Merus Power Plc, Insider information, Company release, 13 Feb 2024 at 19.00 pm

Merus Power has signed a contract with a joint venture between Skip Wind 5 Oy, a Finnish holding company of Ardian Clean Energy Evergreen Fund (ACEEF), and Lappeenrannan Energia Oy, a Finnish municipal energy company, to supply a large battery energy storage system (BESS). This 38-megawatt and over 40-megawatt-hour energy storage system will support the Finnish power grid. The project is slated for completion by spring 2025 and will be located in Lappeenranta, near the Mertaniemi power plant.

Merus Power’s battery energy storage delivery represents a complete package, commissioned and tested according to the approval tests of Finland's transmission system operator, Fingrid, for energy storage. Merus Power's share of the investment is approximately 15 million euros. The total investment is larger, including locally built infrastructure and a long-term maintenance contract and it signifies the commitment of Ardian and Lappeenrannan Energia to advancing energy infrastructure in the Nordics. The project is financed by Ardian, a world leading private investment house, through its Ardian Clean Energy Evergreen Fund.

The central function of the energy storage system is to participate in Fingrid's frequency reserve markets and thus support the balancing of production and consumption in the power grid. "Merus Power has built strong expertise in the electricity markets, intelligent power electronics, and understanding and addressing the needs of our customers. This agreement confirms the success of our strategy and our position in the sector," says Kari Tuomala, CEO of Merus Power.

“The investment in a new battery storage system, which is a first for Ardian’s clean energy evergreen fund, is an essential part of our strategy in Finland. We identified an opportunity to scale Finland’s wind capacity and connect battery storage technology to create a balanced and productive energy system. With our existing strong presence and network in the Nordic countries, and our expertise in financing and operating long-term renewables projects, Ardian is perfectly placed to foster this new market opportunity.” says Benjamin Kennedy, Managing Director, Renewables Infrastructure, Ardian.

Ardian runs its investments in the Nordics through its operating partner eNordic Oy, a Nordic renewable energy investment platform. “Our goal is to be at the forefront of transforming the Nordic energy system towards sustainable development. We have chosen a regional battery energy storage contractor, Merus Power, due to their expertise and proven capability in this new sector. ”, says Eero Auranne, CEO of eNordic Oy

Maintaining the balance between electricity production and consumption is becoming increasingly important as renewable energy sources such as wind and solar power become more common in energy production. The fast-reactive energy storage is capable of meeting the balancing needs of the power grid with millisecond precision, which is essential for the stability of a modern electricity network.

"The contract package includes not only an energy storage system made in Finland but also a long-term maintenance and operation agreement, which ensures the high availability of the energy storage over the long term. "Through the maintenance and operation agreement, along with the associated remote control and cloud service, we can offer our customer even higher operational reliability and sufficient maintenance and monitoring measures to ensure the longevity of the investment", says Markus Ovaskainen, Sales Director of Merus Power.

Additional information:

Kari Tuomala, CEO of Merus Power, kari.tuomala@meruspower.com
Jonna Kannosto, Marketing and Communications Director of Merus Power, jonna.kannosto@meruspower.comAktia Alexander Corporate Finance Oy, Authorized Advisor, +358 50 520 4098

Merus Power at a glance

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.

ABOUT ARDIAN
Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 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 19 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.