Merus Power has signed a contract with a joint venture between Skip Wind 5 Oy, a Finnish holding company of Ardian Clean Energy Evergreen Fund (ACEEF), and Lappeenrannan Energia Oy, a Finnish municipal energy company, to supply a large battery energy storage system (BESS). This 38-megawatt and over 40-megawatt-hour energy storage system will support the Finnish power grid. The project is slated for completion by spring 2025 and will be located in Lappeenranta, near the Mertaniemi power plant.

Merus Power's battery energy storage delivery represents a complete package, commissioned and tested according to the approval tests of Finland's transmission system operator, Fingrid, for energy storage. Merus Power's share of the investment is approximately 15 million euros. The total investment is larger, including locally built infrastructure and a long-term maintenance contract and it signifies the commitment of Ardian and Lappeenrannan Energia to advancing energy infrastructure in the Nordics.

The project is financed by Ardian, a world leading private investment house, through its Ardian Clean Energy Evergreen Fund. The central function of the energy storage system is to participate in Fingrid's frequency reserve markets and thus support the balancing of production and consumption in the power grid. Ardian runs its investments in the Nordics through its operating partner eNordic Oy, a Nordic renewable energy investment platform.

The fast-reactive energy storage is capable of meeting the balancing needs of the power grid with millisecond precision, which is essential for the stability of a modern electricity network.