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.
For further information, please contact:
Henrik Boman, CEO; Phone: +46 70-224 63 61
The information was submitted for publication, through the agency of the contact person set out above, at 3.00 p.m. CET on March 12, 2025.
About SENS
Sustainable Energy Solutions Sweden Holding AB (publ), SENS, provides solutions that enable the transition towards a fossil-free and CO2 neutral energy supply both locally and internationally. SENS develops, builds and sells large-scale projects in solar and wind power and energy storage. The company also conducts consulting activities for energy companies and property owners in sustainable energy systems. The company is also active in technology development linked to renewable energy sources and energy storage. The company is listed on NGM Nordic SME under the ticker SENS.
