SENS receives extended funding support of EUR 26.3 million for the energy storage project in Pyhäsalmi

Sustainable Energy Solutions Sweden Holding AB (publ) ("SENS") today announces that the energy support of EUR 26.3 million previously granted by the Finnish Ministry of Economic Affairs and Employment has been extended. The support is intended to co-finance the SENS energy storage project in Pyhäsalmi, Finland.

"The extended energy support is a crucial security for the implementation of the project. This secures part of the funding and enables us to continue with full force the work of finalising the total funding. With the new conditions, we can drive the project forward with greater certainty, which also creates stability and trust in our ongoing dialogues with external financiers. The scope of the support clearly illustrates the investment that the Finnish government is making in SENS' core business – the design and development of sustainable energy systems," comments Henrik Boman, CEO of SENS.

SENS runs some of its most extensive projects at the Pyhäsalmi mine in Finland. Here, an innovative energy storage initiative is being created that combines BESS (battery storage), UPHS (underground pumped storage power) and PV (solar power). The aim is to gather a strong and sustainable energy cluster that contributes to a more stable and climate-smart energy supply for this part of Finland's hinterland. As part of the project, SENS owns, in whole or in part, the various sub-projects, which gives the company strategic control over the development at the site.

The Ministry of Economic Affairs and Employment of Finland has already granted an energy subsidy of EUR 26.3 million to support the implementation of the UPHS project. SENS is now actively working to establish a consortium to secure the financing of the entire project. With the latest adjustment of the conditions, the Ministry has extended the timeframe for the support, which means that the project must start by 4 June 2025.