Insider information: Merus Power joins the transformation of steel industry by delivering compensators for green steel production
Merus Power Plc, company release, insider information, 8 July 2024 at 15:00.
Merus Power has received a significant compensator order from one of the leading systems providers of construction and design services for steel plants in the metal industry. The compensators are designed to improve the energy efficiency of a green steel plant and will be delivered to a European customer during 2025. Typically, Merus® STATCOM systems in this power class and scope of supply cost between 4,5-6,5 million euros depending on final scope of supply and possible extension to be contracted.
Green steel is steel produced using hydrogen produced from renewable energy sources, which significantly reduces CO2 emissions compared to traditional manufacturing methods. Merus Power is actively involved in this transformation of the steel industry, providing solutions that improve energy efficiency and support carbon neutrality targets.
"We are strongly involved in the steel industry's transition towards carbon neutrality. Renewable energy combined with modern Arc Furnace and compensation technologies are the key drivers in this development. Merus Power's long history of expertise in supporting customers and partners in the steel industry and sizing equipment provides reassurance to our customers. With our expertise, we can ensure a stable electric grid for steel plants. We are a reliable partner that enables customers to succeed in their own projects." - Kari Tuomala, CEO, Merus Power
For more information:
Kari Tuomala, CEO, kari.tuomala@meruspower.com, +358 20 735 4320
Jonna Kannosto, Marketing and Communications Director, jonna.kannosto@meruspower.com, +358 44 357 8320
Aktia Alexander Corporate Finance Oy, Authorised Advisor, +358 50 520 4098
Distribution:
Nasdaq Helsinki Ltd.
Key media
Merus Power in brief:
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.
The original of this document has been made in Finnish. In case of any discrepancy, the Finnish version will prevail.