Merus Power receives 20-million-euro order
Taaleri Energia has ordered a 30 MW/36 MWh battery energy storage system from Merus Power. The battery energy storage is to be built in Lempäälä, Finland to support the operation of the electric grid. Merus Power is the project developer and is responsible for the overall delivery of the energy storage starting from obtaining the building permit. The contract also includes Merus Power's cloud service which includes remote energy storage management and an electricity trading platform that optimizes battery usage and the customer's income from the electricity market. This investment is about 20 million Euros and includes the possibility of increasing the size of the energy storage system in the future.
The main task of the battery energy storage system in Lempäälä is to support the balancing of production and consumption in the main grid by participating in the frequency reserve market of Finland's Transmission System Operator called Fingrid. The energy storage will capacity-wise be Finland's largest energy storage operating in the frequency reserve market.
"We have been systematically building expertise in understanding the electricity market and solving customer needs for years. This agreement with Taaleri Energia is strong proof of the functionality of our energy storage strategy and our position at the top of this value chain," says Kari Tuomala, CEO of Merus Power.
Renewable energy investments help overcome the energy crisis
Taaleri Energia is a Finnish renewable energy project developer and fund manager with one of Europe's largest renewable energy investment teams. It is also Finland's largest producer of wind power.
"Renewable energy is the only sustainable way out from the current energy crisis and to achieve global climate targets. Storage facilities are needed in order to further increase the share of renewable energy in the electricity grid. With this project, we are creating stability and balance in the electricity network and returns for our investors ", says Rimali, Energy Storage Investment Director at Taaleri Energia.
Electricity production and consumption must be in constant balance. The increasing production of renewable energy has significantly changed the nature of the electricity grid and the electricity market as well as the need for balancing. This is due to wind and solar power being connected to the grid without a large rotating mass, unlike traditional condensing power plants. The inertia of the electric grid decreases and changes in production and consumption cause faster and larger frequency changes. To compensate for this, an electricity reserve that can be quickly activated and deactivated is needed. The battery energy storage system in Lempäälä will be able to react to the need to balance the electricity grid even in fractions of a millisecond.
A modern energy storage is a complex and demanding system consisting of batteries, power electronics, and intelligent software. The grid inverters, control and protection systems, and the electricity trading platform of the Lempäälä energy storage system are all designed and programmed by Merus Power. Merus Power has unique technological expertise and competence, thanks to which it can act as a provider of the entire business value chain. The electricity trading platform developed by Merus Power combines a deep understanding of battery energy storage systems with the knowledge of the latest earning opportunities in the electricity market.
"The software is optimized for our products and suits our customers' needs. In addition, we are close by and can quickly make changes that consider tomorrow's requirements and needs, even in existing systems. This ensures high availability in both short and long term," says Merus Power's Project Development and Financing Director, Mikko Marttala.
Jonna Kannosto, Marketing and Communications Director, firstname.lastname@example.org
Merus Power in a nutshell
Merus Power is a technology company that enables a sustainable and energy-efficient future. We design and manufacture innovative electrical engineering solutions, such as energy storages, power quality solutions, and services for renewable energy and industrial needs. With our scalable technology, we enable the growth of renewable energy in electric grids and improve the energy efficiency of our society. We are a domestic innovative electrical engineering specialist and operate in global and fast-growing markets. Our personnel represent internationally respected engineering expertise. www.meruspower.com
Taaleri Energia in a nutshell
Taaleri Energia is a renewable energy project developer and fund manager. Our team of 45 people is one of Europe's largest and most talented renewable energy investment teams. The team is currently investing in its sixth renewable energy fund, the Taaleri SolarWind III fund. Taaleri Energia manages 4.9 GW of development, construction, and operational phase wind, solar, and energy storage portfolios in Europe, the USA, and the Middle East.
Taaleri Energia is ranked by Preqin as one of the most consistent top-performing infrastructure fund managers.Taaleri Energia is part of the Taaleri Group, which is listed on the Nasdaq Helsinki stock exchange. www.taalerienergia.com