Merus Power: Small order recorded
Summary
- Merus Power secured a small energy storage order exceeding 2 MEUR, which supports its growth guidance but is minor relative to the company's overall size.
- The order, intended for Savon Voima Oy's hydropower plant, includes plans for a service and maintenance agreement, with delivery expected in early 2027.
- The analyst maintains revenue forecasts for 2026, anticipating that most revenue from this order will be recognized in the current year, but additional moderate orders are needed to meet growth targets.
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Translation: Original published in Finnish on 3/24/2026 at 9:25 am EET.
The energy storage order exceeding 2 MEUR is relatively small compared to the company's overall size, but it supports achieving the growth guidance. We make no changes to our estimates. Our revenue forecast for 2026 (6% growth) still requires the company to secure some moderate orders that exceed the disclosure threshold.
Small energy storage system for hydropower
Merus Power announced on Tuesday morning a rather small energy storage order worth over 2 MEUR. The order will be delivered to Savon Voima Oy in Juankoski, Kuopio, for installation in connection with a hydropower plant. The companies also intend to enter into an agreement for service and maintenance. The energy storage system will be delivered in early 2027, but we estimate that the majority of the revenue will be recognized in the current year.
Slight support for growth outlook
The order is a small addition to the company's order book, which we believe enables revenue for the current year to be approximately at the same level as last year. The company guides for revenue growth, so new orders exceeding the disclosure threshold are likely still needed to achieve growth.
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