Swedish Ingrid Capacity is going to develop energy storage in Ukraine

Swedish Ingrid Capacity is going to develop energy storage in Ukraine

NPC Ukrenergo and Swedish Ingrid Capacity signed a memorandum of understanding providing for the joint development of energy storage technologies in Ukraine

Ukrenergo and Ingrid Capacity, a Swedish company that is developing energy storage technology in Northern Europe, plan to join forces to develop this technology in Ukraine.

Ukrenergo CEO Vladimir Kudritsky and Ingrid Capacity board director Ibrahim Baylan, who served as Sweden's energy minister in 2014-2019 and industry and business minister in 2019-2021, signed a memorandum of understanding on Tuesday, Ukrainian media reported, citing the Ukrainian power company's Telegram channel.

"Balancing the system and integrating renewable energy sources are particular challenges for Ukraine. They require modern solutions and investments today. I am confident that our cooperation with Ingrid Capacity will become an example of effective attraction of international investment into Ukrainian energy," Kudritsky said.

Ukrenergo is prepared to do everything it can to facilitate the process of integrating energy storage into Ukraine's energy system, he said.

"Our modeling shows that 0.8 GW of energy storage systems will be needed in the next few years for the further growth of green energy and balancing it," Kudritsky said.

He also said the company is constantly working on creating conditions for attracting investment in the development of energy storage technology from both foreign and Ukrainian companies. Ukrenergo is now working on proposals to change regulatory mechanisms that will increase the investment appeal of the maneuverable reserves segment, including energy storage technology, Kudritsky said.

"Ingrid Capacity will facilitate the electrification of society and the transition to renewable energy. The idea was born in 2021 and the company was formed in early 2022. The initiators behind the company have a broad background in real estate, finance and energy infrastructure," the Swedish company's website states.

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