Merus Power: A step toward internationalization of the storage business

Translation: Original published in Finnish on 08/14/2025 at 08:01 am EEST

The company received its first energy storage order from outside Finland, from Poland. The order is moderate in size, but an important initial step to initiate the company's international growth. Energy storage solutions, which account for most of the company's revenue, have thus far been primarily dependent on Fingrid's frequency regulation market. Expansion to new markets could, in the long term, stabilize the company through demand diversification. However, the order has no impact on our revenue forecasts.

Energy storage for a public customer in Poland

Merus Power announced on Wednesday that it had received an order to supply an energy storage system to Poland after winning a public tender (valued at 2.5 MEUR). The energy storage capacity is 8 MWh and the power is 8 MW. The client is Enea Operator, a predominantly public-owned company, which maintains the national distribution network in Northwest Poland. The ordered energy storage is used to balance the distribution network, and it is the first to be acquired for this purpose in Poland. Merus Power is supplying the energy storage system together with Polish electrical contractor Elektropaks and its long-term distribution partner EPQS. Merus Power’s role in the delivery consists of equipment delivery, commissioning, and lifecycle services. The local partner, in turn, is responsible for, e.g., the procurement of transformers and helps to meet the requirements set by the local electricity grid. Delivery is scheduled for fall 2026.

No need to revise estimates

The order does not cause revisions to our estimates, as we already estimate strong 23% revenue growth for 2026, the realization of which necessitates, in addition to the order now received, significant additional orders also from the energy storage segment. We calculate that the total value of Merus Power's announced orders in H1 was 22 MEUR, decreasing from the comparison period (35 MEUR). On the other hand, there has been a greater number of orders, and we believe their quality (margin profile) is stronger than in the comparison period.

Internationalization could enable a more diversified and stable business

The order is Merus Power's first from outside Finland and could provide experience and a reference for further growth in Central Europe. We see internationalization as a key part of the investment case, as the company's current energy storage business is highly dependent on the Finnish market and, e.g., the attractiveness of Fingrid's frequency regulation market. As such, revenue diversification could stabilize the revenue in the long term, though there is still a long way to go from the current level.