Energy Cells 2023 results: Europe’s largest energy storage system and first profit


Energy Cells, a company providing isolated-mode operation reserve service, which is essential for the security of the Lithuanian energy system, has published its activity report for last year. The most important event for the company last year was the launch of the reserve service at full capacity, and Energy Cells ended the year with a net profit of EUR 143,000.

“For us, 2023 was the end of a 34-month marathon. We implemented one of the most important projects for the security of Lithuania’s energy system and in October we pressed the symbolic start button, which signaled the start of the isolated-mode operation reserve service – all four battery parks in the system were operating at full capacity,” says Rimvydas Štilinis, CEO of Energy Cells.

The electricity storage system, which will be fully operational in October 2023, is currently the largest electricity storage system in Europe. Battery parks with a total capacity of 200 MW are located in Šiauliai, Alytus, Utena and Vilnius. Energy Cells completed the entire project in 34 months and will be the operator of the system until it is fully synchronized with continental Europe.

According to Rimvydas Štilinis, last year Energy Cells’ activities were also marked by other important achievements: in April, the Utena battery park successfully participated in the isolated-mode operation test of the Lithuanian energy system organised by Litgrid, and currently the battery parks are serving the transmission system operator Litgrid in optimising the transmission system’s losses.

In total, Energy Cells has generated revenues of EUR 2.7 million since the park’s first start of operations in August 2023, with a net profit of EUR 143 thousand.

At the end of 2023, the company had 19 employees with a very high employee loyalty rate – the company’s eNPS was 81%, significantly higher than in Lithuania and the sector.

Energy Cells belongs to the EPSO-G group of companies, which consists of the management company EPSO-G and five directly owned subsidiaries – Amber Grid, Baltpool, Energy Cells, Litgrid and Tetas. EPSO-G and its Group companies also hold shares in GET Baltic, Baltic RCC OÜ and TSO Holding AS. The rights and obligations of the sole shareholder of EPSO-G are exercised by the Ministry of Energy of the Republic of Lithuania.

The energy storage operator’s Energy Cells 2023 activity report and financial results can be found here.