Swedish energy tech company Flower has closed its Series A funding at €45 million with an additional €20 million, bringing total investment in the company to €100 million.
Flower is Sweden’s leading player in battery storage trading and optimization.
Flower’s Series A round was led by Northzone.
Additional investment came from Giant Ventures and 82an Invest, a joint venture between the Wallenberg Foundation’s FAM and returning investor 41an Invest, the investment vehicle of H&M founder and CEO Karl-Johan Persson and Glocalnet and Kivra founder Stefan Krook.
Other investors in this round included Sony Innovation Fund and angel investors Thomas von Koch (partner at the EQT Foundation) and founder of game developer King, Sebastian Knutsson.
Northzone general partner Pär-Jörgen Pärson has also joined Flower’s board.
Flower will deploy this latest capital towards ambitious pan-European expansion, as well as furthering development of its infrastructural Battery Energy Storage Systems.
Active currently in Sweden and Denmark, Flower will become operational also throughout the DACH region, France, the Netherlands, and Belgium throughout 2025 and 2026.
Flower founder and CEO John Diklev said: “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.”
Pär-Jorgen Pärson, general partner at Northzone, who is joining Flower’s board, said: “We’re very excited about the team’s pioneering approach to addressing the challenges of renewable energy with cutting-edge, AI-driven optimization combined with grid-level battery systems to transform the grid throughout Europe. We have never seen such a fast-moving company.”
Co-founder and managing partner at Giant Ventures Cameron McLain said: “Energy flexibility is essential to building a resilient energy grid. Flower has achieved impressive growth with its bold vertically-integrated approach, and we’re excited for what’s next.”
Antonio Avitabile, Managing Director EMEA at Sony Innovation Fund, said: “Flower’s cutting-edge optimization platform and portfolio of flexible energy assets will help accelerate the transition towards renewable energy, which aligns well with our vision for a sustainable future.
“We are excited to join Flower on their growth journey and to support the team with internationalization.”