Merus Power to provide Oy Herrfors Ab with a trading platform - offers immediate economic benefits to the electricity company
Merus Power Plc, press release, May 2 2024 at 15:00
Merus Power Plc and Oy Herrfors Ab have signed a contract for optimization and trading services for a 7 MW energy storage system and a 5 MW electric boiler. The contract between Merus Power and Oy Herrfors Ab covers optimization for Fingrid's reserve market and the wholesale electricity market.
The trading platform developed by Merus Power offers the possibility to optimise energy storage technology in the electricity market, taking into account both the consumption of the storage battery and the return on investment. As the Finnish market leader in energy storage, Merus Power's expertise in both battery technology and the various reserve and electricity markets enables the best solution for the overall investment.
"Merus Power's energy storage and maintenance services combined with the trading platform form a complete service package. We are very pleased that our solution comes from a Finnish company that is also a leading expert in the field." - Victor Wistbacka, Development Manager, Oy Herrfors Ab.
The technological features of Herrfors' energy storage and electric boiler complement each other. The energy storage system will enable the company to participate in the market even when the boiler is used for the heating network. In turn, the electric boiler can absorb large amounts of energy thanks to the heat network. By optimizing resources together, synergies can be achieved that would not be possible if they were optimized separately. An energy storage system can meet short-term energy needs, whereas an electric boiler can meet those of a longer time frame. By combining the two technologies, it is possible to offer a package to markets where neither would be able to participate on its own.
"We are pleased that Herrfors has not only extensive technical knowledge, but also a vision of profitability. Regulatory capacity will be used in a way that delivers the best overall benefit; sometimes this may mean maximising reserve market revenue and sometimes full utilisation for the needs of the heat network. The MERUSCOPE™ trading platform allows us to help customers optimize
the benefits of the technology. Efficient and transparent information exchange between the different parties is key to this.” - Lotta Dahl, Electricity Market Specialist, Merus Power.
"Merus Power offers its customers a full range of services from project development and turnkey supply of energy storage facilities to maintenance, repair and trading services. The service business guarantees our customers high availability and ensures a good return on investment. At the same time, it supports Merus Power's business growth and predictability." - Mikko Marttala, Project Development Director, Merus Power.
Additional information:
Kari Tuomala, CEO, kari.tuomala@meruspower.com, +358 20 735 4320
Jonna Kannosto, Head of Marketing & Communications, jonna.kannosto@meruspower.com, +358 44 357 8320
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.