OX2 OX2

Stockholm | Energy | Renewable energy (wind, solar and energy storage)
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Updated: 20 Sep 2026 Base analysis: 6 Apr 2026

The news check keeps the assessment current.

General analysis — not personal advice.

NEUTRAL Partly clear

No direct position possible; consider indirect exposure via EQT AB or listed infrastructure/renewables vehicles.

OX2 has been delisted since October 2024 and is owned by EQT, making direct public investments impossible and supporting the review signal.

Market sentiment Neutral →
Trend: Stable

Sentiment remains neutral; solar/BESS construction starts are mildly supportive, but limited transparency as a private company keeps attention muted.

Risk assessment Medium
Dilution: Low EQT-owned; no public equity dilution.
Jurisdiction: Low Mainly Nordics/Western Europe, stable regimes.
Execution: Medium IPP transition and large builds add execution risk.

NEUTRAL is the call. Neutral is the market mood. Medium risk means some things can go wrong.

About the company

OX2 develops, builds and manages wind, solar and energy storage projects, and provides operations and maintenance services. The company is shifting toward owning operational assets (an IPP model) to generate more recurring revenues. OX2 was delisted from Nasdaq Stockholm in October 2024 after EQT acquired the company.

Sector: Renewable energy (wind, solar and energy storage)
Type: Energy
Catalysts
○
Q1 2028
Fageråsen wind farm commissioning High
◌
2027
Finland wind: commissioning start Medium
◌
2028
BESS Finland: commissioning Medium
Bull case

Project transactions and construction starts confirm continued execution of the IPP strategy under EQT ownership.

Bear case

Lack of public reports and share trading limits transparency and investability for external parties.

Why this signal

OX2 has been delisted since October 2024 and is owned by EQT, making direct public investments impossible and supporting the review signal.

Recent news
  • OX2 acquired two battery storage projects totaling 200 MW/800 MWh in Puglia, Italy, from Hanwha Energy Europe with construction start in Q2 2027. The company simultaneously sold the 77 MW Urleasca wind farm in Romania to Scatec ASA with construction start in Q3 2026.

Exchange
Stockholm
Type
Energy
Sector
Renewable energy (wind, solar and energy storage)
OX2 OX2
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.