EXEL COMPOSITES PLC | INVESTOR NEWS | 24 SEPTEMBER 2026 AT 08:00 AM EEST

Exel and Suzlon deepen long-term wind power partnership and sign agreement with potential value exceeding EUR 100 million

Exel Composites and Suzlon Energy Limited are expanding their collaboration with a new multi-year supply agreement for pultruded carbon fiber planks used in wind turbine blade spar caps. At the time of signing, the parties estimated that the potential value of future deliveries under the agreement will exceed EUR 100 million through March 2029.

Under the agreement, Exel Composites’ India-based joint venture Kineco Exel Composites India (KECI) will supply an agreed share of Suzlon’s requirements for the products covered by the agreement. The final value and timing of deliveries may vary depending on Suzlon’s actual production requirements and the resulting order volumes.

Building on an established partnership

The agreement builds on a collaboration that began in 2024 and supports the continued ramp-up of Exel’s manufacturing operations in India. Exel and Suzlon began working together in 2024 under a two-year supply agreement. The collaboration led to the approximately EUR 10 million purchase order announced by Exel in February 2025, when the parties had agreed not to disclose Suzlon’s name.

The new agreement continues the collaboration and covers deliveries through March 2029, providing a longer-term framework for the companies to plan sourcing and production.

“We are pleased to further strengthen our cooperation with Kineco Exel through this multi-year agreement. Reliable supply, consistent product quality and local manufacturing capability are important in supporting our wind turbine blade programs and sourcing requirements,” says Amit Agrawal, Senior Vice President, Global Procurement at Suzlon Energy Limited.

Growing wind power manufacturing capability in India

All products supplied under the agreement will be manufactured at Kineco Exel’s factory in India. The factory has been designed to serve the wind power industry in India and globally, and the agreement supports its continued ramp-up and utilization.

“We are delighted to secure this multi-year agreement and thank Suzlon for their continued support. This is a strong endorsement of our quality, ability to deliver at scale and the confidence our customers place in Kineco Exel. With India’s wind energy sector poised for significant growth, we are well positioned to support this opportunity through our expertise in pultrusion and advanced carbon fibre composite manufacturing,” says Shekhar Sardessai, Chairman of Kineco and Managing Director of Kineco Exel.

“Reaching this milestone is an important step in strengthening our cooperation with Suzlon. The agreement demonstrates the value of having competitive manufacturing capacity close to one of the key markets for wind power and provides both parties with improved visibility and greater certainty regarding production capacity in India, and supports the continued ramp-up of the factory,” says Paul Sohlberg, President and CEO of Exel Composites.

Carbon fiber composites for modern wind turbine blades

Spar caps are essential structural components within wind turbine blades. Carbon fiber planks provide the strength, stiffness and load-bearing capacity needed to withstand the dynamic forces encountered during operation.

As wind turbines continue to increase in size, carbon fiber composites play an important role in meeting the demanding mechanical requirements of modern wind turbine blades.

Additional information and interview requests

Lauri Haavisto, Director, Investor Relations
investor@exelcomposites.com
+358 20 754 1214

Exel Composites in brief

Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.

Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.

Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com