Business Relationship for Sustainable Growth
The energy company Flower was at the beginning of its growth journey when the first contact was made with Norion Bank. Together, they chose to let the business relationship take time and grow into a long-term, flourishing partnership.
The idea for Flower was born when CEO and founder John Diklev was completing his studies at KTH Royal Institute of Technology. The core philosophy is to combine advanced technology with flexible energy resources to mitigate both volatility and overload in the electricity grid. By optimizing the use of these resources, a steady and reliable energy supply can be ensured regardless of weather conditions.
– What we want to achieve with Flower is a more efficient power grid by increasing the share of wind and solar. In the long run, this makes the energy transition more cost-effective, he explains.
Discussions with Norion Bank began in early 2023, but the deal was not immediately clear-cut, Flower was in a phase of evaluating different financing options to support its continued growth.
– We wanted to move carefully and build a long-term plan. I felt that our client lead at Norion Bank, was deeply engaged from the start. He educated himself and double-checked everything related to our product, and there was a mutual desire to truly understand each other, says John Diklev.
– It took a few months before we started sketching out the deal, but we both felt early on that there were good conditions to find something together. At Norion Bank, it’s important for us to be clear and communicative with the client early in the process, even if the deal takes time. Everything depends on the specific transaction, says Patrik Lindbäck, Senior Client Executive at Norion Bank.
By early 2024, the agreement was signed, and with Norion Bank’s support, Flower secured suitable debt financing.
In April, Flower signed an agreement with solar and wind power company OX2 and acquired Sweden’s largest battery park, Bredhälla. Beyond being a major step in stabilizing the power grid and reducing electricity market volatility, the acquisition also enables the development of new products for the energy systems of the future.
Norion Bank places high value on staying close to the customer and the business. The relationship with Flower represents an opportunity to jointly contribute to a more sustainable and efficient energy transition.
– It has been a long journey, which is necessary to build a long-term relationship. There’s a need for financial partners willing to invest time in truly understanding complex products and industries. That kind of approach is something we haven’t experienced anywhere else, says John Diklev.
The plan now is for Flower to continue expanding in Europe, diversify its product portfolio, and hopefully find new projects where the collaboration with Norion Bank can continue.