Finland leads the shared energy storage industry

Does Finland have a battery supply chain?

Finland’s government sees critical mineral production and the battery supply chain as promising areas for economic development that also support energy transitions. Finland has large deposits of cobalt, nickel, lithium, graphite and other critical minerals – and is home to the only company outside China supplying cobalt for lithium-ion batteries.

Does Finland have a high energy consumption?

At the same time, Finland still has a high level of energy consumption in relation to the size of its economy, showing the opportunity for energy efficiency to help improve energy security and reduce emissions in sectors such as transport and industry.”

What kind of energy does Finland use?

Finland has no domestic fossil fuel production and all supplies of crude oil, natural gas and coal are imported. The energy intensity of the economy and energy consumption per capita are both very high due to the country’s relatively large heavy industry sector and the high heating demand from its cold climate.

What percentage of Finland's energy supply is based on fossil fuels?

In 2021, fossil fuels covered 36% of Finland’s total energy supply (TES), the second-lowest share among IEA countries and much lower than the IEA average of 70%. Finland has no domestic fossil fuel production and all supplies of crude oil, natural gas and coal are imported.

Is Finland a good country for energy R&D?

In 2020, Finland ranked fourth among IEA member countries for government budget allocations on energy R&D as a share of GDP and there is a push to develop new and emerging energy technologies to drive energy transitions in hard-to-decarbonise sectors and end-uses, especially industry and heavy transport.

How much energy does Finland import from Russia?

In 2021, Finland spent EUR 10.1 billion on energy imports, with EUR 5.3 billion going to imports from Russia. By share of spending, Russia accounted for 81% of Finland’s crude oil net imports, 75% of its natural gas, 52% of its coal and 51% of its electricity net imports. Russia accounted for 25% of wood chips imports for energy use.