EXEL COMPOSITES PLC | INSIDE INFORMATION | 24 SEPTEMBER 2026 AT 08:00 AM EEST

Exel and Suzlon extend collaboration with multi-year supply agreement with potential value exceeding EUR 100 million

Exel Composites’ India-based joint venture Kineco Exel Composites India (KECI) and Suzlon Energy Limited have signed a new multi-year agreement for the supply of pultruded carbon fiber planks for spar caps used in wind turbine blades.

Under the new agreement, Exel will supply an agreed share of Suzlon’s requirements for the products covered by the agreement. At the time of signing, the parties estimated that the value potential of future deliveries under the agreement will exceed EUR 100 million through March 2029. The final value and timing of deliveries may vary depending on Suzlon’s actual production requirements and the resulting order volumes.

Exel and Suzlon first 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.

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

Spar caps, which utilize carbon fiber planks, are essential structural components within wind turbine blades, providing 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

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