Navigating Europe's patchwork battery markets with Kilian Leykam (Director @ Aquila Clean Energy)

Europe is seeing a rapid increase in battery energy storage, but no two markets are quite the same. Each country presents its own blend of policy ambition, grid challenges, market structures, and investor appetite. For developers and capital providers, this means a highly fragmented landscape where understanding the local context is just as critical as getting the technology or financing right.

In this episode of Transmission, we take a pan-European view of battery investment looking at how the economics, regulation, and risk profile of projects vary from Belgium to the Baltics. Director of Investment Management for Battery Storage at Aquila Clean Energy EMEA - Kilian Leykam joins Ed to explore everything from four-hour assets in the Benelux to co-location in Italy, capacity markets in Greece, and merchant risk in Germany, this conversation explores what it takes to scale a diversified battery portfolio in today’s evolving energy landscape.

In this episode, we cover:

• Project development across multiple European markets: How site selection, policy maturity and market signals drive investment strategy.
• Four-hour storage in the Benelux: What early operational data tells us about long-duration battery economics.
• Germany and Italy: Why grid support and flexibility services are gaining momentum.
• The role of harmonisation: How EU-wide reforms may help or hinder cross-border battery investment
• Market risks and revenue models: From merchant exposure to capacity payments and co-location opportunities.

About our guest:

Kilian Leykam is Director of Investment Management for Battery Storage at Aquila Clean Energy, where he oversees one of Europe’s most geographically diverse battery portfolios.

With more than 7 GW of battery projects spanning nine European countries, Kilian brings deep experience in project development, trading, and strategic energy investment. For more information on what Aquila Clean Energy do, head to the website.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

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