Analyst Comment
Significant electric storage order for Merus Power in Finland
Summary
- Merus Power secured a 10 MEUR contract with wpd Söderskogen Vindpark Oy for a 30 MW / 60 MWh battery energy storage project in Finland, scheduled for commercial operation in summer 2027.
- The order is significant for Merus Power's scale and aligns with expectations, supporting the company's revenue needs for the current year and early 2027 without necessitating immediate estimate revisions.
- The project includes a service and maintenance agreement, aiding Merus Power's strategy to increase its higher-margin service business.
- The order reduces the risk associated with meeting the current year's revenue estimate of 58 MEUR, with the energy storage segment forecasted to grow by 5% from the previous year.
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Translation: Original published in Finnish on 6/17/2026 at 7:57 am EEST.
Merus Power announced on Tuesday that it had signed a contract worth approximately 10 MEUR with wpd Söderskogen Vindpark Oy. Given its size, we consider the order a good achievement for the company. We expected the company to receive new orders this year to meet our forecasts, so this press release aligns with our expectations and does not prompt us to change them.
New order addresses revenue needs for the coming years
The contract is worth approximately 10 MEUR and involves a 30 MW / 60 MWh battery energy storage project in Finland. Commercial operation of the energy storage is scheduled for summer 2027. The order includes the delivery of energy storage system, installed and tested, as well as a service and maintenance agreement. The facility will begin commercial operation in summer 2027, and we estimate that revenue from the project will be recognized according to the degree of completion and distributed between the current year and early 2027. Merus Power says it was selected as the project’s technology supplier based on its European technology, reliability, and previously delivered battery energy storage projects, reflecting the importance of references and local expertise in the industry.
No immediate pressure to revise estimates
The newly announced 10 MEUR order is significant for the company's scale and decreases the risk associated with our current year's estimates. Previously, we estimated that achieving our revenue estimate of 58 MEUR for the current year would still necessitate new orders. Our revenue forecast for the energy storage segment is 44 MEUR for the current year, representing a 5% increase from the previous year. We roughly estimate that the now-announced order, together with other smaller orders, is sufficient to meet the order flow required by our current-year estimates, though it does not necessitate immediate revisions to those estimates. We also note that the service and maintenance agreement included in the project supports the company’s goals of increasing its share of higher-margin service business.
Merus Power operates in the industrial sector. The company specializes in electrical engineering, designing technology for energy efficiency, operational and environmental performance. The company delivers battery energy storage systems, power quality solutions and services. The customer base consists of players in industry, power generation and renewable energy. The company operates on a global level with headquarters in Ylöjärvi.
Read more on company pageKey Estimate Figures23/02
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 54.6 | 57.9 | 69.5 |
| growth-% | 52.5 % | 6.0 % | 20.0 % |
| EBIT (adj.) | 0.3 | 1.4 | 2.8 |
| EBIT-% (adj.) | 0.6 % | 2.3 % | 4.0 % |
| EPS (adj.) | -0.14 | 0.02 | 0.19 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | 252.7 | 24.8 |
| EV/EBITDA | 21.4 | 15.2 | 9.8 |
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