Emad Zand, a former Northvolt executive, is aiming to build a network of battery parks for energy storage in several European countries, major media sources have reported. He has already raised 76 million SEK in capital and is planning to borrow an additional half billion SEK to fund the expansion. Battery parks are large-scale installations that store surplus electricity, typically from renewable sources, to help stabilize the power grid.
Poland has been identified as the initial location for the first operations, though the company has not disclosed a timeline, the technology it will deploy, or what role Zand himself will take in the new venture.