Cleantech Invest Plc Company Release 12 June 2015 at 8 am (EET)
Cleantech Invest expands its energy efficiency portfolio by investing in Eagle Filters Oy Cleantech Invest Plc has acquired a stake of 10% in Eagle Filters Oy from previous shareholders. Eagle Filters improves the efficiency and capacity of gas fired power plants with a new type of air filtering solution. The company's solution is in use in multiple locations in Europe and Asia, and annual savings of several million euros per gas turbine have been achieved and verified at customer sites. Typically the performance of a gas turbine declines over time, and it needs to be washed periodically in order to regain its original efficiency and capacity. Using Eagle Filter's solution, the performance stays almost intact, and the need for washing is reduced to one in annual outage. The fuel efficiency gains coupled with increased capacity and availability result in significant savings for gas fired power plants operated by utilities. Natural gas amounts to over 20% of world's primary energy use. Alexander Lidgren, Managing Director at Cleantech Invest: "We believe that energy efficiency is the cheapest and fastest way to tackle our climate and energy security challenges. We have worked hard to find the most promising Nordic energy efficiency technologies and Eagle Filter's solution has one of the best cost-to-savings ratios we have yet seen. We are happy to join Eagle Filters as a shareholder and see that by working together we can build a truly valuable business from this unique solution." Juha Kariluoto, Managing Director at Eagle Filters: "We welcome Cleantech Invest as our new shareholder and believe that with Cleantech Invest's global partner and client networks will be valuable for our future growth. Together with Cleantech Invest we are currently redefining our business model to accelerate adoption of our energy efficiency solution."
CLEANTECH INVEST PLC
Further information: Alexander Lidgren, Managing Director of Cleantech Invest Plc, tel. +46 73 660 1007, alexander.lidgren@cleantechinvest.com
Certified Advisor Access Partners Oy, tel. +358 9 682 9500.
Cleantech Invest in brief Cleantech Invest focuses on clean energy and efficient use of natural resources. The company owns minorities in a diversified portfolio of companies and is actively looking for new capital light and high impact businesses within the cleantech universe. Cleantech Invest invests in the most promising early-stage and growth cleantech companies in Finland, Sweden and in the Baltic Sea area. The company management team members are international pioneers in cleantech investing. Cleantech Invest is also a designated Accelerator in the Vigo Program initiated by the Ministry of Employment and the Economy. www.cleantechinvest.com .
Eagle Filters in brief Eagle Filters provides air filtration solutions that significantly improve the performance of gas fired power plants. By using Eagle Filters, utilities can improve efficiency, availability and capacity of their current power production portfolio. Eagle Filters employs 9 people in Finland. The company has been accepted into a debt restructuring process in order to improve its financial position and growth opportunity.
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