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Byhmgard AB Signs MoU With SANY for European BESS Projects

BullishMedium impact
BESSSEK 0.1700 6.25%

Byhmgard AB (NGM:BESS) has entered into a non-binding Memorandum of Understanding with SANY for a long-term partnership focused on European battery energy storage system (BESS) projects. The collaboration is set to begin with a 5 MW/10 MWh project in Latvia, where SANY will supply battery systems. Following the announcement, Byhmgard shares rose 3.13% to 0.165 SEK.

The strategic agreement helps Byhmgard secure key hardware supply and potential financing for its rollout across Europe. In addition to the Latvia site, the companies are evaluating hardware supply and co-financing options for Byhmgard's larger 50 MW Hitura project located in Finland. For SANY, the initial project serves as a reference installation to assist with certification and expansion in the Baltic market.

Because the current agreement remains non-binding, project execution still carries operational risks. Investors should monitor whether the partnership transitions into binding equipment supply and co-financing deals, or reaches a final investment decision on the initial projects.

Key points

  • Byhmgard AB signed a non-binding MoU with SANY for long-term European battery energy storage system cooperation.
  • The collaboration starts with a 5 MW/10 MWh reference project in Latvia, where SANY will supply battery hardware.
  • SANY and Byhmgard are evaluating co-financing and equipment supply for the 50 MW Hitura project in Finland.
  • Byhmgard AB shares traded up 3.13% to 0.165 SEK following the partnership announcement.

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Questions and answers

What is the agreement between Byhmgard AB and SANY?

Byhmgard AB signed a non-binding Memorandum of Understanding with SANY to cooperate on European battery energy storage system projects, beginning with a 5 MW/10 MWh installation in Latvia.

Which projects are included in the Byhmgard and SANY partnership?

The partnership begins with a 5 MW/10 MWh battery storage project in Latvia. The companies are also evaluating hardware supply and co-financing for Byhmgard's 50 MW Hitura project in Finland.

Is the agreement between Byhmgard and SANY legally binding?

No, the Memorandum of Understanding is non-binding, meaning final binding contracts for supply and investment have not yet been finalized.