31.10.2025 19:00:00 EET | Merus Power Oyj | Inside information

Merus Power and Exilion have signed an agreement for a 30MW / 66MWh energy storage system. The total value of the project is approximately 17 million euros. The energy storage system will be completed during 2026 in Kuortti, Mäntyharju, bringing a significant energy investment to Eastern Finland. The order marks an important step in Merus Power’s energy storage strategy and demonstrates the competitiveness of the company’s proprietary Finnish technology. 

Merus Power acts as the main project developer for the Mäntyharju energy storage system. The company’s fast delivery and commissioning capabilities enable Exilion, a Finnish investor, to bring significant balancing capacity to the electricity market. Merus Power recently announced the first grid-forming energy storage system deployed in the Nordic countries. The same technology is also used in this delivery — it supports the grid’s natural inertia and enhances the stability of the power system. This allows for a more robust main grid even when wind and solar generation are high as South Savo has become an attractive region for renewable energy investments.

“We are proud and pleased about the agreement with Exilion. The 30MW / 66MWh energy storage system is one of the largest we have developed in Finland. This project is significant—not only because of its size, but also in terms of Finland’s security of supply, power system flexibility, and the green transition,” comments Kari Tuomala, CEO of Merus Power. 

Exilion is a Finnish investment and asset management company focusing on real estate and renewable energy. The company is actively investing in energy storage as part of its extensive renewable energy portfolio. Exilion Tuuli LP owns several wind farms that together produced around 1 TWh of clean electricity in 2024. Exilion is also building one of Finland’s largest solar power plants. With the energy storage order, the company strengthens its position as a significant Finnish energy storage provider. 

“We see energy storage as a key enabler of the energy system’s renewal and the green transition. The Mäntyharju project is an important step for us on this path. We are pleased to have our long-term partner Merus Power alongside us–a strong and experienced Finnish technology company,” says Tommi Riski, Director, Business Development and Electricity Markets at Exilion.

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

Contacts

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

About Merus Power Oyj

Merus Power is a technology company driving the sustainable energy transition. We design and produce innovative electrical engineering solutions such as energy storages and power quality solutions, and services for the needs of renewable energy and industry. Through our scalable technology, we facilitate the growth of renewable energy in the electricity grids and improve the energy efficiency of society. We are a domestic specialist in innovative electrical engineering and operate in global and high-growth markets. Our personnel represent internationally renowned  engineering expertise. Our net sales in 2024 was EUR 35.8 million and our stock’s trading symbol on the Nasdaq First North Growth Market Finland is MERUS.

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