Flower Secures Financing for its Continued Growth Journey

Flower's technical platform for the optimization of energy assets enables the control and regulation of energy production and consumption in the electricity system. The company experienced strong growth in 2023. From a turnover of ten million Swedish kronor in 2022, revenues grew to approximately 100 million kronor last year. The forecast for 2024 looks promising, and Flower intends to increase its turnover further during the year.

The company has now raised new capital through debt financing from Norion Bank, with the aim of partially financing future investments.

"It is a testament to our strength to be able to secure new capital for continued expansion in such challenging times. The funds will be used to finance our expansion, with the goal of supporting the electricity grid and the energy system of tomorrow," says John Diklev, founder and CEO of Flower.

"It is always gratifying to have the opportunity to assist entrepreneurs in the green transition. Our customer base consists of medium-sized companies, which are incredibly important from a sustainability perspective as they traditionally contribute significantly to growth in terms of both employment and the economy. From that perspective, we believe that Flower is a stable player with an exciting niche in the power industry," says Patrik Lindbäck, Senior Client Executive at Norion Bank.

Flower's technology spans several segments, ranging from home batteries and electric vehicle chargers to large solar, wind, and battery parks that can be controlled to balance the electricity grid. In February, the company announced a new partnership with Kalmar Energi with the aim of promoting sustainable and stable energy solutions through a large-scale and innovative battery storage facility with a capacity of 5 MW/5 MWh. Flower has its sights set on continued global expansion, although the current addition is intended to strengthen its position in the Swedish market.

The latest addition means that Flower now has nearly 600 million Swedish kronor available for investments, as the capital from Norion is added to previously secured shareholder loans and debt financing from SEB.

"We are in a very exciting stage and are always in dialogue with several stakeholders. We hope to share more information about our next step in the near future. 2024 looks to be a good year for both the energy transition and for Flower," concludes John Diklev.