Merus Power Plc, Company release, Insider information, 18 December 2024 at 5:15 p.m.
 

Merus Power has signed a contract worth approximately 4 million euros to supply a battery energy storage system to Enertia Oy. The deal also includes a service and maintenance contract. The energy storage facility will be built in Forssa and commissioned by the end of 2025. This order supports Merus Power's growth strategy and strengthens the company's leading position in the domestic energy storage market.

The main function of the energy storage facility is to support the balance between generation and consumption in the grid by participating in the wholesale electricity market and Fingrid's reserve market. As renewables become more common, balancing electricity production and consumption will require more energy capacity that can be quickly adjusted.

Enertia Oy is a Finnish energy storage company founded in 2024 with the aim of building around 20 MW of battery energy storages annually. "This project is an important milestone for us. Our business relies on the return on energy storages, and we wanted a reliable and experienced supplier as our partner. Merus Power has already delivered several battery energy storage systems to the market." - Kalle Myllymäki, CEO at Enertia Oy.

In critical infrastructure projects, such as systems affecting the functionality and reliability of the electric grid, the importance of Finnish involvement is also highlighted from a security of supply perspective.

"Our energy storage solutions meet the needs of the market. Our in-house developed power electronic modules and software make our solutions flexible and scalable. By developing our own products, we are also able to respond to future changes in the electricity market. Meanwhile, Merus Power's growth is proceeding according to plan." - Kari Tuomala, CEO at Merus Power.

For more information: 
Kari Tuomala, CEO, kari.tuomala@meruspower.com, +358 20 735 4320 
Jonna Kannosto, Marketing and Communications Director, jonna.kannosto@meruspower.com, +358 44 357 8320 
Aktia Alexander Corporate Finance Oy, Certified Adviser, +358 50 520 4098 

Distribution: 
Nasdaq Helsinki Ltd. 
Key media 

Merus Power in brief: 
Merus Power is a technology company that enables a sustainable and energy-efficient future. We design and manufacture innovative electrical engineering solutions, such as energy storages, power quality solutions and services for renewable energy and industrial needs. With our scalable technology, we enable the growth of renewable energy in electric grids and improve the energy efficiency of society. We are a domestic innovative electrical engineering specialist and operate in global and fast-growing markets. Our personnel represent internationally respected engineering expertise. Our turnover in 2023 was EUR 29.0 million and our stock trading symbol on the Nasdaq First North Growth Market Finland is MERUS. www.meruspower.com.

The original of this document has been made in Finnish. In case of any discrepancy, the Finnish version will prevail.