When it comes to battery storage deployment in Europe, most of the attention has been focused on familiar markets like the UK, Germany, and southern Europe. But in the background, a quieter shift has been taking place in the Nordics - one that’s now starting to accelerate.
Long seen as too stable, too hydro-dominated, or simply too slow, the Nordic markets were largely overlooked by early battery investors. Yet growing volatility, falling capex, and the evolving needs of a decarbonising grid have started to change the picture.
In this episode of Transmission, we explore what’s driving battery investment in Sweden, Finland, and beyond. From market signals and dispatch dynamics to cross-border optimisation and grid readiness, this conversation offers a window into a part of the European market that’s now waking up and scaling fast. Quentin speaks with Nicklas Bäcker, Co-Founder & Chief Strategy Officer at Ingrid Capacity. Over the course of the conversation, you'll hear about:
- Why the Nordics were initially overlooked: How the prevalence of dispatchable hydro capacity led many investors to undervalue the incremental role of batteries in grid flexibility.
- Shifting storage economics: How declining capex, increased price volatility, and evolving ancillary service markets have improved the commercial viability of BESS in the region.
- Scaling rapidly in a new market: Insights into how more than €250 million was raised to deliver more than 200 MW of battery capacity within a compressed timeframe.
- Complementing hydro with fast-response assets: Why batteries offer unique value even in hydro-heavy systems. From frequency control to short-duration balancing and market arbitrage.
- A cross-border approach to Nordic flexibility: How project developers are expanding into Finland and other markets, and what differentiates the Nordic power system in a European context.
About our guest:
Nicklas Bäcker is Chief Strategy Officer at Ingrid Capacity, one of the fastest-growing battery storage platforms in Northern Europe. With a background in energy markets and infrastructure strategy, Nicklas plays a key role in shaping the company’s growth across Sweden, Finland, and other European markets. Ingrid Capacity currently operates over 200 MW/MWh of battery storage, with an additional 200 MW/MWh under construction—positioning it as a first mover in delivering large-scale flexibility to the Nordic grid. Nicklas brings strategic insight into project development, market entry, and the role of storage in accelerating electrification across Europe. For more information on Ingrid Capacity, head to their website.
About Modo Energy
Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.
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