Batteries and energy storage

“The global utility scale market, excluding China, will add approximately 3,201 GWh of energy storage capacity between 2024 and 2035, according to the Bloomberg NEF 2H 2025 Energy Storage Market Outlook, published in October 2025. Additional growth opportunities exist in providing operational and maintenance services associated with energy storage products, as well as the provision of digital applications and solutions to improve performance and economic output.”

Annual report 2025A · The company itself

“Technological changes that could impact our businesses include: •technologies that change the utilization of electric generation, transmission and distribution assets, including the expanded cost-effective utilization of distributed generation (e.g., rooftop solar and community solar projects), and energy storage technology; •advances in distributed and local power generation and energy storage that reduce demand for large-scale renewable electricity generation or impact our customers’ performance of long-term agreements; and •more cost-effective batteries for energy storage, advances in solar or wind technology, and advances in alternative fuels and other alternative energy sources.”

Annual report 2025A · The company itself

“Resulting from this IRP, AES Indiana also added three renewables projects to its generation portfolio: Pike County BESS, Hoosier Wind, and Crossvine.”

Annual report 2025A · The company itself

“54% of the capacity of our generation plants is fueled by renewables, including solar, hydro, wind, energy storage, and landfill gas, which do not have significant fuel costs.”

Annual report 2025A · The company itself

“AES Indiana also operates a 20 MW battery-based energy storage unit at this location, which provides frequency response.”

Annual report 2025A · The company itself

“The first is a 195 MW solar project ("Hardy Hills Solar"). The second is a 106 MW wind facility ("Hoosier Wind"). The third is a 200 MW (800 MWh) battery energy storage project ("Pike County BESS"). The fourth is a 250 MW solar and 45 MW (180 MWh) energy storage facility ("Petersburg Energy Center").”

Annual report 2025A · The company itself

“AES El Salvador owns and operates four solar farms: Opico Power, Moncagua, and Metapan with 4 MW, 3 MW, and 15 MW of capacity, respectively, and Meanguera del Golfo, a solar and battery storage facility with 1 MW capacity; as well as AES Nejapa, a biomass power plant with 6 MW capacity; and 50% of Bosforo and Cuscatlan, solar farms with 100 MW and 10 MW capacity, respectively.”

Annual report 2025A · The company itself

“Fluence Business Description — Fluence, created in 2018 as a joint venture by AES and Siemens AG, is a leading global provider of energy storage and services and AI-enabled digital applications for renewables and storage. On November 1, 2021, Fluence Energy, Inc. completed its IPO and is listed on Nasdaq under the symbol "FLNC".”

Annual report 2025A · The company itself

“•The development of non-lithium battery technologies could adversely affect us. •Development projects are inherently risky and may require more capital than anticipated or not prove to be economically viable based on ultimate costs and returns of a project, which could adversely affect our business.”

Annual report 2025A · The company itself

“Demand and market prices for lithium will greatly affect the value of our investment in our lithium resources and conversion facilities, and our revenues and profitability generally. Our ability to successfully develop our lithium resources and generate a return on investment will be affected by changes in the demand for and market price of lithium-based end products, such as lithium hydroxide.”

Annual report 2025A · The company itself

“Lithium production from the Greenbushes Mine has been undertaken continuously for more than 20 years. Modern exploration has been undertaken on the property since the mid-1980s, first by Greenbushes Limited, then by Lithium Australia Ltd and in turn by Sons of Gwalia prior to the acquisition of Greenbushes by Talison in 2007.”

Annual report 2025A · The company itself

“Greenbushes completed construction of a new third chemical grade plant with commercial production expected during 2026. Other planned upgrades to the infrastructure include a new mine service area, a new mine access road, expansions of warehouse and laboratories and the expansion of tailings facilities.”

Annual report 2025A · The company itself

“The Greenbushes indicated mineral resources of 62.5 million metric tonnes at December 31, 2025 increased by 66% from 37.6 million metric tonnes at December 31, 2024. The Greenbushes inferred mineral resources of 43.1 million metric tonnes at December 31, 2025 increased by 426% from 8.2 million metric tonnes at December 31, 2024.”

Annual report 2025A · The company itself

“We develop and manufacture a broad range of basic lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride.”

Annual report 2025A · The company itself

“Overview At December 31, 2025, we had the following mineral extraction sites: Location Business Segment Ownership % Extraction Type Stage Argentina Antofalla Energy Storage 100% Brine Exploration Australia Greenbushes Energy Storage 49% Hard rock Production Wodgina(a) Energy Storage 50% Hard rock Production Chile Salar de Atacama(b) Energy Storage 100% Brine Production Jordan Safi(b) Specialties 50% Brine Production United States Kings Mountain, NC Energy Storage 100% Hard rock Exploration Magnolia, AR(b) Specialties 100% Brine Production Silver Peak, NV(b) Energy Storage 100% Brine Production (a) Production of spodumene concentrate at the Wodgina mine resumed in the second quarter of 2022 after it had been idled in 2019, following the acquisition of our interest in Wodgina.”

Annual report 2025A · The company itself

“Lithium and bromine are extracted as brine or hard rock concentrate at the extraction facilities. These are then further converted into various compounds and products at on-site processing facilities or other conversion facilities owned by Albemarle around the world.”

Annual report 2025A · The company itself

“Another essential mineral—cobalt—is primarily sourced from the Democratic Republic of the Congo (DRC). It is used in batteries for consumer electronics (e.g., mobile phones). Its role in the green transition is significant, with demand expected to quadruple by 2030. However, cobalt extraction in the DRC is often associated with severe human rights violations, including dangerous working conditions, child labor, as well as conflicts and violence between mine operators and communities.”

Annual report 2024A · The company itself

“With an increasing demand for electric vehicles, battery production, and a growing use of lighter materials, the automotive industry looks to innovative assembly solutions.”

Annual report 2024A · The company itself

“ZBP 120-120, a new medium-sized energy storage system, enables the creation of microgrids at infrastructure construction sites and can support hybrid power plants.”

Annual report 2024A · The company itself

“Compressors are used in wastewater treatment, and increasingly in applications contributing to the transition to a low-carbon society, such as hydrogen produced with renewable energy, LNG, carbon capture, and batteries for electric vehicles.”

Annual report 2024A · The company itself

“Advancements in both distributed and utility-scale power generation technology could impact market prices and demand size and behaviors. For instance, commercial and residential solar generation installations, energy storage improvements that include batteries and fuel cells, and other emerging technologies are improving the cost-effectiveness of customer self-supply of electricity.”

Annual report 2025A · The company itself

“We could continue to pursue growth in our existing businesses and markets and seek further diversification across the competitive energy value chain. This could include opportunistic emissions-free energy acquisitions, creating new value from our existing fleet through nuclear uprates, renewable repowerings, development of additional capacity for battery storage, natural gas, and CCUS, co-location of customer load, growing sustainability solutions for our customers, and investment opportunities in other emerging technologies and innovations.”

Annual report 2025A · The company itself

“Efterfrågan på infrastruktur för förnybar energi och laddning av elfordon är stark på alla våra geografiska marknader. I likhet med BESS (Battery Energy Storage System) växer dessa marknader och de kommer att utgöra viktiga drivkrafter för Eltels tillväxt.”

Annual report 2024A · The company itself

“Eltel Finland har en stark projektpipeline inom solenergi, e-Mobility och BESS för 2025 och dessa marknader har god långsiktig tillväxtpotential i landet.”

Annual report 2024A · The company itself

“Eltel Norge har fler solcellsprojekt på gång och BESS-marknaden förväntas växa i Norge efter lagändringar.”

Annual report 2024A · The company itself

“Dessutom har vi börjat erbjuda innovativa kombinationer av solenergi, BESS och e-Mobility.”

Annual report 2024A · The company itself

“Det finns också möjligheter att kombinera dessa erbjudanden, genom att till exempel kombinera sol energi, BESS och laddning av elfordon i samma projekt.”

Annual report 2024A · The company itself

“Vi installerar, underhåller och uppgraderar infrastruktur för eldistribution och kraftöverföring, och erbjuder kompletta lösningar för smarta elnät, e-Mobility, solceller, vindkraft och batterilagringssystem (BESS).”

Annual report 2024A · The company itself

“Marknaden för BESS (Battery Energy Storage System) växer och under året levererade Eltel sina första projekt i Danmark och Finland. Eltel har etablerat sig som fullserviceleverantör för både industrikunder samt för leverantörer inom energiförsörjning.”

Annual report 2024A · The company itself

“Vi tecknade avtal med 178 nya kunder och 13 procent av totalt kontraktsvärde var relaterade till nya affärsområden.”

Annual report 2024A · The company itself

“Vi är verksamma på marknader med goda långsiktiga tillväxtmöjligheter – inklusive traditionell kommunikation och el, samt snabbt växande marknader relaterade till e-Mobility, solenergi och BESS.”

Annual report 2024A · The company itself

“Eltel Finland förbättrade lönsamheten under året genom operativ effektivitet och genom att utveckla nya affärsmöjligheter inom solenergi, e-Mobility och BESS.”

Annual report 2024A · The company itself

“Eltel slutförde sina två första BESS-projekt under året. Dessa banar väg för fler BESS-projekt i framtiden.”

Annual report 2024A · The company itself

“BESS är en tillväxtmarknad i Danmark och Eltel träffade tre stora avtal, inklusive två kompletta projekt, under 2024.”

Annual report 2024A · The company itself

“Position tagen på nya och angränsande marknader Eltel etablerade sig som en pålitlig totalleverantör inom förnybar energi i Norden, genom att leverera solparksprojekt, implementera laddstationer för elbilar och slutföra de första BESS-projekten (Battery Energy Storage System).”

Annual report 2024A · The company itself

“Initial shipments are expected in 2025, once product qualificationandcertification,andproduction capacity ramp up are complete.”

Annual report 2024A · The company itself

“WiththecoremanufacturingchallengesofSSLB now resolved, Ensurge is advancing its technology roadmapbeyondthecurrentgeneration.While maintaining near term focus, we have initiated work onfuturetechnologyplatformsofferingsignificant improvements in energy density and cost, opening doors to broader applications across the electronics industry.”

Annual report 2024A · The company itself

“Following the successful completion of testing on the 11-layer battery, Ensurge is accelerating developmentofhigher-capacityvariants,first witha28-layerconfigurationandthenthe targeted43-layerstack.Withallmajortechnical hurdles now resolved, the next phase will focus on scaling existing solutions, both in design and manufacturing, rather than introducing new ones. The sample batteries will undergo thorough evaluation by our partners and customers as we continuetorefinecyclelifethroughtargetedtesting and ongoing improvements.”

Annual report 2024A · The company itself

“Utvecklingen har drivit rekordhöga investeringar i lagringslösningar och omregleringar för att stimulera utbudet av balanstjänster och flexibilitet. En kraftig minskning av priset på batterier, -89 procent mellan 2010 och 2023 (IRENA 2023), har accelererat etableringen av storskaliga lagringslösningar globalt.”

Annual report 2024A · The company itself

“En jämförelse av elproduktionen över dygnet 31 december 2019 och 2024 visar hur en kraftig utbyggnad av solenergi tillsammans med batterilagring nu hjälper det kaliforniska elsystemet spara energi till konsumtion vid dygnets topplasttimmar och minskar behovet av naturgas och importerad produktion.”

Annual report 2024A · The company itself

“Batterilager fortsätter byggas ut i snabb takt i USA och den totala installerade kapaciteten uppgick till mer än 26 GW vid slutet av 2024, en ökning med 66 procent jämfört med året innan. Enligt prognoser från EIA förväntas marknaden nästan dubbleras under 2025 med 19,6 GW i ny kapacitet.”

Annual report 2024A · The company itself

“Batterilager ses som en kritisk del i att skapa ett flexibelt och motståndskraftigt energisystem och utbyggnaden sker främst i form av hybridprojekt med batterilagersystem i anslutning till sol- och vindkraftsparker.”

Annual report 2024A · The company itself

“Marknaden utvecklades starkt inom samtliga teknologier under 2024, särskilt solkraft och energilager.”

Annual report 2024A · The company itself

“Tillverkning av anläggningar för produktion av el från förnybar energi är beroende av olika metaller, exempelvis sällsynta jordartsmetal ler för magneter i vindkraftverk, koppar för överföringskablar och litium för batterier.”

Annual report 2024A · The company itself

“Vi skiftar från expansion till prioritering av de marknader och projekt som har bäst förutsättningar för värdetillväxt under perioden. Vi stärker vårt fokus på kärnteknologin landbaserad vind och söker möjligheter att integrera sol och lagring i hybridlösningar med landbaserad vind.”

Annual report 2024A · The company itself

“Under året har Eolus samtidigt lagt till sina första polska batteriprojekt och drivit existerande solkraftsprojekt framåt.”

Annual report 2024A · The company itself

“Eolus affärsidé är att skapa värde i varje steg av utveckling, byggnation och drift av förnybara energilösningar och därmed möjliggöra hållbara investeringar för både lokala och internationella partners.”

Annual report 2024A · The company itself

“Energilagring i form av exempelvis batterisystem hjälper till att balansera produktion och konsumtion, vilket underlättar integrationen av förnybara energikällor.”

Annual report 2024A · The company itself

“Risken motverkas genom att Eolus i affärsplaneringen fokuserar på behovet av en mångsidig projektportfölj.”

Annual report 2024A · The company itself

“Eolus affärsidé är att skapa värde i varje steg av utveckling, byggnation och drift av anläggningar för förnybar energi och möjliggöra hållbara investeringar för både lokala och internationella partners.”

Annual report 2024A · The company itself

“Vi utvecklar både egna projekt från grunden och förvärvar projekt i olika utvecklingsfaser. Vi väljer teknik utifrån plats och aktuella marknadsförutsättningar, ser till att utreda och säkra alla nödvändiga tillstånd och upphandlar utrustning och byggtjänster.”

Annual report 2024A · The company itself

“Eolus har utvecklat projekt med batterisystem både i kombination med sol och vind och fristående, beroende på lokala förutsättningar och behov.”

Annual report 2024A · The company itself

“Under året byggdes batterilagerprojektet Pome (100 MW) som ligger i San Diego County i Kalifornien. I januari 2025 tecknade Eolus avtal om försäljning av Pome, vår fjärde försäljning i landet.”

Annual report 2024A · The company itself

“Vi har idag mer än 25 GW projekt under utveckling.”

Annual report 2024A · The company itself

“Vi har projekt inom vindkraft på land och till havs, solkraft, batterilagring och hybridprojekt.”

Annual report 2024A · The company itself

“Projekt i sen utvecklingsfas eller försäljningsfas Projekt Lokalisering Teknologi Effekt, MW Planerad driftsättning Kommentar Centennial Flats Arizona, USA Sol + batterilager 500+267 2026 Projektet är sålt till ett USA-baserat portföljbolag som ingår i stort, globalt riskkapitalbolag. Eolus ska leverera utvecklingstjänster fram tills driftsättning vilken planeras till 2026.”

Annual report 2024A · The company itself

“Anläggningen kommer ha en kapacitet på 100 MW/400 MWh. Under januari 2025 sålde Eolus projektet till en ledande amerikansk producent av förnybar energi.”

Annual report 2024A · The company itself

“Efter Cald, Centennial Flats och Pome är Roccasecca ett kommande Eolus-projekt som kan förverkligas inom de närmaste åren. I Boulder City, ett par mil sydost om Las Vegas, Nevada, utvecklas ett batterilagringsprojekt på 125 MW/504 MWh.”

Annual report 2024A · The company itself

“Den huvudsakliga verksamheten är att projektera anläggningar för förnybar energi samt att realisera dem genom försäljning av projekträttigheterna för tillståndsgivna projekt och projekt under utveckling till ett brett spektrum av kunder. I de flesta fall kompletteras försäljningen med ett uppdragsavtal där Eolus leder och utför byggnationen på uppdrag av ägaren.”

Annual report 2024A · The company itself

“Eolus erbjuder också drift- och förvaltningstjänster åt ägare av energianläggningar för ett bekymmersfritt ägande där intäkter och produktion maximeras.”

Annual report 2024A · The company itself

“Eolus är en av Nordens ledande projektörer inom förnybar energi och bolaget är aktivt i hela värdekedjan från tidig projektutveckling till uppförande och drift av anläggningar för förnybar energi.”

Annual report 2024A · The company itself

“Unlike our standard arrangements with suppliers, under multi-year offtake agreements and other long-term purchase contracts, the risks associated with lower-than-expected electrified vehicle production volumes or changes in battery technology that reduce the need for certain raw materials, batteries, or their components are borne by Ford rather than our suppliers. In the event we do not purchase the materials or components pursuant to the terms of these agreements, we may nevertheless be obligated to pay the purchase price or otherwise compensate the supplier in an amount determined by the contract or reimburse the supplier for costs or losses it incurs.”

Annual report 2025A · The company itself

“For the manufacture of our electrified products, we are dependent on the supply of batteries and the raw materials (e.g., lithium, cobalt, and nickel) used by our suppliers to produce those batteries. Some of these resources are limited, and, as a result, we may be unable to acquire raw materials needed for our products in sufficient amounts that are responsibly sourced or at reasonable prices.”

Annual report 2025A · The company itself

“As a result of the competition for and limited availability of the raw materials needed for our electrified vehicle business, the costs of such materials are difficult to accurately forecast as they may fluctuate during the term of the offtake agreements and other long-term purchase contracts based on market conditions. Accordingly, we may be subject to increases in the prices we pay for those raw materials, and our ability to recoup such costs through increased pricing to our customers may be limited.”

Annual report 2025A · The company itself

“Battery costs remain high, which is detrimental to EVs reaching pricing parity with ICE vehicles and further exacerbates the pricing pressures on EVs.”

Annual report 2025A · The company itself

“Commodity price risk is the possibility that our financial results could be worse than planned because of changes in the prices of commodities used in the manufacture of our products, such as base metals (e.g., steel, copper, and aluminum), precious metals (e.g., palladium), energy (e.g., natural gas and electricity), plastics/resins (e.g., polypropylene), and battery raw materials (e.g., lithium, cobalt, and nickel).”

Annual report 2025A · The company itself

“Our ability to manufacture electrified products is dependent upon the availability of raw materials and other components necessary for the production of batteries, e.g., lithium, cobalt, nickel. As described in the Liquidity and Capital Resources section in Item 7 below, and elsewhere herein, to facilitate our access to such raw materials, we have entered into and we may, in the future, enter into offtake agreements and other long-term purchase contracts.”

Annual report 2025A · The company itself

“For example, the new battery energy storage business we announced in the fourth quarter of 2025 or our efforts to evaluate and implement alternative distribution models and channels for our products and services from those we have traditionally used may be challenged or may not succeed or be as successful as our historical arrangements.”

Annual report 2025A · The company itself

“As a manufacturer that intends to engage in large-scale production of batteries in the United States for vehicles and energy storage, this tax credit influences our decisions concerning the location, scale, supply chain, and operations of our domestic battery manufacturing business.”

Annual report 2025A · The company itself

“Inom energilagring blir batteriteknik och andra lagringslösningar allt viktigare för att hantera elproduktion från exempelvis sol och vind. I den pågående forskningen och utvecklingen inom batteriteknik ligger stort fokus på storskaliga energilager och elbilar. Det driver efterfrågan på energimätare och brytare där vi erbjuder ett brett sortiment av produkter, bland annat ett utökat sortiment av dubbelriktade mätare, som klarar allt från anläggningar i en villa till stora parker med energilager.”

Annual report 2024A · The company itself

“Det finns en växande efterfrågan på lösningar som inkluderar solenergi, energieffektivisering, styrning och mätning av energiförbrukning samt integrering av batterier och smart teknik i både nya och befintliga fastigheter.”

Annual report 2024A · The company itself

“For motorforsikring er også reparasjon og ombruk av elbilbatterier et tema som blir stadig viktigere, både når det gjelder miljøkonsekvenser og kostnader. Elbilbatteriene har høy verdi, og inneholder viktige materialer som vi bør tilstrebe å bruke RESSURSBRUK OG SIRKULÆRØKONOMI lengst mulig til sitt opprinnelige formål. Hvis vi forutsetter at alt annet holder seg stabilt, så antar vi at klimaavtrykket fra elbilbatterier øker fra cirka 3 prosent av vårt totale klimaregnskap for bil i dag, til 13 prosent om 10 år.”

Annual report 2024A · The company itself

“Følgende materialer inngår i klimaregnskap for skade: • Glass • Stål • Aluminium • Plast • Batterier • Gjenbruk av bildeler ut fra estimat • Bruk av nye bildeler genererer tilsvarende mengde avfall som kan resirkuleres • For avfall etter kondemnasjoner er det lagt til grunn resirkulering av materialer som glass, aluminium og stål.”

Annual report 2024A · The company itself

“Vi har lansert et pilotprosjekt i Danmark for sikker lading av litiumbatterier, for å gjøre kunder, spesielt i offentlig sektor, oppmerksomme på brannrisiko og personlig risiko. Slike batterier brukes for eksempel i elsykler, scootere, verktøy for håndverkere, og hjelpemidler i eldreomsorgen.”

Annual report 2024A · The company itself

“Enligt S&P Global beräk - nas marknaden för batterimaterial växa med 30 procent årligen mellan 2022 och 2026. Denna tillväxt drivs främst av att fler bilar blir eldrivna.”

Annual report 2024A · The company itself

“Industrin är välutvecklad i Asien, och battericellsproducenterna har meddelat nybyggnationer av fabriker i Europa och Nordamerika. Trots detta råder det brist på material och komponenter till batterier i dessa regioner.”

Annual report 2024A · The company itself

“Både Gränges Asia och Gränges Europe lyckades säkra nya kunder och betydligt starkare marknadsandelar inom flera kundsegment. Gränges Asia ökade sin försäljning av material till batterikylplattor och batterihöljen till elbilar väsentligt, medan Gränges Europe säkrade flera nya kontrakt för material till nästa generations elbilsplattformar samt till traditionella applikationer för värmereglering.”

Annual report 2024A · The company itself

“Tre stora investeringsprogram slutfördes: utökad åter vinningsoch gjuteriverksamhet i USA, ytterligare kapacitet i Polen och en fördubbling av kapaciteten för batterikatodfolie i Sverige. Byggandet av en ny anläggning för hållbar aluminium gjutning i Yunnan i Kina går enligt plan.”

Annual report 2024A · The company itself

“Alla större investeringsprogram avslutades under 2024: expande - rad återvinnings- och gjuteriverksamhet i USA för aluminiumlösningar Foundation Build Invest med i det närmaste netto-nollutsläpp, fördubbling av kapacitet för batterikatodfolie i Sverige och ökad produktionskapacitet i Polen.”

Annual report 2024A · The company itself

“När den nya anläggningen är i full drift förväntas den totala kapaciteten i Konin öka med 30 kton. Byggandet av en ny produktionsanläggning för batterikatodfolie i Finspång slutfördes och produktionen kommer att påbörjas under 2025. Därmed fördubblas Gränges batterifoliekapacitet för den europeiska och amerikanska marknaden.”

Annual report 2024A · The company itself

“Gränges erbjuder de viktiga materialen till batterier och drar nytta av sin globala räckvidd, sin djupa fordonsexpertis och sitt hållbarhetsfokus.”

Annual report 2024A · The company itself

“De används bland annat för effektiv klimatkontroll i fordon och byggnader, i elektrifie - ring, batterikomponenter och återvinningsbara förpackningar.”

Annual report 2024A · The company itself

“De används bland annat för effektiv klimatkontroll i fordon och byggnader, i elektrifiering, batterikomponenter och återvinningsbara förpackningar. av aluminium för utvalda nischer.”

Annual report 2024A · The company itself

“Regionala leverantörskedjor för batterier börjar etableras och Gränges är det enda bolaget med global närvaro inom produktion av katodfolie 2024.”

Annual report 2024A · The company itself

“Produkter som historiskt sett drivs av bensinmotorer har numera batteridrivna motoralternativ istäl - let. Denna trend har accelererat under de senaste åren allt eftersom batterier har blivit kraftfullare, pålitligare och billigare.”

Annual report 2024A · The company itself

“Elektroniska komponenter, inklusive batterier och tillhörande komponenter blir viktigare för koncernens produkter och tjäns - ter. Global efterfrågan på dessa komponenter ökar också dramatiskt på grund av pågående elektrifiering av samhället, särskilt på battericeller och datorchip.”

Annual report 2024A · The company itself

“Ur ett produktsegmentsperspektiv är våra fokusområden för värdeskapande robotgräsklippare, batteridrivna produkter, smart bevattning och professionella lösningar.”

Annual report 2024A · The company itself

“Våra prioriteringar för de kommande åren styrs av vårt engagemang för våra kunder genom innovation, hållbarhet och operationell effektivitet. Genom att fokusera våra investeringar inom robotgräsklippare, batteridrivna produkter, smart bevattning och professionella lösningar positionerar vi Husqvarna Group för att leda utvecklingen inom de områden som betyder mest för våra kunder och samhället.”

Annual report 2024A · The company itself

“År 2020 var vi med och bildade POWER FOR ALL ALLIANCE, som tillhandahåller ett universellt batterisystem kompatibelt med över 100 produkter från flera tillverkare vilket ger användare maximal bekvämlighet och flexibilitet.”

Annual report 2024A · The company itself

“Som en av våra fyra operationella ambitioner har koncernen sänkt sin andel av bensinprodukter genom en ökad försäljning av robot- och batteridrivna produkter. Idag består vår motori - serade verksamhet till 44 procent (42) av batteridrivna produkter, robotprodukter samt eldrivna produkter med sladd – en uppgång från 11 procent 2015 och med ambitionen att ytterli - gare utöka den delen till 67 procent år 2026.”

Annual report 2024A · The company itself

“Försäljningen av robotgräsklippare för den professionella marknaden och batteridrivna konsumentprodukter hade en stark tillväxt.”

Annual report 2024A · The company itself

“Divisionen levererade tillväxt för handverktyg och för batteridrivna produkter.”

Annual report 2024A · The company itself

“Lisäksi Kalmar lanseerasi vuoden aikana seuraavan sukupolven litiumioniakkuteknologian sähkökäyttöisten vastapainolaitteiden tuotevalikoimaansa ja sähkökäyttöiseen konttilukkiinsa.”

Annual report 2025A · The company itself

“Markkinoihin kohdistuu riskejä, jotka johtuvat akkujen rajallisesta saatavuudesta ja mahdollisesta hinnannoususta sekä suuresta Kiinariippuvuudesta harvinaisten maametallien saamisessa.”

Annual report 2025A · The company itself

“–Sähköistymisen trendin vuoksi sähköajoneuvoissa käytettävien komponenttien (akut, moottorit ja puolijohteet) kysynnän odotetaan kasvavan, mikä johtaa rajoitettuun saatavuuteen ja mahdollisesti komponenttien puutteeseen. Rajoitettu saatavuus aiheuttaa hintojen nousua, kun taas komponenttien puute aiheuttaa tuotannon viivästymistä.”

Annual report 2025A · The company itself

“Magnora expects the auction program to provide attractive fundamentals with long term, stable, revenue contracts, and award 50 GWh (10-15 GW) of battery energy storage projects over the coming years.”

Annual report 2024A · The company itself

“Installed BESS during 2024 was about 1.5 GW, bringing total installed BESS capacity in UK to 5 GW, with an estimated 24 GW targeted by 2030 (Rystad Energy).”

Annual report 2024A · The company itself

“However, we see some examples of decision making in e.g. Italy (BESS), UK (sea grid) and South Africa (significant grid investments).”

Annual report 2024A · The company itself

“As the need for renewable energy and flexibility in the energy systems steadily grows, a period of generally lower investments in the industry may be followed by even stronger demand in the following years.”

Annual report 2024A · The company itself

“Magnora is well positioned in this market for the long term. Our service is fundamental: We provide a landbank, grid applications and the management of environmental studies and government approvals in order for our customers to get a head start.”

Annual report 2024A · The company itself

“Magnora is pragmatic regarding technology in its projects. Magnora has chosen to specialise in the development phase, which is competence intensive and where the right teams make a difference and a decent profit if industrial size and diversified portfolio.”

Annual report 2024A · The company itself

“New markets and investments are evaluated continuously.”

Annual report 2024A · The company itself

“New markets, technologies and opportunities are regularly being evaluated.”

Annual report 2024A · The company itself

“The strategy of building a robust portfolio across several segments and geographical areas has proven effective.”

Annual report 2024A · The company itself

“Magnora sells before the physical construction of powerproducing assets, which are capital intensive and with often lower return on capital than in the development space.”

Annual report 2024A · The company itself

“Contents This is Magnora 3 The portfolio 12 Strategy 17 Corporate governance 19 Senior management and Board of Directors 25 The Board of Directors’ report 27 Sustainability 35 Alternative performance measures 41 Financials - consolidated 43 Financials - parent company 78 Remuneration report 99 Responsibility statement Purpose Magnora accelerates the shift to greener and more available energy through developing highquality, profitable projects within wind, solar and battery energy storage.”

Annual report 2024A · The company itself

“Magnora focuses on medium and large solar, battery and wind projects.”

Annual report 2024A · The company itself

“Solar PV Storage hafslundmagnorasol.no The portfolio The portfolio Scotland: Offshore wind Offshore wind development in collaboration with TechnipFMC • Developing 495 MW floating offshore wind capacity in Scotland, project Talisk (ScotWind, N3 area) • Project Talisk is one of the earlier ScotWind projects to connect to grid (in 2030) • 80 percent ownership England: Battery energy storage and solar Storage and solar PV development in the UK Partnership for development of solar PV and battery storage projects with a local developer in the UK, Active portfolio of 545 MW at different stages of development 50 percent ownership Offshore Floating Wind Solar PV Storage magnoraoffshorewind.com Magnora established Magnora Offshore Wind AS (“MOW”) in partnership with TechnipFMC (which owns 20 percent), and the company submitted its application for license to develop a floating offshore wind farm in the ScotWind leasing round, in 2021.”

Annual report 2024A · The company itself

“The Group’s local development company, AGV, sold its first two projects in 2023, both to Globeleq which is a leading independent power producer (IPP) owned by British International Investment and Norfund. Globeleq was successful in April 2024 in South Africa’s Energy Storage Capacity Independent Power Producer Procurement Programme (ESIPPPP) with the award of the 153 MW / 612 MWh Red Sands project, one of the projects sold in 2023, meaning the project is progressing towards financial close and the last milestone payment to Magnora, expected by H2 2025.”

Annual report 2024A · The company itself

“This shift demands large investments in renewable power generation, transmission infrastructure and battery technologies. As a result, the supply of key metals, such as nickel, copper, lithium, zinc, and manganese, must increase rapidly and significantly.”

Annual report 2025A · The company itself

“Electrification will increase the demand for certain metals, such as copper and other battery metals, which will strengthen the demand for minerals and hence the outlook for mining and Metso’s business. Short Medium Long CLIMATE CHANGE ADAPTATION Climate change impacts the physical environment.”

Annual report 2025A · The company itself

“Renewables and electrification would create strong demand for copper and battery metals, and spending on infrastructure accelerates.”

Annual report 2025A · The company itself

“The sustainable development of metals-refining and smelting focuses especially on solutions for batteries, low-carbon steel production, circular economy, and copper processing technologies.”

Annual report 2025A · The company itself

“In the rapidly growing battery industry, Metso is well positioned to offer sustainable technology and equipment, covering e.g. lithium and nickel production, with project scopes ranging from equipment packages to complete plant deliveries, covering the entire value chain from mine to battery materials, as well as black mass recycling.”

Annual report 2025A · The company itself

“Genom effektiv produktion, hög leveranssäkerhet och närvaro i snabbt växande branscher som batteritillverkning, återvinning och försvarsindustrin har divisionen befäst sin ledande position.”

Annual report 2024A · The company itself

“Dessutom utvecklas lösningar löpande för nya applikationer inom segment som batteritillverkning, vätgasindustrin och koldioxidinfångning.”

Annual report 2024A · The company itself

“Americas, med drygt 80 procent av divisionens omsättning, utvecklades starkt, framför allt kopplat till Nordfabs leveranser till batterifabriker.”

Annual report 2024A · The company itself

“I Europa har ett liknande projekt inletts i danska Assens, med målet att fördubbla produktionskapaciteten och skapa förutsättningar för att ta marknadsandelar i regionen inom strukturellt växande branscher.”

Annual report 2024A · The company itself

“Batteriproduktion Den ökande efterfrågan på högkapacitetsbatterier driver elektrifieringen av fordonsflottor och behovet av energilagring. Tillverkning och återvinning av batterier kräver både mycket energi och hantering av farliga ämnen, som tungmetaller och rökgaser.”

Annual report 2024A · The company itself

“Under de senaste åren har vi framgångsrikt vuxit organiskt inom marknadssegment som batteritillverkning, försvarsindustrin, avfallshantering och förnybar energiproduktion.”

Annual report 2024A · The company itself

“Divisionen kan nu hantera alla de många produktvarianterna med extra snabbhet och precision, en avgörande faktor för att möta kraven från bland annat kunder inom produktion av högkapacitetsbatterier och halvledare.”

Annual report 2024A · The company itself

“Some emerging technologies, such as distributed renewable energy technologies, broad consumer adoption of electric vehicles and energy storage devices, could affect the price of energy. These emerging technologies may affect the financial viability of utility counterparties and could have significant impacts on wholesale market prices, which could ultimately have a material adverse effect on NRG's financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“This includes (i) demand response and virtual power plants (“VPP”), which help manage costs and improve affordability for customers, (ii) completing the Texas Development Projects, (iii) long-term, contract-backed generation and related infrastructure, supported by strategic partnerships with equipment manufacturers and engineering, procurement, and construction companies, and (iv) increasing capacity at existing facilities.”

Annual report 2025A · The company itself

“In July 2025 and January 2026, the BPU adopted various regulations intended to streamline the process for utility interconnection applications and ensure compliance with a recently enacted law mandating that EDCs in New Jersey improve the interconnection process for certain grid supply solar and energy storage facilities.”

Annual report unknown yearA · The company itself

“Substantial investments in generation, transmission and distribution will be required to meet current projections of increasing customer demand. Sustained distribution grid modernization will also be required to accommodate increased EE, EV infrastructure, increased penetration of distributed energy resources on the electric system, such as on-site solar generation and also potential deployment of energy storage, fuel cells, and distributed resources technologies.”

Annual report unknown yearA · The company itself

“19SCANA ASA | ANNUAL REPORT 2024 OUTLOOK ENERGY is experiencing strong demand within energy storage, modules and shore power.”

Annual report 2024A · The company itself

“PSW Power&Automation is still experiencing strong profitable growth on the back of electrification as a megatrend. The Battery Energy Storage Solutions (BESS) market is probably still in the starting phase, and we have had a breakthrough in grid scale energy storage.”

Annual report 2024A · The company itself

“The Energy division with headquarters at Ågotnes and locations in Lillestrøm, Mongstad (Norway) and Karlstad (Sweden) delivered NOK 825 million in revenue, representing an organic growth of 47% driven by Battery Energy Storage Solutions (BESS) and Modules.”

Annual report 2024A · The company itself

“In addition, many of the Company’s products incorporate battery technology. As the market moves towards a lower-carbon economy and as other industries begin to adopt similar battery technology for use in their products or increase their current consumption of battery technology, the increased demand could place capacity constraints on the Company’s supply chain. Furthermore, increased demand for battery technology may also increase the costs to the Company for both the battery cells as well as the underlying raw materials such as cobalt and lithium, among others.”

Annual report 2026A · The company itself

“This includes the development and availability of reliable, affordable and low emission energy solutions, including sustainable aviation fuel and alternative fuel and battery electric vehicles.”

Annual report 2025A · The company itself

“Litiumin hinta laski edelleen edellisvuoden merkittävän hinnanlaskun jälkeenkin.”

Annual report 2024A · The company itself

“Energian varastoinnin kysyntä liittyy läheisesti energiajärjestelmässä uusiutuvien energialähteiden osuuden kasvuun, joka jatkui nopeana. Odotettavissa on, että yleishyödyllisen akkupohjaisen energian varastointimarkkina jatkaa vahvaa volyymikasvuaan tämän vuosikymmenen ajan ja sen jälkeenkin.”

Annual report 2024A · The company itself

“Lokakuussa 2023 Wärtsilä ilmoitti aloittavansa energian varastointiliiketoiminnan strategisen arvioinnin. Arvioinnin tavoitteena on tarkastella, miten liiketoiminnan kannattavaa kasvua voitaisiin kiihdyttää parhaiten asiakkaita, työntekijöitä ja Wärtsilän omistaja-arvoa hyödyttävällä tavalla.”

Annual report 2024A · The company itself

“Wärtsilä tukee yhteiskuntia ja asiakkaita nopeuttamaan hiilineutraaliussiirtymäänsä markkinoiden johtavilla uusiutuvaa sähköntuotantoa tasapainottavilla teknologioilla ja sähköjärjestelmien mallinnusosaamisella. Wärtsilä Energyn ratkaisuvalikoimaan sisältyvät elinkaarija hiilineutraaliuspalvelut, kestäville polttoaineille soveltuvat voimalaitokset sekä energian varastointija optimointiteknologia, mukaan lukien GEMS Digital Energy -energianhallintajärjestelmä.”

Annual report 2024A · The company itself

“Energian varastointiliiketoiminnassa Wärtsilä toimii järjestelmäintegraattorina, joka tarjoaa asiakkaalle akkuvarastoratkaisut ja niihin liittyvät elinkaaripalvelut. Tähän sisältyvät akkumoduulien, muiden laitteiden sekä akunhallintaja muunninlaitteiden hankinta ja integrointi Wärtsilän suunnittelemiin varastointilaitteisiin, asennustyöt ja laitosten optimointi.”

Annual report 2024A · The company itself

“Wärtsilä pyrkii tukemaan asiakkaitaan näiden hiilineutraaliuspyrkimyksissä kestävillä polttoaineilla toimivilla sähköjärjestelmää tasapainottavilla säätövoimalaitoksilla, hybridiratkaisuilla sekä energian varastointija optimointiteknologialla. Molemmilla aloilla Wärtsilän tavoitteena on hiilettömille polttoaineille valmiin tuotevalikoiman tarjoaminen vuoteen 2030 mennessä.”

Annual report 2024A · The company itself

“Our business Renewables Renewables ABL Group offers expert technical and engineering consultancy across all renewable energy markets, offshore and onshore, providing tailored support to clients across the lifecycle of a project, from concept through to construction and operations. Our track-record covers wind energy (onshore, fixed and floating), floating and ground-mount solar PV, battery energy storage systems (BESS), and wave and tidal.”

Annual report 2024A · The company itself

“Energy Storage As renewable energy development accelerates at pace across much of the world, energy storage solutions (ESS) are crucial to balancing supply and demand to mitigate against the variability of green energy production. ESS is proven to be vital in shoring up the stability of electricity. The Group provides expertise in a range of ESS: battery energy storage systems (BESS), compressed air, pumped hydro and hydrogen for energy storage.”

Annual report 2024A · The company itself

“This includes the significant expertise provided by OWC in the development and expansion of BESS technology.”

Annual report 2024A · The company itself

“Dedicated renewable energy consultancy, providing technical advisory, engineering and consulting for the commercial-scale development of wind energy, solar PV, energy storage, wave and tidal energy technologies, onshore and offshore.”

Annual report 2024A · The company itself

“Headed up by Rubin Sidhu, Managing Director for Onshore Renewables at OWC Americas, the team brings expertise in supporting equity investments, mergers & acquisitions (M&A), and technical due diligence in wind energy, solar PV, battery energy storage systems (BESS). international maritime, experience counts.”

Annual report 2024A · The company itself

“OWC has a strong track record of 110 Gigawatts (GW) in 2.5 years under our onshore renewables division which is predominantly focused on technical due diligence (TDD) and other consultancy services serving the battery storage, solar, and onshore wind industries.”

Annual report 2024A · The company itself

“2) Increased demand for products for the generation of clean energy technologies There is increasing demand for raw materials such as chrome ore and low-carbon ferrochrome for clear energy technologies and essential applications in the energy transition, electromobility and other green technologies.”

Annual report 2025A · The company itself

“Additionally, the Group has commissioned a 1.5 MWp solar plant in South Africa with 3.0 MWh battery storage, which is expected to replace just under 1,000 MWh of grid electricity annually.”

Annual report 2025A · The company itself

“Till exempel är cirkularitet nyckeln till att realisera miljöfördelar med batterier som används i försörjnings-och transportsektorn. I Europa måste 50 procent av ett batteri återvinnas idag, med målet att öka andelen till 70 procent 2030.”

Annual report 2024A · The company itself

“Expandera erbjudandet inom dekarbonisering, energi och biobaserade material Ambitionen är att stärka vår ledande position internationellt inom ren energi, papper & massa och andra biobaserade industrier, samt inom cirkulära lösningar. Vår målsättning är att uppnå en stark ställning inom gröna capex-projekt så som grönt stål, vätgas och batterier.”

Annual report 2024A · The company itself

“Vi tecknade också ett designavtal för ett nytt pumpkraftsprojekt i Australien som ska säkerställa en tillförlitlig elförsörjning vid omställningen till förnybar energi.”

Annual report 2024A · The company itself

“Process Industries har verksamhet Divisionen erbjuder ingenjörsoch konsulttjänster för den globala processindustrin inom papper och massa, kemikalier, bioraffinering, gruvdrift och metaller samt inom tillväxtsektorer som batterier, vätgas och power-to-x.”

Annual report 2024A · The company itself

“Our vacuum business develops cutting edge products and technologies to test vacuum environments and find uses in a diverse variety of industries including semi-conductor, batteries, chemical manufacturing and advanced materials development.”

Annual report 2025A · The company itself

“Additionally, our products are used to support the testing for safety, quality, and compliance across the value chains of advanced materials – including semiconductors, batteries, and specially engineered polymers and polymeric materials.”

Annual report 2025A · The company itself

“Our products are used to test for safety, quality, and compliance across the value chains of advanced materials – including semiconductors/electronics, batteries, specially engineered polymers and polymeric materials, minerals and metals, thin film & optics, consumer products and packing materials – from the upstream raw materials, materials production, and final products to the end markets and recycling.”

Annual report 2025A · The company itself

“Vi har en strategisk allians med Isuzu Motors och vi har ett samarbete med Samsung SDI om batterier.”

Annual report 2024A · The company itself

“Volvo Lastvagnars nya erbjudande ska ses mot bakgrund av Volvokoncernens ambition att nå nettonollutsläpp 2040 genom en trevägsstrategi som inkluderar batterielektriska lastbilar, vätgasdrivna bränslecellslösningar samt förbränningsmotorer som drivs på förnybara bränslen.”

Annual report 2024A · The company itself

“De större investeringarna var kopplade till produktuppgraderingar såsom Volvo FH Aero och Mack fjärrtransportlastbil samt utveckling av såväl batterielektriska och bränslecellselektriska lastbilar med både utvecklingsaktiviteter och anpassningar i fabriker samt nya testanläggningar.”

Annual report 2024A · The company itself

“Volvo Penta tillkännagav en uppföljningsinvestering i Utility- Innovation Group som specialiserar sig på robusta, innovativa energisystem och decentraliserade energilösningar. Denna strategiska investering markerar ett fortsatt engagemang för att driva energiomställningen och bekräftar Volvo Pentas roll som en oberoende leverantör av delsystem för energität batterienergilagring (BESS) på den växande globala marknaden för energiinfrastruktur.”

Annual report 2024A · The company itself

“Volvokoncernen utökar snabbt sitt utbud av helelektriska lätta, medeltunga och tunga lastbilar. Den totala orderingången för helelektriska lastbilar minskade dock med 10% till 3.318 (3.698) fordon medan leveranserna av helelektriska lastbilar ökade med 6% till 3.717 (3.523) fordon.”

Annual report 2024A · The company itself

“Volvo Penta startade serieproduktion av sitt delsystem för batterienergilagring i fabriken i Vara.”

Annual report 2024A · The company itself

“Our utility business is developing energy storage facilities, which are expected to generate investment tax credits. Investment tax credits are dependent on the tax capitalized costs of the qualifying generating facilities and the applicable tax credit rate.”

Annual report 2025A · The company itself

“Also, changes to capacity accreditation rules adopted by the MISO could reduce the accredited capacity of renewable generation and battery storage and increase regional capacity prices, potentially requiring additional investment and higher costs to satisfy resource adequacy requirements.”

Annual report 2025A · The company itself

“Smart Energy Plan – Ameren Missouri’s plan to upgrade Missouri’s electric grid through at least 2030. Planned upgrades include investments to improve reliability and accommodate more renewable energy.”

Annual report 2025A · The company itself

“Other technologies, such as light emitting diodes (LEDs), increase the efficiency of electricity and, as a result, lower the demand for it. Changes in regulatory policies and advances in batteries or energy storage, wind turbines and photovoltaic solar cells are reducing costs of new technology to levels that are making them competitive with some central station electricity production and delivery.”

Annual report 2025A · The company itself

“Investments amounted to EUR 34.3 (49.7) million and consisted mainly of the investments of ESL Shipping, related primarily to the Green Coaster vessels. The cash outflow from the Green Handy hedge agreements when they were rolled forward amounted to EUR 7.1 million.”

Annual report 2025A · The company itself

“In April 2025, ESL Shipping signed a loan agreement of EUR 45 million with Nordic Investment Bank for financing the Green Handy vessels. EUR 22.5 million of the loan was drawn down in May 2025, and the rest is expected to be drawn down in 2026 and 2027.”

Annual report 2025A · The company itself

“ESL Shipping’s project to build twelve new Green Coaster electric hybrid vessels progressed as planned, with eight vessels in commercial operation at the end of 2025, and a ninth vessel delivered in December. The last vessel of the series is scheduled to be delivered in the fall of 2026.”

Annual report 2025A · The company itself

“Affärsområdet omfattar fem bolag inom fastighetsautomation, satellitkommunikation, fordonsmonterade vågar, maskinutrustning till batteriindustrin respektive tillverkning av vindrutor.”

Annual report 2024A · The company itself

“Utvecklingen drivs av en stark tillväxt för dotterbolaget Fenagy som utvecklar industriella värmepumpar och kylsystem baserade på naturliga köldmedier, samt SCM Frigo som levererar kyllösningar baserade på naturliga köldmedier.”

Annual report 2024A · The company itself

“BHE’s subsidiaries also have battery energy storage systems in Nevada, Montana, California, West Virginia and Oregon having total Facility Net Capacity and Net Owned Capacity in operation of 320 MW and under construction of 543 MW.”

Annual report unknown yearA · The company itself

“KMC Energy’s storage solution optimises the production of solar power on sites and provides a feasible solution to manage peak load periods. This creates stability and predictability for tenants, as well as reduces costs for operators of the power grid.”

Annual report 2023A · The company itself

“Mer än två tredjedelar av världens nickelproduktion används för att tillverka rostfritt stål. Nickel är också en viktig komponent i modern batteriteknik.”

Annual report 2024A · The company itself

“bilbatterier varje år. Produktionen av bly på Bergsöe är en berättelse om en sann cirkulär ekonomi eftersom nästan 100 % av allt bly som produceras på Bergsöe kommer från sekundärmaterial och det mesta av det går också tillbaka dit det kom ifrån – som huvudmaterial i blybatterier för bilar.”

Annual report 2024A · The company itself

“The Company is well positioned in several growth segments and especially in the renewable energy eco-system. This includes development and production of renewable energy, wind industry services, and renewable energy technology. This unique combination also positions the Company for new strategic opportunities.”

Annual report 2024A · The company itself

“In addition, sales to batteries and oilfield chemicals showed strong growth in 2024.”

Annual report 2024A · The company itself

“The production capacity for highly specialised lignin-based biopolymers was increased in 2024 with an investment totalling close to NOK 80 million. The new capacity will gradually be phased into attractive niche markets, mainly targeting battery applications.”

Annual report 2024A · The company itself

“We have also launched a new dispersing agent for lithium-ion batteries.”

Annual report 2024A · The company itself

“BORREGAARD’S THREE BUSINESS SEGMENTS BioSolutions develops, produces and sells biopolymers and biovanillin from lignin. Biopolymers are used in a wide range of end- market applications, such as agrochemicals, batteries, industrial binders and construction.”

Annual report 2024A · The company itself

“Our key markets, including agriculture, energy storage, and packaging, are increasingly prioritising sustainability. We are also expanding into new markets, such as home care, with innovative sustainable products like Li-ion battery additives, and broadening our geographical reach, particularly in Asia.”

Annual report 2024A · The company itself

“Cloudberry is a renewable energy company. With the combination of profitability and sustainability as our guiding principle, we live and breathe to develop, own, and operate renewable energy assets in the Nordics.”

Annual report 2024A · The company itself

“We do this by focusing on proven and mature technologies like hydro-, wind-, solar power and energy storage in the Nordics.”

Annual report 2024A · The company itself

“Repurposing Stenkalles Wind Project into Dingelsundet Battery Storage together with Hafslund positions Cloudberry within the fast-growing energy storage market and showcases our development flexibility and creativity.”

Annual report 2024A · The company itself

“• Stenkalles wind project converted to the battery storage project Dingelsundet (SE-3): Originally planned as an offshore wind project, Stenkalles was transitioned into a battery storage development due to changing market conditions and increasing offshore wind capex. The project has secured permits to commence construction of a 20 MW /40 MWh battery installation (Phase I, numbers on a 100% basis).”

Annual report 2024A · The company itself

“Our project backlog includes a range of exciting and profitable technologies, notably our planned solar park in Denmark and energy storage systems in Sweden.”

Annual report 2024A · The company itself

“Consumers’ planned investments include the construction or acquisition of electric generation, electric and gas infrastructure, conversions and expansions, environmental controls, electric grid automation technologies, and other electric and gas investments to upgrade delivery systems, as well as decommissioning of older facilities.”

Annual report 2025A · The company itself

“Produkter og tjenester innen bærekraftig finans DNB tilbyr flere produkter og tjenester innen bærekraftig finans, inkludert lån knyttet til energieffektivisering av boliger, bærekraftslinkede lån til bedriftskunder og fond med bærekraftstema.6 For å sikre at kundene har tilgang til finansielle produkter som bidrar til den bærekraftige omstillingen, har DNB utviklet et rammeverk for bærekraftige produkter i utlånsporteføljen.”

Annual report 2024A · The company itself

“Dometic har fastställt fyra kärnteknik-områden: elektronik, konnektivitet, kylning och mobil energi.”

Annual report 2024A · The company itself

“Detta innefattar produkter för att tillhandahålla för - nybar energi genom solpaneler, i kombination med produkter som används för energiomvandling och energilagring. Arbetet intensifieras nu för att anpassa Dometics hela produktportfölj till vårt utbud av mobila energilösningar, i syfte att kunna tillhandahålla en ännu bättre och mer hållbar upplevelse för konsumenten.”

Annual report 2024A · The company itself

“Genom de förvärv som gjorts under senare år har Dometic nu en global ställning och marknadsnärvaro inom mobila energilösningar. Inom det här området erbjuder Dometic en bred produktportfölj som är mycket attraktiv för aftermarket-verksamheten.”

Annual report 2024A · The company itself

“Bland produkterna som lanserades 2024 fanns: • Dometics aktiva kylboxar CFX 2 och CFX 5. • Ett nytt bärbart batteri, PLB 15. • En luftkonditioneringsprodukt som drivs av Dometics mobila energilösning (Mobile Power Solutions).”

Annual report 2024A · The company itself

“Den breda produktportföljen innehåller produkter för att tillhandahålla förnybar energi genom solpaneler, i kombination med produkter som används för energi - omvandling och energilagring.”

Annual report 2024A · The company itself

“However, advances in distributed generation technologies, such as solar cells, gas microturbines, battery storage and fuel cells, may make these alternative generation methods competitive with large-scale utility generation, and change how customers acquire or use the Companies’ services.”

Annual report 2025A · The company itself

“DOVRE GROUP PLC ANNUAL REPORT 2025 DOVRE GROUP IN BRIEF We are the preferred partner for the development and construction of utility-scale renewable energy. Our project management solutions support efficient cost control in complex projects. Together with our clients, we actively build green energy and promote an environmentally and socially sustainable future.”

Annual report 2025A · The company itself

“The business was based on the construction of utility-scale wind and solar parks, battery-based energy storage systems, and heat recovery systems supporting energy efficiency.”

Annual report 2025A · The company itself

“Suvic Oy Signs Agreement for the Construction of a Battery-Based Energy Storage System in Uusikaupunki March 11, 2025 Dovre announced that its subsidiary Suvic Oy had signed a construction contract for the implementation of a battery-based energy storage system. The client for the project is Renewable Power Capital Ltd.”

Annual report 2025A · The company itself

“Federal and state regulations, laws, commercialization and reduction of costs and other efforts designed to promote and expand the use of EE measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could reduce recovery of fixed costs in Duke Energy service territories or result in customers leaving the electric distribution system or an increase in customer net energy metering, which allows customers with private solar to receive bill credits for surplus power up to the full retail credit amount.”

Annual report 2025A · The company itself

“For example, utility owned storage facilities utilize lithium-ion battery technology that in certain circumstances can and have caused a thermal event that can ignite nearby materials, including other lithium-ion cells particularly when deployed in indoor facilities. SCE's financial condition and results of operations could be materially affected if it is unable to successfully manage these risks as well as the risks inherent in constructing, operating, and maintaining its facilities, the operation of which can be hazardous and important for system reliability.”

Annual report 2025A · The company itself

“Elkem's products, such as silicone solutions for EV battery protection and high-purity ferrosilicon for electrical steel, play a crucial role in enhancing the performance and sustainability of these applications.”

Annual report 2024A · The company itself

“The increasing demand for low-carbon technologies like solar panels and batteries is expected to drive growth in Elkem's product segments.”

Annual report 2024A · The company itself

“Elkem’s focus on advanced silicon-based materials positions the company to benefit from the growing demand for electric vehicles (EVs), energy storage, and renewable power. Products such as EV battery components, silicone insulation, and low-carbon graphite enable Elkem to contribute to the transition while increasing its market share.”

Annual report 2024A · The company itself

“Elkem has developed technology to produce graphite, main component in anodes, with 90 per cent lower GHG emissions than today's standard graphite. This has led to the establishment of Vianode.”

Annual report 2024A · The company itself

“Enersensen toiminnalla tuetaan aurinkovoimaloiden käyttövarmuutta. Yhtiön sähkövarastojen kunnossapitotoiminnot on arvioitu luokitusjärjestelmän mukaisiksi. Enersense toimii suurten, megawattiluokan sähkövarastojen laitetoimittajien kumppanina sähkövarastojen ennakoivassa ja korjaavassa kunnossapidossa. Yhtiön toiminnalla varmistetaan sähkövarastojen käytettävyys.”

Annual report 2025A · The company itself

“Furthermore, our long-term investment in energy storage is nearing commercial launch. We expect the first delivery of our proprietary battery systems in Q1, with serial production of 64 kWh units slated to commence mid-year.”

Annual report 2025A · The company itself

“During the year there has been battery development activities. The development is close to being finalized and the first delivery of our proprietary battery systems takes place in Q1, with serial production of 64 kWh units slated to commence mid-year.”

Annual report 2025A · The company itself

“We expect the first delivery of our proprietary battery systems in Q1, with serial production of 64 kWh units slated to commence mid-year. This initiative is a strategic response to the increasing demand for selfconsumption optimization and the adoption of dynamic tariff structures.”

Annual report 2025A · The company itself

“In May 2025, Entergy Services, on behalf of Entergy Arkansas, issued a renewable and storage RFP which solicited up to 1,000 MW of generation. Entergy Arkansas selected a combination of PPA, build-own-transfer, and self-build alternative resources in November 2025.”

Annual report 2025A · The company itself

“In September 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of the Arkansas Cypress Solar facility, a planned 600 MW solar photovoltaic array with a 350 MW battery energy storage system and associated transmission facilities interconnecting at Entergy Arkansas’s White Bluff substation. The estimated cost of the project is $1,602 million.”

Annual report 2025A · The company itself

“Vi har valt en batterilösning med litium-nickel-mangankobolt (NMC), som är känd för sin höga energitäthet, vilket möjliggör förbättrad prestanda och räckvidd.”

Annual report 2024A · The company itself

“Ett exempel är ABBochBoliden, med vilka Epiroc framgångsrikt passerade en ny teknisk milstolpe genom att driftsätta det första helt batterielektriska trolleysystemet på en 800 meter lång testbana i en underjordisk gruva.”

Annual report 2024A · The company itself

“Den ökande efterfrågan på hållbar utrustning möts genom att utveckla produkter och tjänster och/eller utöka utbudet med bättre miljöprestanda. Batteriteknik, uppkopplad utrustning och andra lösningar kan ge mervärde och bidra till att driva på övergången till lösningar med låga koldioxidutsläpp.”

Annual report 2024A · The company itself

“Djupare gruvor innebär en ökad efterfrågan på säkerhetslösningar, automation och batteridriven utrustning. Automation bidrar både till ökad säkerhet och till bättre utnyttjande av utrustningen.”

Annual report 2024A · The company itself

“Vi påskyndar kundernas elektrifieringsresa genom att erbjuda förstklassiga elfordon, diesel-till-batteri konverteringssatser, infrastruktur för elnät, laddningsinfrastruktur och mycket mer.”

Annual report 2024A · The company itself

“Dessutom erbjuder vi hybridkraftsystem utanför elnätet och uppkopplingsmöjligheter som möjliggör batterielektrisk drift.”

Annual report 2024A · The company itself

“Vi strävar efter att tillhandahålla den bästa maskinen, oavsett energikälla, och erbjuder därför dessa typer av utrustning: • Kabel-elektrisk utrustning • Högpresterande BEV-fordon (NMC-batterier) med universell/standardiserad laddning och termiskt styrsystem för att undvika överhettning. BEV = Battery Electric Vehicle (batterielektriskt fordon). • Trolley-elektrisk utrustning • Diesel-elektrisk utrustning ("hybrid") • Motorer som är kompatibla med förnybar HVO-diesel.”

Annual report 2024A · The company itself

“Vi erbjuder världens första batteri avsett för gruvindustrin med CE-certifiering som följer lågspänningsdirektivet, direktivet för elektromagnetisk kompatibilitet (EMC) och direktivet för radioutrustning.”

Annual report 2024A · The company itself

“Under 2024 var 4.2% (3.1) av Gruppens intäkter hänförliga till elektrifiering, inklusive batterielektriska lösningar, "Batterier som tjänst" och "batterikonverteringar".”

Annual report 2024A · The company itself

“Såvitt vi vet har vi den största flottan av underjordiska BEV som är aktiva i drift. Användningen av dessa fordon mer än fördubblades 2024, vilket visar att kunderna har övergått från tester av BEV till att använda BEV för fullskalig produktion. Den totala flottan av elektriska borriggar, elektriska lastare och elektriska gruvtruckar uppgick till över 600 enheter i slutet av året. g ruvorharbeställtbatteridrivna fordon(BEV)frånEpiroc 30 Epiroc Års- och hållbarhetsredovisning 202430 Epiroc Års- och hållbarhetsredovisning 2024 INNOVATION "Vi ser en framtid där en kombination av olika energikällor, inklusive batterielektriska, kabel-, trolleysystem- och 'hybrid'-alternativ, kommer att användas beroende på gruvmetod och tillämpning.”

Annual report 2024A · The company itself

“Transaktionen är ett viktigt steg i EQT:s engagemang för att fortsätta driva energiomställningen. OX2 är verksamt inom både land- och havsbaserad vindkraft, solenergi och energilagring, med en stark närvaro i 11 europeiska marknader, samt nyligen även i Australien.”

Annual report 2024A · The company itself

“Markedene for karbonfangst og -lagring og lavkarbonprodukter, som ammoniakk og hydrogen, utvikler seg langsommere enn forventet, og dermed blir forventede kostnadsreduksjoner som følge av skalering skjøvet ut i tid.”

Annual report 2024A · The company itself

“Advances in technology that reduce the costs of alternative methods of producing electric energy to a level that is competitive with that of current electric production methods, could result in loss of market share and customers and may require us to make significant expenditures to remain competitive. These changes in technology, including micro-grids and advances in energy or battery storage, could also alter the channels through which electric customers buy or utilize energy, which could reduce our revenues or increase our expenses.”

Annual report 2025A · The company itself

“Power Conversion & Storage - combines advanced energy conversion and storage systems to meet the electrification needs of utilities and industries. With a focus on industrial electrification, power stability, and energy storage solutions, Power Conversion & Storage empowers customers by addressing their most complex electrification challenges accelerating their transition to a sustainable, decarbonized future.”

Annual report 2025A · The company itself

“We operate in industries where technology and customer needs evolve rapidly, and our growth and business depend on developing and bringing to market new products, solutions, and services.”

Annual report 2025A · The company itself

“Our long-term success depends on addressing both electrification and decarbonization by adapting our portfolio and scaling less carbonintense and lower carbon technologies (such as gas as a replacement for coal, small modular or other advanced nuclear reactors, hydrogen-based power generation, carbon capture and sequestration, and grid-scale storage).”

Annual report 2025A · The company itself

“The commercial success of technologies such as small modular or other advanced nuclear power, hydrogen-based power generation, carbon capture and sequestration, and grid-scale batteries or other storage solutions depends on factors including the pace of innovation; development costs; capital resource availability; the intensity of competition; our customers’ ability to obtain and maintain required permits or certifications; the effectiveness of our production, distribution, and marketing, including our ability to successfully deploy technologies intended to costeffectively enhance our production, such as robotics and automation, and integration of AI; the availability of raw materials and components; our supply chain; the economics for customers to deploy and support these technologies; overall market demand and acceptance; and the timing of market entry.”

Annual report 2025A · The company itself

“Equipment revenues increased at Electrification, primarily at Grid Solutions due to growth in switchgear, high-voltage direct current solutions, and alternating current substation solutions volume and at Power Conversion & Storage; and at Power, due to increases in Gas Power from Heavy-Duty Gas Turbine and Aeroderivative units deliveries and favorable price; partially offset at Wind, due to decreases at Offshore Wind from the nonrecurrence of revenues recorded on the settlement of a previously canceled project in the third quarter of 2024, project delays, and fewer nacelles produced in the year, and decreases at LM Wind Power due to lower volume from footprint reduction, partially offset by increases at Onshore Wind due to improved pricing and delivery of more units.”

Annual report 2025A · The company itself

“Solar, storage, and energy management markets will continue to develop despite phasing out of government subsidies and incentives.”

Annual report 2025A · The company itself

“In addition, batteries are a significant supply chain input for our energy storage systems for residential and C&I behind-the-meter applications.”

Annual report 2025A · The company itself

“The principal raw materials that we use to produce our products include steel, copper and aluminum as well as batteries and advanced electronic components.”

Annual report 2025A · The company itself

“We expect to leverage our leading position as a provider of traditional stationary generators to gain share in the global C&I BESS market.”

Annual report 2025A · The company itself

“More recently, we have also built out engineering expertise in BESS and power conversion that we are leveraging to compete in clean energy markets. In addition, we have significantly increased our software development capabilities across a variety of applications, including energy management, system-level microgrid controls, and remote monitoring.”

Annual report 2025A · The company itself

“In addition, we believe we can increase mindshare with additional solar installers by enhancing our marketing efforts to drive incremental leads, expanding our clean energy product offering, and integrating our full suite of residential products into a common energy management ecosystem.”

Annual report 2025A · The company itself

“We have developed a line of energy storage systems for use in residential solar-plus-storage applications, as well as microinverters for residential solar energy production.”

Annual report 2025A · The company itself

“In 2020, we launched a line of home energy storage systems marketed under the Generac brand and using the PWRcell™ brand name.”

Annual report 2025A · The company itself

“In 2021, we acquired Off Grid Energy, a European based manufacturer of mobile energy storage systems predominantly used in the rental markets.”

Annual report 2025A · The company itself

“In 2023, we acquired REFU, a European based provider of stationary C&I BESS solutions and related inverter products, which expanded our product offering to enter certain C&I BESS markets around the world.”

Annual report 2025A · The company itself

“In recent years, we have been establishing a base of solar contractors that sell, install and service our PWRcell energy storage systems.”

Annual report 2025A · The company itself

“Our EV portfolio takes advantage of integrated supply chain development, including battery cell production from Ultium Cells Holdings LLC (a joint venture with LG Energy Solution) in plants in Warren, Ohio and Spring Hill, Tennessee.”

Annual report 2025A · The company itself

“We continue to invest in ICE vehicles alongside our EVs and plan to introduce new battery chemistries and form factors that will deliver the EV range and performance our customers desire, with even lower pack costs and improved profitability.”

Annual report 2025A · The company itself

“- Supply-chain decarbonization: introducing climate criteria in procurement and improving supplier GHG data management. - Product and service portfolio changes: developing low-emission sauna concepts and designs for durability and recyclability. - Adoption of new technologies: developing sauna solutions utilizing new technologies such as hydrogen and future energy storage solutions.”

Annual report 2025A · The company itself

“As of 31 December 2024, the Hexagon Purus share price closed at NOK 5.60 per share, translating to a fair value of Hexagon’s share in Hexagon Purus of NOK 922 million. Compared to the share price as of the date of Hexagon’s initial fair value recognition of Hexagon Purus as an associated company (29 June 2023) of NOK 19.8/share, this represents more than 70 per cent decline.”

Annual report 2024A · The company itself

“Hexagon Purus is a global leader in key technologies needed for zero emission hydrogen and battery-electric mobility and infrastructure with production facilities in North America, Europe and Asia.”

Annual report 2024A · The company itself

“REFLECTING ON 2024 | A WORD FROM THE CEOREFLECTING ON 2024 | A WORD FROM THE CEO Opened new and expanded hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, significantly increasing capacity of Type 4 high-pressure hydrogen infrastructure solutions Launched the Tern RC8 battery electric heavy-duty truck for the US market, in partnership with Hino Motors, at the ACT Expo show in Las Vegas Confirmed by Toyota Motor North America (TMNA) as supplier of components for its heavy-duty fuel cell electric powertrain kits for hydrogen powered heavy-duty vehicles Secured up to CAD 8.5 million in funding from the Commercial Vehicle Innovation Challenge (CVIC) in Canada to further develop the Company’s battery electric vehicle technology”

Annual report 2024A · The company itself

“REFLECTING ON 2024 | OUR STRATEGYREFLECTING ON 2024 | OUR STRATEGY | HYDROGEN AND BATTERY STORAGE OFFERING Core component and systems technology offering Hexagon Purus’ Type 4 hydrogen cylinders and systems Hexagon Purus’ proprietary battery systems for heavy-duty trucks Type 4 cylinder Hydrogen fuel storage systems Battery systems Power module (eBTC) Auxiliary module Hexagon Purus is a leading player in the hydrogen infrastructure and zero-emission mobility space offering hydrogen and battery energy storage solutions. The company’s hydrogen systems based on Type 4 cylinder technology and battery systems and vehicle-level software enable safe and efficient use of hydrogen and battery electricity in a variety of zeroemission infrastructure and mobility applications.”

Annual report 2024A · The company itself

“Overview of Hexagon Purus’ proprietary portfolio technology Complete vehicle integration for battery electric heavy-duty trucks Complete vehicle integration for hydrogen electric heavy-duty trucks Hydrogen fuel storage systems Power modules (eBTC) Battery systems Auxiliary modules SBM-1 40ai, 40aii, 40e 1414 Manufacturing footprint In 2024, Hexagon Purus finalized its two-year long capacity expansion program, with ramp-up now completed in seven new locations on three continents.”

Annual report 2024A · The company itself

“Sähköistymisen myötä esimerkiksi akkutuotannossa käytettävien mineraalien kysynnän odotetaan kasvavan. Rajallinen saatavuus ja akkujen hintojen mahdollinen nousu aiheuttavat markkinariskin, koska hinnankorotukset voivat vaikuttaa suoriin kustannuksiin.”

Annual report 2025A · The company itself

“Hiabin tuotantoyksikkö Puolan Stargardissa sai vuonna 2025 onnistuneesti päätökseen hankkeen, joka mahdollistaa sähkönostureiden valmistuksen sekä varmistaa litiumioniakkujen turvallisen ja vaatimustenmukaisen käsittelyn. Tämä aloite todentaa Hiabin edistymistä tuotetarjoomansa sähköistämisessä sekä vastaa asiakkaiden ja sijoittajien kasvavaan kiinnostukseen liittyen vähäpäästöisiin ratkaisuihin.”

Annual report 2025A · The company itself

“As an example, our high-pressure alkaline electrolyzers are a perfect fit for clean energy storage, where excess renewable energy is captured when it is most abundant and stored as hydrogen.”

Annual report 2024A · The company itself

“Utöver vattenkraftverk äger Intea solcellsanläggningar, energilager och bergkyla som producerar grön el till bolagets fastigheter.”

Annual report 2024A · The company itself

“QoitecH Qoitech, en spin-out från Sony Mobile, erbjuder lösningar för energioptimering av produkter som drivs av batterier och olika energyharvesting teknologier.”

Annual report 2024A · The company itself

“For example, for those customers that produce commodity products such as oil, gas, batteries or fertilizers, fluctuations in price can have a direct effect on their profitability and cash flow and, therefore, their willingness to continue to invest or make new capital investments.”

Annual report 2025A · The company itself

“The adoption of product lifecycle management  reduced development lead times and improved coordina-   E-MOBILITY TRANSITION AND PRODUCT DEVELOPMENT > KA connector development: Completed the devel-  - mance in low-pressure drops, reduced weight, and  > Coolant lines for battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) applications:        fuel cell recharging systems.”

Annual report 2024A · The company itself

“Dette kan være teknologi knyttet til overvåkning av klimaendringer, teknologi som tåler ekstreme værforhold, ny teknologi som havvind, digitalisering og løsninger som bruker alternative drivstoff med mer. Dette kan føre til økte inntekter fra eksisterende teknologiløsninger, men også økte inntekter fra nye teknologiløsninger og produkter.”

Annual report 2024A · The company itself

“Kontrollerad luftfuktighet är kritisk inom batteri-, läkemedels- och livsmedelsproduktion för att skydda material, förhindra mikrobiell tillväxt samt säkerställa kvalitet och funktion.”

Annual report 2024A · The company itself

“Samtidigt har försäljningen av fuktningsrotorer påverkats negativt av utmaningarna inom batterisegmentet.”

Annual report 2024A · The company itself

“Strategiskt fokus • Vi leder utvecklingen av energi- och resurseffektiva lösningar med avancerad teknik och djup applikationskunskap för att minska koldioxidutsläpp och förbättra resursanvändningen. • Vi bidrar med förutsättningar för en mer effektiv livsmedelsproduktion genom bättre och mer kontrollerade produktionsmiljöer och optimala klimatförhållanden från foder till färdig produkt i butik. • Vi möter tillväxt inom datacenter genom lösningar för effektiv kylning nära servrar som därmed kan optimera kapacitet och drift. • Vi erbjuder kvalitetsprodukter under Munters varumärke samtidigt som vi ökar vårt regionala fokus inom försäljning, produktion och service. • Vi möjliggör optimering av den globala värdekedjan för odling och produktion av livsmedel med hjälp av våra digitala produkter. • Vi utvecklar hållbara leverantörskedjor och stärker partnerskap med fokus på ansvarsfullt företagande och nya lösningar.”

Annual report 2024A · The company itself

“Introduktion Strategi Vårt strategiska hjul Megatrender Marknad Kunder Innovation Effektivitet och kvalitet Medarbetare Verksamheten Bolagsstyrning Hållbarhetsrapport Finansiell information Övrigt Prioriterade tillväxtområden är • Batteriindustrin • Kylning av datacenter • Den globala värdekedjan för livsmedelsproduktion • Serviceverksamhet och komponenter • Clean Technologies Hur vi gör Hållbarhetsfokus Munters erbjuder energieffektiva klimatkontrollsystem som minskar kundernas användning av el och vatten.”

Annual report 2024A · The company itself

“Table of Contents In addition, the 30% ITC, subject to a phase-down in 2034 and 2035, applies to energy storage projects placed in service after 2022 that begin construction by December 31, 2033 (no eligibility for projects that begin construction after 2035), and to certain property with respect to renewable natural gas facilities (including gas upgrading equipment) placed in service after 2022 that begin construction by December 31, 2024. These projects and property are subject to the same labor requirements and credit enhancements applicable to wind and solar facilities (discussed above).”

Annual report 2025A · The company itself

“For example, the ability of NEE and FPL to develop certain generation and storage facilities is dependent on the international supply chain for generation equipment, batteries and other associated equipment, and governmental or regulatory actions have caused 26 Table of Contents minor, and could in the future cause material, disruptions in the ability of NEE and FPL to acquire certain generation equipment and batteries on time and at acceptable costs.”

Annual report 2025A · The company itself

“FPL also develops and constructs battery storage projects, which, when combined with its solar projects, serve to enhance its ability to meet customer needs for a nearly firm generation source. As of December 31, 2025, FPL had 991 MW of battery storage capacity that delivers energy to the transmission system.”

Annual report 2025A · The company itself

“In 2025, FPL added new solar generation with capacity totaling 894 MW and battery storage capacity totaling 522 MW.”

Annual report 2025A · The company itself

“In addition, NEER, a world leader in battery storage based on 2025 MW of net storage capacity, develops and constructs battery storage projects, that either are integrated with its generation projects to enhance its ability to meet customers' firm capacity needs, or operate as standalone facilities.”

Annual report 2025A · The company itself

“Battery Storage As of December 31, 2025, NextEra Energy Resources had net ownership interests in approximately 5,177 MW of battery storage capacity located in 18 states in the U.S. and 1 province in Canada. During 2025, NEER added approximately 1,799 MW of battery storage capacity.”

Annual report 2025A · The company itself

“NIBEClimateSolutionsharunder2024,trotsdenkraftigainbromsningen i värmepumpsmarknaden i Europa och parallellt med genomförandet av åtgärdsprogrammet, planenligt och på ett imponerande sätt genomfört planerade produktlanseringar och investeringariutvecklingochproduktion. Inom värmepumpssegmentet har flera nya modeller med det naturligaköldmedietR290(propan)introduceratsliksomnyastyrfunktionervilkadrarnyttaavArtificiellIntelligens,AI.Påmarknaden förkommersiellafastigheterharbland annatettheltnyttventilationssortimentundervarumärketNIBE Flowintroducerats.”

Annual report 2024A · The company itself

“In 2025, we continued to make significant progress on the remaining portfolio of projects that will enable our electric generation transition, including placing two solar projects and one solar and battery project into service.”

Annual report 2025A · The company itself

“GenCo plans to construct 400 MW of new battery storage and a new power generation facility consisting of two 1,300 MW CCGTs, which are expected to reach commercial operation between 2028 and 2032 (such assets, collectively, the “Generation Assets”).”

Annual report 2025A · The company itself

“We expect renewable generation, battery energy storage and natural gas generation to be the primary ways in which we will meet our electric generation capacity and reliability obligations to the MISO market and reliably serve our customers when we retire our coal generation capacity.”

Annual report 2025A · The company itself

“As of December 31, 2025, we have placed in service owned renewable and storage projects with combined nameplate capacities of 1,950 MW and 101 MW respectively. Renewable PPA projects with a combined nameplate capacity of 1,200 MW have also been placed in service.”

Annual report 2025A · The company itself

“Selv om hovedelementene består, så gjorde vi noen justeringer for å adressere den utfordrende markedssituasjonen i batteriog hydrogensektorene. Et resultat av dette er at disse områdene nå ikke lenger er vurdert som strategiske vekstområder og ingen ytterligere kapital vil bli allokert hit.”

Annual report 2024A · The company itself

“In collaboration with our electric utility partner, we evaluated opportunities to deploy battery storage and solar generation in support of the expansion at our Kingman, Arizona bar mill. In 2025, we contracted with a third party to install and operate a 50 MW onsite battery energy storage system which became operational in the fourth quarter of 2025. The Kingman site will also host a 25 MW solar project, with construction planned for 2026.”

Annual report 2025A · The company itself

“Under 2024 fortsatte vi att utveckla vår portfölj med egenutvecklade projekt och uppnådde en viktig milstolpe genom att ta vårt första storskaliga soloch batteriprojekt i Storbritannien till tillståndsfasen. Vi har även projekt i Tyskland som är nära att uppnå samma milstolpe.”

Annual report 2024A · The company itself

“Vindkraft, solenergi och batterilagring är fortsatt de mest kostnadseffektiva energikällorna, med det lägsta break-even priset jämfört med andra energislag.”

Annual report 2024A · The company itself

“Den svenska portföljen utökades ytterligare i juli 2024, då bolaget förvärvade en stor portfölj med egenutvecklade projekt i tidiga stadier inom soloch batterilagring från en av Sveriges största privata markägare.”

Annual report 2024A · The company itself

“I juli 2024 ingick bolaget en överenskommelse med en av Sveriges största markägare om att förvärva en portfölj av soloch batterilagringdprojekt i tidiga stadier i elprisområdena SE2 och SE3, med en total installerad kapacitet om cirka 500 MW.”

Annual report 2024A · The company itself

“Förvärv som har genomförts under 2024 ökar den årliga långsiktiga proportionella elproduktionen med 50 GWh, vilket motsvarar en ökning om fem procent av bolagets långsiktiga proportionella elproduktion. • Bolaget har uppnått tillståndsfasen för det första storskaliga projektet i Storbritannien, bestående av 1,4 GW solenergi och 500 MW batterilagring, och har inlett en försäljningsprocess för att utvärdera möjliga avyttringsalternativ. • Bolaget har uppnått koldioxidneutralitet för sina koldioxidutsläpp inom Scope 1 och Scope 2.”

Annual report 2024A · The company itself

“Egenutvecklade projekt Bolaget vidareutvecklar en portfölj om 40 GW av egenutvecklade projekt i tidigt stadie inom landbaserad vindkraft, solenergi och batterilagring i Norden, Storbritannien, Tyskland och Frankrike.”

Annual report 2024A · The company itself

“Under 2024 säkrade Orrön Energy bygglov för batterilagringsprojekt och färdigställde bolagets första fristående batterilagringsprojekt om 1 MW i Vilhelmina.”

Annual report 2024A · The company itself

“Storbritannien I Storbritannien har bolaget arbetat med att vidareutveckla befintliga projekt i tidigt stadie, bestående av elnätsanslutningar med en total kapacitet om 24 GW för solenergiprojekt och 12 GW för samlokaliserade batterilagringsprojekt, till mer mogna stadier. Under det fjärde kvartalet säkrade Orrön Energy ytterligare markrättigheter och nådde tillståndsfasen för bolagets första storskaliga projekt om upp till 1,4 GW installerad kapacitet för solenergi och 500 MW batterilagring, och med en exportkapacitet till elnätet om 1 GW och 500 MW importkapacitet.”

Annual report 2024A · The company itself

“Tyskland I Tyskland har bolaget fortsatt att vidareutveckla sina första projekt, och är för närvarande involverat i flera processer med lokala myndigheter för att erhålla de godkännanden som krävs för att kunna nå tillståndsfasen.”

Annual report 2024A · The company itself

“Frankrike I Frankrike har Orrön Energy säkrat bolagets första markrättigheter och intensifierar nu aktiviteterna för att säkra tillgång till mer mark och vidareutveckla de första projekten mot tillståndsfasen.”

Annual report 2024A · The company itself

“Alternative energy technologies that produce power or reduce power consumption or emissions are being developed and commercialized, including renewable technologies such as photovoltaic (solar) cells, customer-sited generation, energy storage (batteries) and efficiency technologies. Advances in technology and equipment/appliance efficiency could reduce the demand for supply from conventional generation, including carbon-free nuclear generation, and increase the complexity of managing APS’s information technology and power system operations, which could adversely affect APS’s business.”

Annual report 2025A · The company itself

“Table of Contents On November 6, 2023, the KPSC issued an order approving LG&E's and KU's December 15, 2022 CPCN requests (i) to construct a 645 MW net summer rating NGCC combustion turbine at LG&E's Mill Creek Generating Station in Jefferson County, Kentucky, (ii) to construct a 120 MWac solar photovoltaic electric generating facility in Mercer County, Kentucky, (iii) to acquire a 120 MWac solar facility to be built by a third-party solar developer in Marion County, Kentucky and (iv) to construct a 125 MW, 4-hour battery energy storage system facility at KU's E.W. Brown Generating Station.”

Annual report 2025A · The company itself

“Pricer bidrar till positiv påverkan genom system och etiketter med branschledande batteriprestanda, vilket medför lägre energiförbrukning än konkurrerande system.”

Annual report 2024A · The company itself

“Konceptet, som kombinerar skandinavisk design och modulär teknik, innefattar dels marknadens tunnaste och mest sofistikerade etikett, men även en integrerad hyllkantsskena som förser etiketterna och andra kompatibla IoT-enheter med ström vilket eliminerar behovet av batterier.”

Annual report 2024A · The company itself

“Efter årets utgång lanserades Pricer Avenue™ - en nytt display- och kommunikationssystem för elektroniska etiketter som kan drivas med flexibla energikällor. En av energikällorna kommer från det fördjupade samarbetet med Epishine. I detta samarbete integreras Epishines teknik, som omvandlar inomhusljus till energi, med Pricers elektroniska etiketter. Resultatet är en självförsörjande lösning som eliminerar behovet av batterier.”

Annual report 2024A · The company itself

“Både Pricer och Epishine deltar i det Eurostars-finansierade projektet SELECT (Sustainable Electronics for Energy Harvesting Applications). Projektet samlar ledande innovatörer inom elektronik från hela Europa för att utveckla en skalbar plattform för energy harvesting, en teknik för enheter som utvinner energi direkt från sin omgivning. Målet är att minska elektronikkomponenters miljöpåverkan genom batterifria och hållbara lösningar.”

Annual report 2024A · The company itself

“Användningen av litiumjonbatterier är ett riskområde. Profoto köper in dessa produkter från väletablerade leverantörer.”

Annual report 2024A · The company itself

“We may also be adversely impacted by transition risks, such as potential impacts to the supply chain as a real estate developer or changes in laws or regulations, including the need to invest in low-carbon technologies like solar and battery storage, electric vehicle charging, and LED lighting.”

Annual report 2025A · The company itself

“At December 31, 2025, we had 1.1 gigawatts of solar generation and storage capacity on our O&M portfolio, including Prologis and third-party owned projects.”

Annual report 2025A · The company itself

“The following table summarizes our investment in consolidated real estate properties at December 31, 2025 (in millions): Investment Before Depreciation Operating properties, excluding assets held for sale or contribution $ 80,561 Development portfolio, including cost of land 3,019 Land 4,888 Other real estate investments (1) 6,661 Total consolidated real estate properties $ 95,129 (1) Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar, electric vehicle charging and energy storage; (iii) non-strategic real estate assets that we do not intend to operate long term; (iv) newly developed and stabilized data centers; and (v) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.”

Annual report 2025A · The company itself

“I exempelvis norra Sverige pågår en omfattande industriutveckling när nya gröna näringar inom bland annat fossilfritt stål, batteritillverkning och förnybar energi etableras. Här är marknaden den drivande faktorn när kunderna efterfrågar hållbara transporter som en viktig del i deras Installation av ombordsystem erbjuds, och nyttjas redan flitigt, av kunder både nationellt och internationellt, där efterfrågan är stor.”

Annual report 2024A · The company itself

“Maskin- och teknikverksamheten har under de senaste åren lagt en stor del av tiden på att utveckla och testa nya batterimaskiner. Batteriteknik i kombination med kraftfull vakuumteknik har en potentiell marknad i hela världen, men dess egenskaper gör den särskilt intressant för de som förvaltar många svåråtkomliga järnvägssträckor som exempelvis tunnlar och broar.”

Annual report 2024A · The company itself

“Under de fyra dagarna mötte vi både befintliga och potentiella kunder, leverantörer och samarbetspartners, och diskuterade utmaningar och möjligheter inom branschen. Våra representanter delade med sig av sin erfarenhet inom batteriteknik, livstidsförlängning av lok, hållbara transporter och järnvägsentreprenader.”

Annual report 2024A · The company itself

“Långsiktigt drivs efterfrågan av den gröna omställningen, fossilfri energiproduktion, innovativa energilagringslösningar och elektrifiering.”

Annual report 2024A · The company itself

“Resurseffektiva cirkulära affärsmodeller, minskat avfall och ny lagringsteknik är andra områden som utvecklas.”

Annual report 2024A · The company itself

“Vi har experter på allt från kraftverk och solcellsparker till vätgas och batterienergilagring.”

Annual report 2024A · The company itself

“Företaget satsar också stort på internationell expansion samt på att utveckla erbjudandet inom solenergi, grön vätgas och system för batterienergilagring.”

Annual report 2024A · The company itself

“Större investeringar som slutfördes under 2024 var utökad CTMP-kapacitet, solceller och batterilagring i Rottneros Bruk.”

Annual report 2024A · The company itself

“Under året investerades totalt 85 MSEK relaterat till förnyelsebar elenergi vid Rottneros Bruk. Investeringarna som togs i drift under hösten 2024 omfattade en solcellspark och ett batteri för energilagring. Koncernen har även ingått ett långsiktigt avtal för att säkra tillgången till förnybar energi med tyska EnBW genom ett Power Purchase Agreement (PPA). Rottneros kommer att kunna tillgodoräkna sig drygt 30 GWh/år ren vindenergi under en 8,5-årsperiod med start 2025.”

Annual report 2024A · The company itself

“As we further develop our Newbuild program, we continue to utilize each vessel as an opportunity to pilot new technology towards Destination Net Zero.”

Annual report 2025A · The company itself

“Sandvik tillgodoser olika kundbehov i skiftet mot elektrifiering av gruvindustrin. Under året introducerade vi en ny trolleylösning för batterielektriska truckar, utformad för stora flottor med förutsägbar trafik och långa ramper. Vi introducerade också LFP-batteriteknik (litiumjärnfosfat) för våra batterielektriska underjordsborrar och ett uppgraderat LFP-batteri för gruvtruckar och lastare med 36 procent längre drifttid jämfört med den tidigare versionen.”

Annual report 2024A · The company itself

“Key wins in 2025 included the next phase of Innovestor’s energy storage project for 26 sites, building services design for the new acute care or so-called hot hospital in Pori, and a renovation condition assessment with long-term maintenance plans for 22 properties owned by the City of Helsinki.”

Annual report 2025A · The company itself

“We maximise the growth potential in climate and energy solutions, such as heat pumps, solar panels, EV charging and ventilation.”

Annual report 2025A · The company itself

“Solar Industrial Solutions has been rolled out across all markets to accelerate industrial heat pump sales, with a fully integrated vertical structure in each country — locally anchored and supported by a central setup. ● Introduced a new metric as an alternative to Return on Investment, which measures the investment required per ton of CO e displaced, highlighting the cost for our customers of removing one ton of CO e. ● Capitalised on the elimination of the electricity tax in Denmark to drive heat pump sales, while also pursuing opportunities to increase share of wallet through complementary solar panel and battery solutions. ● Launched a new Solar Light website that provides CO e data for each product.”

Annual report 2025A · The company itself

“We are positioning ourselves to provide storage solutions for hydrogen, ammonia and green methanol, including jetty access for bunkering, export, import and transportation.”

Annual report 2024A · The company itself

“Underskuddene stammer primært fra selskabets nu ophørte aktivitet indenfor batteriproduktion og - salg. Batteriaktiviteterne blev frasolgt i foråret 2013.”

Annual report 2025A · The company itself

“Sweco ska utforma en av Europas största batteriparker (BESS), Green Turtle, på uppdrag av energilagringsbolaget GIGA Storage Belgium. Anläggningen kommer att ha en lagringskapacitet på 2 800 MWh.”

Annual report 2024A · The company itself

“Business and Financial Review In 2025, TCM Group delivered results that showed both strategic progress and operational discipline, proving its ability to navigate in a challenging Nordic kitchen market that continued to experience restrained activity, particularly within the B2B project segment.”

Annual report 2025A · The company itself

“In addition, the battery packs that we produce make use of lithium-ion cells. On rare occasions, lithium-ion cells can rapidly release the energy they contain by venting smoke and flames in a manner that can ignite nearby materials as well as other lithium-ion cells.”

Annual report 2025A · The company itself

“We maintain extensive testing and R&D capabilities for battery cells, packs and systems, and have built an expansive body of knowledge on lithium-ion cell chemistry types and performance characteristics. In order to enable a greater supply of cells for our products with higher energy density at lower costs, we have developed a new proprietary lithium-ion battery cell and improved manufacturing processes.”

Annual report 2025A · The company itself

“Our extensive data library includes seismic data, magnetic and gravity data, multi-beam and coring, digital well logs and Ratio is measured on produced accounting principles (segment information) production data, wind energy data, data to identify carbon storage opportunities and other data related to the renewables sector. This rapid access to high quality seismic data enables oil companies to assess subsurface risks before applying for licenses over open acreage, support drilling decisions or guide nearfield exploration efforts in more mature areas.”

Annual report 2024A · The company itself

“We provide valuable market intelligence, data acquisition and integrated solutions for our clients in the CCUS, offshore wind and solar markets.”

Annual report 2024A · The company itself

“The business area is leveraging its solid foundation to accelerate growth with focus on key industries – life science, data centers, semiconductors, battery manufacturing, and power – as well as deepening customer relationships and accelerating services growth.”

Annual report 2025A · The company itself

“The new Vaisala DMP1 probe provides precise measurements in demanding dry processing conditions, such as those found in lithium-ion battery production, where humidity control is critical to the performance of manufactured batteries. For the growing power industry, Industrial Measurements introduced an enhanced version of its OPT100 DGA monitor for transformer online monitoring.”

Annual report 2025A · The company itself

“I takt med en växande elektrifierings- och digitaliseringstrend, lägger Mobile Thermal Solutions stort fokus och resurser inom dessa områden. Inom elektrifiering är utvecklingen positiv, med ökande leveranser av produkter anpassade till elektriska fordon. Elektrifiering möjliggör också nya affärsmöjligheter såsom aktiv kylning av batterier i de elektrifierade fordonen.”

Annual report 2024A · The company itself

“Battery and hybrid solutions can improve availability Battery storage solutions can absorb excess renewable energy during peak generation, through energy buffering. Conversely, batteries can be discharged during peak demand periods, known as “peak shaving”. Vestas Power Solutions can also provide hybrid solutions, such as the 50 MW Kennedy Energy Park in Australia, the world’s first utility-scale on-grid hybrid wind, solar, and battery storage power plant.”

Annual report 2025A · The company itself

“We are proactively managing these constraints by continuously re-evaluating the business cases and timing of our planned development projects. This has led to the deferral or abandonment of some planned capital expenditures for our solar and battery projects and could impact the economic feasibility of additional projects in our new generation development pipeline.”

Annual report 2025A · The company itself

“Our ability to achieve the expected growth of our Vistra Zero portfolio, consisting of our solar generation, battery ESS, and other renewables development projects, is subject to substantial capital requirements and other significant uncertainties. We have a substantial capital allocation plan intended for investments in renewable assets, including solar development projects and battery ESS.”

Annual report 2025A · The company itself

“Det betyder att SPA3, som lanseras 2026, blir mycket mer kostnadseffektiv. Kombinerat med införandet av mega-casting av bildelar, högre batteridensitet och prestanda, cell-to-body-teknik som integrerar batterier i karossen samt nästa generations internt utvecklade elmotorer räknar vi med att SPA3 ska sänka kostnadsnivåerna markant. Nya EX60, som bygger på SPA3 och lanseras under 2026, innebär därmed ytterligare kundfördelar när vi ger oss in på marknadens hetaste EV-segment.”

Annual report 2024A · The company itself

“Alla partnerskap bygger på principen om ömsesidig nytta och samarbetet sker på armslängds avstånd i enlighet med bolagsrättsliga regler och aktiemarknadsbestämmelser. kostnader tack vare implementeringen av vår nya cell-to-body-teknologi, tredje generationen av våra internt utvecklade elmotorer och mega casting.”

Annual report 2024A · The company itself

“Advances in technology, and legislation or regulations supporting such technology, could make our electric generating facilities less competitive and may impact the demand for natural gas. Advances in new technologies that produce or store power or reduce power consumption are ongoing and include renewable energy technologies, customer-oriented generation, energy storage devices, and energy efficiency technologies.”

Annual report 2025A · The company itself

“Increased use of technologies such as private solar and battery storage in our service territories could reduce our recovery of fixed costs, could result in customers leaving the electric distribution system, and could cause an increase in customer net energy metering, which allows customers with private solar to receive bill credits for surplus power at the full retail amount.”

Annual report 2025A · The company itself

“Battery Energy Storage Systems We also own 99 MWs of BESS at Paris located in Kenosha County, WI which was completed in June 2025.”

Annual report 2025A · The company itself

“Infrastruktur för energi, batterilagring, solenergianläggningar och infrastruktur för fordon påverkar och har stor utvecklingspotential.”

Annual report 2024A · The company itself

“Genom batterilager kan Wihlborgs bidra till att stabilisera elnätets frekvens samt frigöra lagrad energi när efterfrågan är hög.”

Annual report 2024A · The company itself

“Produkter och system till anläggningar som lagrar förnybar energi.”

Annual report 2024A · The company itself

“Our portfolio includes offshore and onshore wind farms, solar farms, energy storage, and combined heat and power plants.”

Annual report 2025A · The company itself

“Under mars 2025 har dock marknaden nåtts av nyheter om Northvolt konkurs vilket skapat oro och osäkerhet kring investeringar i den gröna omställningen.”

Annual report 2024A · The company itself

“Under verksamhetsåret har ett arbete inletts med att undersöka nya metoder för att energisäkra verksamheten, i form av batterilager.”

Annual report 2024A · The company itself

“Økende materialpriser som følge av kapasitet på teknologi/materialer med lavt utslipp Overgangsrisiko Teknologi Alle virksomhetsområder Lav Økte kostnader Veidekke følger markedene for materialer og byggevarer for å avdekke endringer i fremtidig kapasitet, og innfører tiltak dersom nødvendig.”

Annual report 2024A · The company itself