Translation: Original published in Finnish on 5/27/2026 at 9:26 am EEST.

Betolar announced on Tuesday  that it has developed a new drone protection solution for large-scale critical infrastructure facilities, such as oil terminals, energy facilities, and data centers. In early April, Betolar announced a solution for protecting critical infrastructure, and a week ago, it announced its cooperation with Enersense to commercialize the solution. The solution was initially designed to primarily protect electrical substations, but yesterday's press release launched it for the protection of larger infrastructure sites. Otherwise, as far as we understand, this solution is based on the same technology and operating model. The solution combines existing commercial products with structures based on Betolar's technology, and the company has applied for patent protection for the overall solution.

As we have previously highlighted in connection with the substation protection solution, the changed security environment creates a potentially rapidly growing market niche for proactive protection. Protecting larger sites involves significantly higher volumes and thus greater revenue potential than the previously launched solution, though the unique nature and complexity of these sites increase implementation complexity and risk levels. According to the press release, the solution for physical structures is based on Betolar’s proprietary material technology supplemented by commercial products. We believe that Betolar's role in the delivery process is precisely to provide the materials technology, while installation and overall management require a partner network, in which Enersense plays a critical role, as previously announced. Since establishing partnerships and the sales cycles for complex sites take time, we estimate that deliveries of the solution and significant revenue will not materialize until 2027 at the earliest, which aligns with the previous launch of substation protection. The announcement does not cause us to revise our forecasts at this stage, nor can we find an explanation in the announcement itself for yesterday’s sharp price increase of approximately 30%.