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Press Release08 February 2024Espoo
Significant electricity storage project to be implemented in Nurmijärvi supports green transition
The need for flexibility in the electricity market is increasing as fossil power plants are replaced with renewable wind and solar energy. The transmission system operator Fingrid aims to increase flexibility in the energy system by connecting various sites capable of flexibility to the electricity network, such as electricity storage facilities which have the ability to react quickly.
"Evli has studied the profitability and implementation of electricity storage investments together with Siemens. We believe that participation in the Finnish flexibility market is an attractive investment to support the green transition. Siemens' involvement from the very beginning has ensured that the project has the latest market understanding, technology know-how and knowledge. It will bring cost savings at different stages of the project," says Evli's Portfolio Manager Antti Jaakonsaari.
Siemens Osakeyhtiö has been developing the project together with Evli from the very beginning by conducting studies and ensuring that the technical features of the electricity storage solution are suitable for the market. After competitive tendering, Siemens has also been selected as the technology supplier for the project. The project is a significant technology delivery for Siemens, including electrification, SCADA, ICT system and software for the electricity storage site. In addition, Siemens will provide operating and management services for the project. The trading of the electricity storage facility on the reserve market is carried out through Siemens Osakeyhtiö's VIBECO subsidiary.
"We are proud that Siemens has been selected as the service provider for this exciting green investment project. We have expertise in ensuring the flexibility and optimisation of various systems and energy consumption, storage and production sites, and in developing related solutions, connecting sites to marketplaces on the reserve market, as well as evidence of trading profits. For example, the Sello shopping centre and the Sinebrychoff’s electricity storage facility operate as part of the flexibility market," says Miia Wallén, Project Development Director for the Energy Transition at Siemens Osakeyhtiö.
The electricity storage system to be implemented can be expanded later.
In the energy transition, Siemens supports various companies to make their operations profitable, develop new business models and ensure the technical and software capabilities of the systems. The implementation of the arrangements related to the joint venture between Helen and Evli’s fund still requires merger control approval from the competent competition authorities.
Further information for the media:
Kirsi Rejman, Head of Communications, Siemens Osakeyhtiö, +358 50 68 407, kirsi.rejman@siemens.com Kim Pessala, CEO, Evli-Rahastoyhtiö Oy, +358 40 523 3797, kim.pessala@evli.com
Siemens in Finland
Siemens provides solutions, services and products for smart infrastructure and real estate, smart grids, and for the industry digitalization. The company’s future success rests on the triad of electrification, automation, and digitalization. The Siemens companies operating in Finland include Siemens Osakeyhtiö, Siemens Healthcare Oy, Siemens Energy Oy, Siemens Mobility Oy, Siemens Industry Software Oy, Siemens Financial Services, sivuliike Suomessa (the Finnish subsidiary of Siemens Financial Services), and Innomotics AB, sivuliike Suomessa (the Finnish subsidiary of Innomotics). Siemens Osakeyhtiö has regional offices in Estonia, Latvia, and Lithuania, and a subsidiary called VIBECO Oy in Finland. Siemens Osakeyhtiö’s annual turnover in Finland and the Baltic countries is about EUR 240 million, and it employs approximately 430 people. Siemens AG’s annual turnover is EUR 78 billion, and the company has around 320,000 employees in all. Siemens operates in 200 countries.
Read more: www.siemens.fi
Evli Plc
We see wealth as an engine to drive sustainable progress. We draw on our heritage, broad expertise and Nordic values to grow and manage wealth for institutions, corporations and private persons in a responsible way.We are the best fund house in the Nordics1 and the leading asset manager in Finland2 offering a broad range of services including mutual funds, asset management and capital markets services, alternative investment products, equity research, share plan design and administration as well as Corporate Finance services. Responsible investing is integrated in every investment decision and our expertise is widely acknowledged by our clients. Evli has Finland's best expertise in responsible investment3.Evli Group employs around 300 professionals and Evli has a total of EUR 18.0 billion in client assets under management (net 12/2023). Evli Plc’s B shares are listed on Nasdaq Helsinki Ltd.
1 Lipper Fund Awards 2023, the category Small Fund Companies.
2 Morningstar Awards 2023 (c). Morningstar, Inc. All Rights Reserved. Awarded to Evli for the Best Fund House in Finland. Kantar Prospera External Asset Management 2015, 2016, 2017, 2018, 2019, 2021, 2022, 2023 Finland. Kantar Prospera Private Banking 2019, 2020 Finland.
3 SFR Scandinavian Financial Research Institutional Investment Services Finland 2017, 2019, 2021, 2022. Kantar Prospera External Asset Management 2017, 2018, 2019, 2020, 2023 Finland.
1 Lipper Fund Awards 2023, the category Small Fund Companies.
2 Morningstar Awards 2023 (c). Morningstar, Inc. All Rights Reserved. Awarded to Evli for the Best Fund House in Finland. Kantar Prospera External Asset Management 2015, 2016, 2017, 2018, 2019, 2021, 2022, 2023 Finland. Kantar Prospera Private Banking 2019, 2020 Finland.
3 SFR Scandinavian Financial Research Institutional Investment Services Finland 2017, 2019, 2021, 2022. Kantar Prospera External Asset Management 2017, 2018, 2019, 2020, 2023 Finland.
Read more: www.evli.com
Siemens in Finland
Siemens provides solutions, services and products for smart infrastructure and real estate, smart grids, and for the industry digitalization. The company’s future success rests on the triad of electrification, automation, and digitalization. The Siemens companies operating in Finland include Siemens Osakeyhtiö, Siemens Healthcare Oy, Siemens Energy Oy, Siemens Mobility Oy, Siemens Industry Software Oy, Siemens Financial Services, sivuliike Suomessa (the Finnish subsidiary of Siemens Financial Services), and Innomotics AB, sivuliike Suomessa (the Finnish subsidiary of Innomotics). Siemens Osakeyhtiö has regional offices in Estonia, Latvia, and Lithuania, and a subsidiary called VIBECO Oy in Finland. Siemens Osakeyhtiö’s annual turnover in Finland and the Baltic countries is about EUR 240 million, and it employs approximately 430 people. Siemens AG’s annual turnover is EUR 78 billion, and the company has around 320,000 employees in all. Siemens operates in 200 countries. Read more: siemens.fi