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A consequence relative to the expansion of renewable energies is their impact on the stability of power systems. To accommodate their growth, flexibility provisions are required in order to buffer their intermittent generation and maintain a state of equilibrium. A technology able to provide this flexibility is battery swarm, this concept is at the cutting-edge of technology and allows interconnecting decentralized batteries to use them as a single unit. Battery swarms present a considerable potential due to their continuous adoption in society and their technical attributes. However, because of the innovative character of this solution a lack of knowledge appears with regards to the logics of the business model and its functioning. This thesis aims at exploring the different spheres of the battery swarm business model, from a qualitative perspective, in order to better apprehend this model and ease its implementation. Since little literature is available, different experts were interviewed with the aim to obtain insights on battery swarms and reach conclusions.