2025-05-19
ThFor Energy Cells, the operator of the energy storage system, 2024 is the first full year of operation, with the company providing the isolated operation reserve service, which is essential for the security of the energy system. The 200 MW, four-battery park system became fully operational in October 2023, when Energy Cells first began providing instantaneous power reserve and thus contributing to the assurance of uninterrupted power transmission. Since then, the company has been actively involved in preparing for and synchronizing with the Continental European grid. The company’s revenue for 2024 amounted to EUR 9.2 million, and its net profit was EUR 2.1 million.
“We launched the isolated operation reserve service at the full capacity of 200 MW in October 2023, so 2024 was the first year that this service was available continuously and in full for a whole year,” says Rimvydas Štilinis, the CEO of Energy Cells.
“In addition to ensuring the security of the energy system, we have also contributed to the preparations for synchronisation with Europe, and participated in the testing of the Baltic energy systems in “island” mode. Additionally, before synchronisation, we contributed to the optimisation of the technological losses of the electricity transmission system operator Litgrid with the help of the storage system, so the battery parks were also one of the factors that led to lower electricity prices for end users.”
According to Rimvydas Štilinis, the company’s most important task last year was to prepare for the testing, synchronisation and operation of the Baltic power systems’ isolated operation and the energy storage system in the European energy system.
“I am proud of how the Energy Cells team has contributed in every way possible to the achievement of this important goal – Lithuania’s final step towards energy independence,” said Štilinis.
“The 8th and 9th of February were also particularly important days for us, when we successfully took part in an isolated operation test. This test was critical to ensure a smooth transition to the European electricity system.”
Energy Cells started providing balancing services with part of its capacity from 10 February 2025, after the start of synchronous operation with Europe. The possibility to temporarily use the system of electricity storage facilities as a way to reduce the costs of balancing capacity acquisition until an efficient balancing market could be established was created in the Seimas at the end of last year, following the adoption of the relevant amendments to the legal acts and the decisions (approvals) of the European Commission and the National Energy Regulatory Council.
In 2025, Energy Cells has started the year by providing another service: it will use the expertise it has gained in installing and integrating battery parks into the transmission grid to provide consultancy services related to the development of energy infrastructure. The development of new services will be supported by an update of the company’s organisational structure in autumn 2024 by including the positions needed for existing and new activities.
“The company’s main function continues to be the provision of isolated operation reserve service to the transmission system operator Litgrid. However, we have decided to share the experience we have gained and to provide consultations to the developers of energy storage systems, in order to contribute to the country’s energy transformation and to take into account the future needs of the market, thus contributing to the accelerated development of the market for energy storage,” says Štilinis.
Focus on sustainability and employee well-being
Energy Cells has prepared a Sustainability report as part of its annual management Report based on the EFRAG Voluntary Sustainability Reporting Standard for SMEs (VSME) and in line with the reporting guidelines defined in the Basic Module.
Reducing climate impact remains one of the company’s priority areas. Therefore, in 2024, Energy Cells joined the Science Based Targets initiative (SBTi) together with other companies who are in the EPSO-G Group and have committed to set greenhouse gas (GHG) emission reduction targets for the period until 2030.
The company also places great emphasis on employee well-being. The Employee Engagement Survey conducted in January this year shows that Energy Cells exceeds the Lithuanian and sector averages in terms of loyalty, job satisfaction and engagement. The company’s job satisfaction and engagement indexes are at the level of 83%, the employee loyalty index (eNPS) – 75% Energy Cells’ 2024 Management Report and Financial Results can be found here: Energy-cells_Vadovybes-ir-finansines-ataskaitos-2024.pdf
About Energy cells:
Energy Cells, the operator of the energy storage system, provides an isolated operation reserve service, which is essential for the security and stability of the Lithuanian energy system.
The four-battery park system operated by Energy Cells was named the best energy storage project in Europe in the category of projects larger than 100 MW at the Energy Storage Awards in London in November 2024.
Environmental-Finance.com is an online news and analysis service established in 1999 to report on sustainable investment, green finance and the people and companies active in environmental markets. Environmental Finance’s Impact Awards seek to recognise and reward the work of impact investors everywhere and highlight emerging pockets of best practice, across all asset classes and all geographies. An advisory panel consisting of industry experts chosen for their knowledge, objectivity and credibility along with the Environmental Finance editorial team reviewed the submission.
100% of shares of Energy Cells, which was appointed as the energy storage facility system operator, belongs to the EPSO-G energy transmission and exchange group of companies. The rights and responsibilities of the sole shareholder of EPSO-G are implemented by the Ministry of Energy of the Republic of Lithuania.
Read more about the award on Impact project/investment of the year – energy: Energy Cells – Environmental Finance (environmental-finance.com)
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