Sustainable Energy Solutions Sweden Holding AB ("SENS" or the "Company") announces that the Company has entered into a partnership with a European international energy company to finance the development of a large-scale battery storage project which will bring in revenue of up to SEK 9 million to the Company.
SENS announces today the signing of a development service agreement for a large-scale battery storage project. SENS will complete the design of the battery park and ensure the success of the project until Ready-To-Build status.
The total value of the deal of approx. SEK 9 million, depending on the EUR/SEK exchange rate, will be distributed over the entire project period, until the projects achieve Ready-To-Build status, which is estimated to be achieved within approximately six months given that the necessary project rights are obtained. The first payment, which now takes place at the conclusion of the agreement, amounts to approximately SEK 1 million.
The client of the project is a multinational European energy company with revenue and balance sheet in multi-billion amounts, a leader in renewable energy, but for confidentiality reasons wishes not to be disclosed in our communications.
Henrik Boman, President and CEO, comments:
“We are very enthusiastic about closing another deal for a battery park. This agreement represents a significant milestone for SENS, not only because it improves our financial position, but also because it strengthens our position in the market as a leading developer of large-scale energy storage projects.”