Merus Power Oyj: Insider information: Merus Power wins 13-million-euro energy storage order from eNordic - new solution strengthens Finland's power grid

Merus Power Plc, Company release, Insider information, 13 February 2025 at 2:15 pm 

Merus Power has signed an agreement with Skip Wind 5 Oy (the Finnish holding company of Ardian Clean Energy Evergreen Fund (ACEEF)) to deliver a large energy storage system to Riihimäki, Finland. When completed, this energy storage system of 30MW/30MWh will strengthen the operational capacity of the Finnish power grid. The total value of the EPC project is approximately EUR 13 million, and the energy storage system is planned to be completed during spring 2026.

The industrial scale energy storage system to be built in Kaunola, Riihimäki will mainly serve as a fast grid balancing unit in Fingrid's reserve market. The energy storage system will be part of Merus Power's comprehensive maintenance and operation service, like our previous energy storage systems.

Towards more sustainable energy production and security of supply

Ardian's investments in the Nordic countries are managed by eNordic Oy, which acts as a regional renewable energy investment platform. This is the second energy storage system that Ardian is building in Finland as part of the Ardian Clean Energy Evergreen Fund.

"Our goal is to lead the way in the transformation of the Nordic energy system towards sustainable development. We are happy to continue our cooperation with Merus Power. Merus Power is known for its strong technology expertise and experience in energy storage systems," says Eero Auranne, Chairman of the Board of eNordic Oy.

"The investment supports our strategy in the Nordic countries, where we see significant opportunities to expand the production capacity of renewable energy and to combine energy storage technology to create a more stable and productive energy system. Ardian has a strong position and extensive network in the Nordics, as well as solid experience in financing and managing long-term renewable energy projects," says Benjamin Kennedy, Managing Director Infrastructure - Renewables, at Ardian.

Technology for the future

Merus Power is a Finnish market leader whose products and software are designed and manufactured in Finland. Domestic production and safety are particularly emphasized in critical infrastructure projects, where security of supply and continuity of supply play a key role.

"Our energy storage technology has been developed to meet the constantly changing needs of the market. Our proprietary technologies and software enable flexible and scalable solutions and allow us to adapt to future market changes," says Kari Tuomala, CEO of Merus Power.

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

Distribution:
Nasdaq Helsinki Oy
Key media

Merus Power in brief:
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. 

ABOUT ARDIAN
Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients' differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian's main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.  
At Ardian we invest all of ourselves in building companies that last. ardian.com 

ABOUT ENORDIC
eNordic is the Nordic's first sustainable energy platform, formed by a partnership between Ardian, a world-leading private investment house, and leading domestic industry executives.
Through a local, responsible and agile investment approach, eNordic enables the transformation of the energy sector through long-term partnerships with those that develop or operate sustainable energy projects in the Nordics.
It invests in opportunities in wind, biomass, hydro and district heating, in addition to traditional energy assets that have the potential to be transformed or managed in a particularly sustainable way.
eNordic is based in Sweden and Finland, with local teams operating throughout the Nordics region.
enordic.fi

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