SENS sums up 150 days with CEO Henrik Boman
Sustainable Energy Solutions Sweden Holding AB ("SENS" or the "Company") summarizes the first 150 days with Henrik Boman as CEO. In addition to signed contracts, SENS has continued to focus on the transformation of the Company with more focus on energy storage and renewable energy in the form of large-scale projects in Sweden and abroad.
Henrik Boman, CEO of SENS, comments:
150 days have passed since I took over as the new CEO and together with both the Board and the team, we are now intensifying the business development of the Company.
The energy problem has become a significant topic in the public debate, with the expansion of sustainable energy production becoming a high priority. Renewable energy as we know, is an important factor for a sustainable future with the ambition of becoming fossil free. The problem remains that solar and wind power are driven by natural forces beyond our control. Storage is the solution.
As the societal debate shifts from discussing the importance of renewable energy sources to highlighting the need for efficient energy storage solutions, SENS solutions are becoming increasingly relevant. Flexible electricity supply and long-term storage solutions are becoming more prominent in the public debate. Demand for large-scale energy storage solutions will increase with the continued development of renewable energy systems, and SENS is preparing its organisation to meet the market's needs. Continuing the development of our project portfolio has been my focus since I became CEO, and we will continue to increase the commercialization rate of our projects going forward.
We have focused on implementing our change plan and the transformation will continue to shape our work going forward. Our objective is clear - to prepare ourselves for the increased demand for sustainable energy storage solutions by continuing to develop our international project portfolio while attracting and hiring the right people.
The project portfolio has grown since I became CEO. We have signed two contracts with international customers to investigate the feasibility of constructing full-scale pumped storage plants in two different mines. The feasibility studies generate value both in terms of increased experience and expertise, as well as becoming reference objects that demonstrates the potential of our solutions. Two important building blocks for the future. The fact that the projects regenerate and reuse the mines is of course very positive, as is the fact that our green systems are circular and, when decommissioned from mine to energy storage, provide social sustainability in the form of giving new jobs to people who have previously been linked to the mines. It also gives the miners an opportunity to embrace mine decommissioning. Rather than just decommissioning costs, they can also see the upside of new pumped storage and energy storage.
SENS added a new business area in the form of solar and wind power project development shortly before I took over as CEO. This is an important addition as renewable energy is strongly linked to energy storage and will allow SENS to take full advantage of its expertise. At the same time, it allows the Company to capitalize on a strongly growing market that can create many interesting business opportunities for SENS. The new establishment has already generated new projects in the form of a feasibility study for a battery solution for a wind farm and a letter of intent to establish a solar park in Filipstad of about 20MW. The production of solar and wind power is constantly increasing and we can meet the demand by both installing battery solutions and acting as project developer in new plants. All of the above agreements are in line with our transformation and what we intend to do. The agreements have resulted in an increased pace of commercialization that ultimately will result in scalability that strengthens SENS. We see a clear conceptual opportunity in the different infrastructure systems that we intend to build in the different future energy cycles depending on the respective current location best conditions and parties involved.
SENS enables the transition to fossil-free energy production. The opportunity to combine profitability with reducing climate impact is the natural and obvious way forward for SENS. Now we continue this work and in doing so, creating added value for our customers and shareholders.