financial stability and profitability in the long term.
Overall, 2024 has been a year marked by both challenges and successes. By continuing to develop its project portfolio and streamline operations, SENS strengthens its role as a pioneer in the energy transition and lays the foundation for a sustainable future.
The benefits of combining BESS and PV
The declining cost of Battery Energy Storage Systems (BESS) creates significant opportunities for SENS. By combining BESS with solar power solutions in several of our projects, we meet the market’s demands for efficient energy management and stability through an increasingly high degree of optimization across our units and systems.
Combining BESS with PV as a cluster creates better opportunities for energy management. Excess energy generated during the sunniest hours can be stored in batteries and used during times of high demand or low solar production. This contributes to a more stable and reliable energy supply.
Furthermore, the integration of BESS and PV systems can deliver significant cost savings. As BESS prices decline, the return on such investments improves, making renewable energy solutions more accessible and attractive to both businesses and individuals.
Strong growth in the market for underground pumped hydro storage
The energy storage market is facing significant expansion, with pumped hydro storage expected to play a crucial role in this development. The global market for pumped hydro storage is projected to grow substantially in the coming years, reaching a value of USD 579.72 billion by 2028, with a compound annual growth rate (CAGR) of 8.9%. This growth is driven by increasing renewable energy capacity, a focus on decentralized energy systems, energy transition and electrification, as well as integration with variable renewable energy sources and hybrid energy storage solutions.
SENS is exceptionally well positioned to capitalize on this development and already has several active projects directly connected to UPHS. These projects are part of the Company’s strategy to integrate advanced energy storage technologies into its large-scale solutions, which strengthens the transition to sustainable and fossil-free energy solutions.
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 December 18, 2024 at 10.00 a.m. CET.
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.
