Exel Composites has won the bidding process in India for Vestas Wind Systems A/S for carbon planks for wind turbines

Exel Composites and its joint venture Kineco-Exel India (KECI) have won the bidding process in India for supplying pultruded carbon plank for wind turbine spar caps for Vestas Wind Systems A/S. The products will be manufactured with pultrusion in KECI's new factory in Goa, India, optimized for serving wind power industry customers in India and globally.

The parties have started the qualification process of the production facility according to Vestas' specifications, after which KECI will be a qualified supplier of carbon flats for Vestas globally. Deliveries are estimated to begin in the last quarter of 2025.

The agreement is an extension of an existing multi-year frame contract updated in 2023 and deepens the collaboration between the companies, which started over a decade ago. Headquartered in Aarhus, Denmark, Vestas is one of the largest and most prominent companies in the wind energy industry, designing, manufacturing, installing, and servicing wind energy projects worldwide.

Spar caps, which utilize carbon planks, are essential structural components within wind turbine blades, providing the strength, stiffness, and load-bearing capacity needed to withstand the dynamic forces encountered during operation. As wind turbines continue to increase in size, carbon fiber composites will play a crucial role in meeting the demanding mechanical requirements needed for these advancements.

"We are pleased to strengthen our partnership with our long-term customer Vestas and look forward to supporting them in their strategic initiatives in India and globally," says Kathy Wang, EVP Industrial Solutions at Exel Composites.

"It is a pleasure to work with the Exel team, we are looking forward to a fast development of the carbon plank business in India," says Steven Zhu, Blade Procurement, Vestas APAC, China.

Exel Composites and Kineco Exel India (KECI) offer wind turbine manufacturers a comprehensive range of glass fiber and carbon fiber composite components required for the manufacturing of modern on-shore and off-shore wind turbines. KECI was established in 2021 as a joint venture between Exel Composites and the Indian company Kineco Group.

Additional Information:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

About Exel Composites

Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.

Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.

Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.

About Kineco Group

Kineco Group, founded in 1994, is India's leading composites manufacturing company catering to highly demanding markets such as aerospace, mass transit and specialized industrial applications. Kineco Group has a strong legacy of innovation and employs over 750 people across its various manufacturing facilities in Goa India. More information is available at www.kinecogroup.com.