BM2Solar - Unlocking new revenues for solar assets
BM2Solar is a company focused on installing and managing batteries in solar plants of independent power producers. We recently sat down with Founder Susana Quintana Plaza to learn more about what they're up to!

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Today we're excited to meet Susana Quintana Plaza of BM2Solar...
So Susana, tell us more about BM2Solar
BM2Solar is a company focused on installing and managing batteries in solar plants of independent power producers (IPPs), improving their performance by selling energy in the different electricity markets.
Our AI tools decide when to charge, when to sell, in which markets, how to optimize the operations with different assets and how to benefit from the differences between markets.
BM2Solar also takes care of financing the batteries and the processes of design, engineering, purchasing, licensing, EPC, operations and maintenance of the batteries, increasing the solar plan returns by up to 20% with zero cost for the solar IPP.

How did you come up with the business idea and what problem are you looking to solve?
During my time as COO of Renewables and New Business I built the renewable business from 18MW to a pipeline of 4.5GW of solar plants in Spain, Portugal and Brazil with 1 GW already installed. However, for solar plants the market projections predicted that future revenues would decrease due to the solar duck curve affect.
Moreover, projections foresaw increased curtailment and rising costs of imbalances. Therefore, we started to investigate co-locating batteries with solar plants. When we looked at the economics of batteries in 2020 we realized that spreads in the wholesale market were not enough to get a decent return in the battery, but if we would participate on both the wholesale and ancillary service market the batteries were already in the money.
After leaving Galp due to a change in the CEO, I continued my work in the sector by founding BM2Solar, and now aim to serve small solar IPPs. In one of our core markets, Spain, as of June 2024 there were already 29 GW of utility scale capacity in operation, 7.8 GW under construction, and 106 GW in early stages of development.
It is estimated that IPPs represent 75% of this utility-scale solar market. All these IPPs are seeing their revenues cut as I explained above, but they typically do not have the software nor trading team to participate in the different markets to reduce these costs and bring new revenue streams.
This is happening to IPPs all across Europe, especially southern European countries where solar makes up a significant portion of the total generation mix.
By retrofitting these plants with batteries and providing the tools to participate in all hours of the intraday market, to take advantage of the high prices of ancillary service market, to reduce imbalances cost, curtailment and clipping we can significantly increase the profitability of these solar plants.
At the same time, we are reducing the need for conventional generation to cover the peak times of the day, reducing wasted green energy and making the grid more stable without the need to expend extra CAPEX on upgrading injection points.

What made you want to start your own business?
I had a lot of experience as an entrepreneur building new business for both E.ON and Galp. In Galp apart from building the renewables business from scratch, I built the decentralized energy business from power point to €5.5m revenues in 18 months and lead a lithium refinery project in Portugal.
Over the years, I’ve had the privilege of building these businesses from the ground up, navigating challenges and driving growth. However, changes in leadership often brought shifts in direction that made me rethink my path.
When a leadership transition at Galp led to my departure, I saw it as the right moment to focus on creating something of my own. It’s a journey I’m excited to continue, with no plans to return to the corporate world.
What stage is your business currently at?
BM2Solar is still pre-revenue.
Our priorities right now are: a. raising equity b. connecting our first rented batteries and generating revenue from those sites, c. working through pre-qualification processes and obtaining market agent licenses, and d. connecting our first fully-financed batteries in Austria and Portugal.
What do you love most about being an entrepreneur?
Working with a team where everyone wants to deliver and has a common goal instead of playing corporate politics.
What is the number one business tip you've learned that you'd like to share with fellow budding entrepreneurs?
Here are some on my top tips!
Scale scale scale, replicability replicability, replicability.
Adaptability is key—be ready to pivot when things don’t go as planned.
Hire people based on attitude, not only experience.
Trust and collaboration are the foundation of every successful business.

Who are your startup heroes?
Indra Nooyi. Technically not an Entrepeneur, but you don't find that many examples of women entrepreneurs, especially in the tech or energy space.
In any case, I chose her as I am also a woman in a men’s world, a mother trying to balance work and family. I have also been an immigrant in US, UK, Germany, Portugal since I was 17 years old and as her, I'm looking to build a company with a long-term vision and a sense of purpose.
Is there a favourite podcast, book or series you'd like to share with the world?
I enjoy reading historical novels in my free time. I recommend that all entrepreneurs find a hobby and to take time to clear their mind from their company. By doing so they can look at problems and opportunities with a fresh mind everyday.
Is there anything else you'd like to share with the world?
The world is being decarbonized because solar, wind and batteries provide the best economic option for providing energy to our increasingly electrified and digitized society. There is no politician or lobby groups that will stop this trend... they may delay it, but decarbonization will win.
Where can people find you online?
Please follow us on LinkedIn to carry on the conversation.
It's been really great to chat today Susana! Good luck in the future with your business and we look forward to catching up with you soon.
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