10.3.2026 10:30:01 EET | Merus Power Oyj | Inside information

Merus Power has signed an agreement with Latvian contractor Nordes Būve for two 20 MW/40 MWh energy storage facilities. The energy storage facilities will be delivered to Riga to state energy company Latvenergo, for which Nordes Būve is acting as the general contractor. Merus Power’s delivery includes key energy storage equipment. Overall value of the contract concluded between Latvenergo and Nordes Būve is 22.5 million euros. Merus Power’s overall scope of equipment delivery and multi-year lifecycle services can reach up to 13–15 million euros, depending on the contractual options exercised.

This is Merus Power's first energy storage order in Latvia and marks its entry into the Baltic market. Last year, the company announced its first energy storage deliveries to Poland.

"This is a significant strategic step for us. As a Finnish technology company, we are building strong exports in our energy storage solutions. It is great that our technological expertise is also gaining trust in new markets. We see growth potential across Europe, and this agreement strengthens our position as an international energy storage supplier," comments Kari Tuomala, CEO of Merus Power.

"We value Merus Power's strong expertise and European energy storage technology. Merus Power's solutions meet Latvian grid requirements and are well suited to the market environment. Working with an experienced partner creates a strong foundation for safe and reliable delivery," says Dr. Jevgenijs Locovs, Chairman of the Board of Nordes Būve.

Disclosure regulation

The original of this document has been made in Finnish. In case of any discrepancy, the Finnish version will prevail.

Contacts

• Aktia Alexander Corporate Finance Oy, Certified Adviser, +358 50 520 4098
• Jonna Kannosto, Director, Communications and Investor Relations, +358 44 357 8320, [email protected]
• Kari Tuomala, CEO, +358 20 735 4320, [email protected]

About Merus Power Oyj

Merus Power is a technology company driving the sustainable energy transition. We design and produce innovative electrical engineering solutions such as energy storages and power quality solutions, and services for the needs of renewable energy and industry. Through our scalable technology, we facilitate the growth of renewable energy in the electricity grids and improve the energy efficiency of society. We are a Finnish specialist in innovative electrical engineering and operate in global and high-growth markets. Our personnel represent internationally renowned  engineering expertise. Our net sales in 2025 was EUR 54.6 million and our stock’s trading symbol on the Nasdaq First North Growth Market Finland is MERUS.