Insider information: Merus Power to supply Neve Oy with energy storage, order value EUR 13 million
Merus Power Oyj has signed a battery energy storage deal worth approximately 13 million euros with Neve Oy. The 30 MW/80 MWh energy storage facility is designed to operate in extremely cold conditions and will be delivered to Rovaniemi at the end of 2026. The companies have also agreed on comprehensive operations and maintenance services for the energy storage facility.
The energy storage facility has been developed to operate reliably in Arctic conditions, withstanding temperatures as low as -50 °C, heavy snowfall, and ice. The system uses grid forming technology that supports the inertia of the electricity grid and strengthens the stability of the electricity system. Merus Power manufactured and delivered the first grid forming energy storage facilities in the Nordic countries to Valkeakoski and Lappeenranta last year.
Merus Power is responsible for the manufacture, installation, and testing of the energy storage system. The system is based on advanced technology developed by Merus Power in Finland and the company's own software, which controls and operates the energy storage system as part of the critical electricity infrastructure. Finnish software development, quality, and cybersecurity features support the system's operational reliability, controllability, and reliability even in exceptional situations and crises.
Neve Oy is a Lapland-based, multi-sector group owned by the city of Rovaniemi. The company is responsible for electricity transmission, electricity and district heating production, district heating networks and services, water supply, fiber optics, and other energy and infrastructure services in the demanding conditions of the north. The energy storage facility to be delivered will enable participation in several different electricity markets, supporting the flexibility of the electricity grid and the operational reliability of the energy system in demanding conditions.
“Arctic conditions place exceptional requirements on electrical systems. Merus Power's solution responds to these challenges and supports our strategic goal of developing reliable and sustainable energy solutions for the demanding conditions of Lapland,” says Kristian Gullsten, CEO of Neve Oy.
“Merus Power’s energy storage solutions have been developed for demanding electricity grid environments where performance, reliability, and high availability are critical factors. We are proud that our modular solutions can be tailored to our customers' needs. With our technological expertise, we can support Neve Oy in developing the flexibility and reliability of its energy system,” comments Kari Tuomala, CEO of Merus Power.
The deal strengthens Merus Power's position as a supplier of demanding energy storage solutions both in the Nordic countries and internationally.
Distribution:
Nasdaq Helsinki Oy
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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.