Sustainable Energy Solutions

Sustainable Energy Solutions Sweden Holding AB (“SENS” or the “Company”) announces a reinforcement of its Callio project in Pyhäjärvi, Finland, as Dovre Group Plc joins the consortium to engage in one of three projects within the scope of the total project. Dovre Group Plc has decided to engage in the 85 MW Battery Energy Storage System (BESS) project through an acquisition of parts of the special purpose vehicle being set up specifically for the BESS.

SENS is pleased to announce that it is expanding the project in Pyhäjärvi, which it is undertaking in co-operation with Callio, a Finnish development company owned by the municipality of Pyhäjärvi. Building on the strategic initiatives communicated on May 21, 2024, this expansion includes the addition of Dovre Group Plc to the consortium. Dovre Group Plc, a global provider of project management services and an active player in the green transition through its Renewable energy division, has decided to engage in the BESS project through an acquisition of parts of the special purpose vehicle being set up specifically for that project. Furthermore, Dovre Group Plc has also expressed an interest to look further into the underground pumped hydro project, as well as the potential PV projects stemming from the Pyhäsalmi mining area.

The Callio project, situated at the Pyhäsalmi mine, includes a battery energy storage system (BESS), an underground pumped hydroelectric storage (UPHS) facility, and potentially photovoltaic solar parks (PV). With Dovre Group Plc’s participation, the consortium is strengthened, making the project more lucrative for all parties involved. The purchase price paid by Dovre Group Plc will be sufficient to maintain and further develop the underground pumped hydro project (including current employees at site), until such time as final investment decision must be made later this year.

Ilari Koskelo, Vice Chairman of Dovre, comments:
“For the past few years Dovre’s focus in the Finnish market has been in the renewable energy development and construction business together with group companies Renetec Oy and Suvic Oy. I believe that the concentration of different renewable energy opportunities in the Pyhäsalmi area is innovative and provides efficiency for Dovre and other market participants now and in the future.”

Henrik Boman, CEO of SENS, comments:
"We are excited to have Dovre Group Plc join our consortium as we see the formation of a new energy cluster in Finland. Their participation validates the appeal and effectiveness of SENS's solutions and expertise. With this partnership, we are entering the Finnish market confidently, supported by the trust our partners place in us. We are enthusiastic about our role in delivering sustainable energy storage to the region and contributing to its clean energy future.”

About Dovre Group Plc
Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future.
Website: www.dovregroup.com

For further information 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 on June 3, 2024 at 08:30 a.m. CET.

About SENS
Sustainable Energy Solutions Sweden Holding AB (publ)(SENS), provides sustainable energy solutions enabling the transition to a fossil-free and CO2 neutral energy mix both locally and internationally. SENS develops, designs, constructs and sells large-scale energy projects combining renewable energy sources with next generation energy storage technologies such as underground pumped hydro storage (UPHS) and/or battery energy storage systems (BESS). The company also conducts technical advisory consultancy services within energy storage and energy systems optimisation. The company is listed on NGM Nordic SME under the short name SENS.