Translation: Original published in Finnish on 7/1/2026 at 9:05 am EEST.

Merus Power signed a deal with Exilion for over 8 MEUR to supply an energy storage system. This is the company's third delivery to Exilion and the latest addition to the strong order flow at the beginning of the year. As we estimate the project's revenue recognition will be weighted towards 2027, the deal primarily improves next year's visibility. The strengthened order book has already reduced the uncertainty associated with our forecasts, and we see slight upward pressure on our modest 6% growth estimate for the current year. We will review the need to update our forecasts in the near future.

Third Exilion energy storage, includes new hybrid controller

Merus Power announced yesterday that it has signed a deal worth over 8 MEUR with Exilion to deliver a 20 MW / 41 MWh energy storage system to the Varevaara wind farm in Tervola. The complete delivery includes the energy storage, hybrid controller, and maintenance and lifecycle services, with Merus Power taking overall responsibility for the project. The project will be handed over to the customer in fall 2027, and it is already the third energy storage system to be delivered to Exilion. The hybrid controller included in the deal enables the energy storage and wind farm to be controlled as a single entity. According to the company, this is the first energy storage system in Finland to be built to enhance the operations of an existing wind farm under the old grid code.

Strong order intake skews forecast risk upwards, hybrid controller expands offering

The order is significant for a company of this size, as 8 MEUR represents roiughly 14% of our annual group revenue forecast of around 58 MEUR (2026e). The project is scheduled for delivery in the fall of 2027, so the project revenue will be recognized according to the percentage of completion and, in our estimation, will be weighted towards next year, when we forecast the group's revenue to grow by 20% to 69.5 MEUR. Order intake has been brisk in the beginning of the year: in energy storage, an order from Latvia in March and deals with wpd and Exilion in June. In addition, the company received a smaller order for a power quality solution from Siemens Mobility on June 29. Given that our moderate 6% growth forecast for the current year relies on new orders, we believe the strengthened order book shifts the risk of our forecasts upwards. We will review our overall forecasts in connection with our next update.

In addition to the size of the order, the key takeaway from the deal is the hybrid controller, which represents a significant product development step for the company. It expands Merus' own offering of control solutions in projects where energy storage is integrated with renewable energy production to enable more efficient utilization of existing grid capacity. The company's total solution model, which combines energy storage, smart control, and lifecycle services, supports the growth of the higher-margin service business and is thus in line with the ongoing profitability turnaround. The recurring Exilion orders also highlight the importance of references and long-term customer relationships in an industry where reliability and local presence are critical in project selection.