United Bankers, a wealth management firm, has acquired a significant majority stake in a company developing a 30-MW/60-MWh battery energy storage system (BESS) project in Finland.
The UB Renewable Energy Fund (AIF) purchased this stake from Swiss-Finnish AmpTank Finland Oy, though financial details of the transaction were not disclosed.
The BESS will be installed at Fingrid’s Kellarijanka substation in Kemijarvi, located in Finland’s Eastern Lapland sub-region. Construction is slated to begin in the spring of 2025, with the facility expected to enter commercial operations by late 2025.
Once operational, the battery will provide two hours of storage capacity and primarily participate in the reserve market. The technology procurement process for the project is currently underway, with an estimated investment of around EUR 20 million (USD 21.7 million).
