Merus Power Plc, press release, 25 July 2024 at 11:00

Merus Power will supply a Static Synchronous Compensator to support the operation of an electric arc furnace at an ilmenite smelter located in Saudi Arabia. The ilmenite smelter project was originally delivered by Outotec, which merged with Metso in 2020. Metso and ASIC have agreed on the refurbishment and modernization of the plant's second furnace, which is expected to be operational by 2025. The delivery of Merus Power's compensator is estimated to take place in the summer 2025. The contract between Merus Power and Metso is worth nearly 4 million euros.

The electric arc furnace requires a lot of energy to melt metal and causes uneven loading on the power grid during different stages of the smelting process. This cyclic load can cause disturbances in the entire plant's medium voltage network and reflect on other equipment as well as the surrounding network. Merus®STATCOM balances the load of the medium-voltage network and eliminates disturbances. The compensator improves the energy efficiency of production and reduces relative CO2 emissions by compensating for disturbances in the power grid. With its help, power grid quality requirements can be met and maintained more easily.

"We are pleased to collaborate with Merus Power in designing this solution. Merus Power is an expert in power quality for the metal industry, deeply understanding the specific requirements of the field, and the cooperation has gone well." - Reima Eskelinen, Project Manager, Metso

"Merus Power's experience and solid expertise in power quality compensation for the metal industry have been acquired over several years. The customer receives the entire team's expertise for the development and implementation of the project, as well as highly developed and reliable compensator technology. With our expertise, we aim to ease our customers' work while improving the energy efficiency of the metal industry. For years, we have been developing our skills and products to meet the challenges of today." - Kari Tuomala, CEO, 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.

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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.