Insider information: Merus Power receives nearly EUR 20 million energy storage order from Alpiq
Merus Power Plc, Company release, Insider information, 19 June 2024 at 8:00 a.m.
Swiss-based Alpiq has placed an order with Merus Power to build a 30 MW/36 MWh energy storage facility in Valkeakoski to be connected to Fingrid's grid. Merus Power has carried out the project development work and is responsible for the overall supply of the energy storage facility. In addition, the parties have concluded a contract for operation maintenance services.
The delivery and commissioning of the energy storage facility is scheduled for summer 2025. The investment amounts to nearly EUR 20 million and includes an option to use Merus Power's trading service in the future.
Alpiq is a leading Swiss electricity producer and energy service provider and is active throughout Europe. Alpiq has a low-carbon and flexible asset portfolio with a strong base of hydro and thermal plants, nuclear and renewable assets.
The main function of the energy storage facility to be built in Valkeakoski is to support the balancing of generation and consumption in the grid by participating in Fingrid's frequency reserve market. The energy storage facility will be one of the largest in Finland operating on the frequency reserve market in terms of power and energy capacity.
"We have persistently increased the expertise of Merus Power's energy storage team and developed our solutions to meet a wide range of market requirements. Our agreement with the internationally operating Alpiq both demonstrates the effectiveness of our energy storage strategy and contributes to the development of their market position in Finland." - Mikko Marttala, Project Development Director at Merus Power.
Together for a better climate and an improved security of supply
“This investment in a battery energy storage system (BESS) is a valuable contribution to strengthening security of supply in our European core markets and is in line with our corporate purpose. The energy transition requires more and more intermittent wind and solar energy capacities to be integrated. Alpiq can support this integration by combining our existing expertise in flexible generation with BESS investments.” - Lukas Gresnigt, Head International and member of the Alpiq Executive Board
Balancing electricity production and consumption is becoming increasingly important as renewable energy sources become more widespread. This change requires new solutions, as renewables make the fluctuations in the frequency of the electric grid faster and steeper. The energy storage facility in Valkeakoski will be able to react to these changes in milliseconds.
The modern energy storage facility supplied by Merus Power includes power electronics, intelligent software, and batteries that form a high-tech, high-quality package. With its exceptional expertise and technological know-how, Merus Power has the potential to act as a value chain builder for the entire business. All their products are designed and manufactured in Finland, where Merus Power holds a leading position in the market. Jones, Lang & LaSalle is advising Merus Power on the project to be build in Valkeakoski.
"We have tailored Merus Power's energy storage software and services to meet the specific needs of our customers. Our software provides customers with confidence simplicity in using their devices and getting the most out of their entire investment. Our customers can also rely on the compatibility of the hardware and software and the ability to react quickly to market changes. We are able to accommodate future requirements in our existing systems - thus maintaining high availability in both the short and long term." - Kari Tuomala, CEO of 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.
Alpiq in brief:
Alpiq is a leading Swiss energy services provider and electricity producer that operates throughout Europe. It offers its customers comprehensive and efficient services in the fields of energy generation and marketing as well as energy optimisation. Alpiq has been generating climate-friendly and sustainable electricity from carbon-free Swiss hydropower for more than 100 years. The power plant portfolio also comprises shares in two Swiss nuclear power plants as well as flexible thermal power plants, wind farms and photovoltaic facilities in Europe. The Alpiq Group has around 1,200 employees and is headquartered in Lausanne. Alpiq Holding Ltd. is a private stock corporation in majority private ownership. It is fully controlled by the three shareholder groups of Schweizer Kraftwerksbeteiligungs-AG (SKBAG), the Consortium of Swiss Minority Shareholders (KSM) and EOS Holding SA (EOS).