CheckWatt’s revenue increased by 150 percent

Swedish energy services company CheckWatt’s revenue rose to 277 million Swedish kronor in 2024, an increase of 146 percent from the previous year. This is shown in the company’s annual report.

The business largely consists of services that enable batteries, solar panels, and other energy resources to contribute advanced capabilities to the energy system and receive financial compensation for doing so. Consequently, a significant portion of the turnover is revenue for CheckWatt's approximately 15,000 private and corporate customers.

“We are pleased to see that our revenue continues to grow at such a strong rate. With us and our customers gaining access to a greater variety of markets that support the power grid in different ways, coupled with our expansion within Europe, we anticipate continued strong growth moving forward," says Dan-Eric Archer, CEO of CheckWatt.

The company's development investments in various forms of electricity market development, AI in the energy sector, and international expansion, are expected to contribute to higher revenue going forward and, over time, also to increased profitability.

Revenue rose to 277 million Swedish kronor, from 112 million in the previous year. The profit after tax was 3.5 million kronor, compared to 3.7 million in 2023.

CheckWatt is an energy services company and an independent aggregator that promotes the advancement of the future’s renewable and flexible electricity systems. The company connects – or aggregates – a multitude of energy resources of varying scales, including batteries owned by its customers, into a large virtual power plant. This virtual power plant is then capable of rapidly delivering or absorbing electricity to balance supply and demand within the power grid, thereby ensuring that the grid frequency is maintained and that the electricity supply always matches consumption. In this way, CheckWatt contributes to the stability and reliability of the electricity grid, which is particularly crucial as we increase our reliance on renewable energy sources. At the same time, the need for unnecessarily costly grid expansion is mitigated, as peak demand surges can be addressed through the utilization of batteries and other flexible resources.

At the end of 2024, CheckWatt was managing 270 megawatts (MW) of installed battery capacity, compared to 90 MW a year earlier.

“As Europe transitions to renewable energy and leaves fossil fuels behind, our role will become even more important in ensuring the stability and security of supply in a system with an increasing share of variable electricity generation,” says Dan-Eric Archer.

For more information, please contact:

Daniel Dickson, communications strategist, daniel.dickson@checkwatt.se, +46 72 648 03 91

About CheckWatt

CheckWatt is Sweden’s largest independent aggregator of flexible energy resources. We

want to contribute to a stable, renewable energy system through smart management of

energy resources, for example in the form of battery storage, solar power, wind power and electric car chargers. Through our virtual power plant Currently, companies and households can

increase the profitability of their battery storages, for example by selling support services to the national grid operator and improving the efficiency of the electricity grid in local flexibility mechanisms. Our portfolio includes 14,000 solar power systems (400 MW in total), 600 wind turbines (1,000 MW) and 15,000 battery storage facilities (290 MW in the first quarter of 2025).

CheckWatt has offices in Stockholm and Gothenburg.

Learn more at checkwatt.se