Eagle Filters Group
Eagle Filters Group Oyj (formerly Loudspring Oyj, earlier Cleantech Invest Oyj) is a Finnish industrial company that manufactures gas turbine air intake filters for the energy and process industries,[1] energy-saving and filtration efficiency-enhancing fibre solutions for industrial and building applications[2], and FFP2/FFP3 respirators[3] for healthcare professionals and industry.
The company was formerly an investment and development company, investing in clean technology and natural resources efficiency companies. In 2021, the company made a strategic decision to focus and transform Loudspring from an investment company to an industrial company built around Eagle Filters. In September 2021, the company acquired the remaining 15% of Eagle Filters Oy from its founder Juha Kariluoto.[4] The decision meant that gradually all available resources of the company will be used to support the growth of Eagle Filters and the other holdings will be sold within a reasonable period of time. The company changed its name from Loudspring Plc to Eagle Filters Group Plc at the 27 October 2022 general meeting and began listing under the new name and trading symbol 14 November 2022 Nasdaq Nordic First North Finland and Nasdaq Nordic First North Sweden.[5]
The company has two classes of shares, Series K shares and Series A shares. Series K shares are not listed. Series K shares can be converted into Series A shares at a ratio of 1:1. The total number of shares in Eagle Filters Group is 123 132 343[6], of which 4 016 660 are Series K shares[7] and 119 115 683[8] are Series A shares. Series A shares have one vote at the General Meeting and Series K shares have 20 votes each at the General Meeting. The Board of Directors proposes to combine the share classes so that the company's existing Series K shares will be converted into shares with rights equivalent to the existing Series A shares at a conversion ratio of 1:1 at the Extraordinary General Meeting on 18 January 2023.[9]
| Share | Amount | Votes |
|---|---|---|
| Series K | 4 016 660 | 80 333 200 |
| Series A | 119 115 683 | 119 115 683 |
| Total | 123 132 343 | 199 448 883 |
Eagle Filters Ltd
Eagle Filters Ltd is a wholly owned subsidiary of Eagle Filters Group. It was founded in 1995 in Kotka, Finland.[10] The company's name comes from the place where it was founded, whose Finnish name kotka means eagle in English. The idea of the company came from the observation that too often the quality of imported filters for Finnish energy production facilities were not good enough. The founders had ideas how to make better filters[11] with the VTT Technical Research Centre of Finland.
In the beginning, one of the main customers, Imatran Voima, helped Eagle Filters to expand internationally via its various projects around the world.[11] The company made its first export trade to Hungary in 1999, followed by England and Germany.[10] Today the company has customers on every continent.[12]
In early 2000 Eagle Filters was one of the first companies to understand the importance of clean air for efficiency of gas turbine power plants. In addition to fuel savings, good filters would also prevent power plants from eventually losing 10% of their efficiency, as they typically would. Maintenance costs would also be reduced when impurities were not indigested in the power plants.[11] The company has patented the air silter solution it uses.[10] WO patent 2011004069A1, Template:Citation/authors, "A GAS FILTERING DEVICE AND A METHOD OF MANUFATURING A GAS FILTERING DEVICE", published 2011-01-13, issued 2010-07-05.
According to customers, the filter solutions it sells improve the fuel efficiency of gas turbines by up to 1.5%-2.5%[13][14][15] compared to low-cost filter solutions. Natural gas price increase in 2022 was reflected in its mid-year review that Customer interest for Eagle’s products grew significantly during the end of H1/2022.[16] Astoria Energy I & II LLC reported a power increase of 4 MW for each of the four gas turbines, total of 16 MW.[15]
The turbine air filtration market is moderately fragmented. The company's major competitors in the market for gas turbine air intake filters are Camfil AB, Donaldson Company Inc., Nordic Air Filtration A/S, MANN+ HUMMEL GmbH and Graver Technologies LLC.[17] Gas turbine manufacturer Engie has started to use Eagle's filters pre-installed in some of its products.[18]
Investments
Eagle Filters Group Plc still holds the holdings of the Loudspring investment at the time. After Eagle Filters Ltd, the company's most significant holding is a 24.2% stake in Nuuka Solutions Ltd, valued at approximately €2.6 million based on the latest price paid for the company's shares.[16] Of the holdings, Enersize Plc is listed on Nasdaq Nordic First North Sweden and its 7.1% stake has a market value (at the closing price on 24 Nov 2022) of approximately €412 000.
Status of the investments as at 24 November 2022.[16] The order is the same as reported in the company's 2021 financial statements. The post-fiscal year events reported in the financial statements are reflected in the listing.
| Company | Description | Ownership in % |
|---|---|---|
| Nuuka Solutions Ltd | Company providing energy management systems for buildings | 24.2 % |
| Sofi Filtration Ltd | Provides effective water purification technology | 19.6 % |
| Enersize Plc | Industrial energy saving services company | 7.1 % |
| Aurelia Turbines Ltd | Gas turbine manufacturer | 0.3 % |
| Metgen Ltd | Manufacturer of enzymes for the forestry and biofuel industries | 1.8 % |
| Sansox Ltd | Water oxidation systems company | 10.3 % |
| Swap.com Services Ltd | Second-hand department store | 15.0 % |
References
- ↑ Power Technology (26 Nov 2022). "Manufacturer of High Quality Air Filters". https://www.power-technology.com/contractors/filtration/oyeagle/.
- ↑ Fortum and Metsä Group. "Expandfibre: Accelerating the development of sustainable bioproducts". https://www.expandfibre.com/content/uploads/2022/01/220112-ExpandFibre-general-presentation.pdf.
- ↑ Helsingin Sanomat (8 May 2020). "Hengityssuojainten tuotanto Suomessa on vihdoin käynnistymässä, mutta uhkana on uusi pullonkaula kankaasta: on pulaa" (in Finnish). https://www.hs.fi/talous/art-2000006501708.html.
- ↑ Cision News (28 Sep 2021). "Loudspring to acquire 100% ownership in Eagle Filters". Cision News. https://news.cision.com/loudspring/r/loudspring-to-acquire-100--ownership-in-eagle-filters,c3422953.
- ↑ "Loudspring Oyj´s new name Eagle Filters Group Oyj is registered in the Finnish trade register and the company´s trading symbol changes". Arvopaperi. 11 Nov 2022. https://www.arvopaperi.fi/porssitiedotteet/loudspring-oyjs-new-name-eagle-filters-group-oyj-is-registered-in-the-finnish-trade-register-and-the-companys-trading-symbol-changes/ec1a8707-5c2d-53a6-a9ca-a1f9eef5433e.
- ↑ "Eagle Filters Group carries out a directed share issue of EUR 1.7 million". 20 Dec 2022. https://view.news.eu.nasdaq.com/view?id=b13f7662ca3327749e57fe7a2dc1b8693&lang=en.
- ↑ "Nasdaq Nordic Share Overview". 1 Dec 2022. https://www.nasdaqomxnordic.com/aktier/microsite?languageId=4&Instrument=HEX100780.
- ↑ "Notice to the Extraordinary General Meeting of Eagle Filters Group Plc". 15 Dec 2022. https://view.news.eu.nasdaq.com/view?id=bba453e8b9b703d0e3c1accda523860b1&lang=en.
- ↑ 10.0 10.1 10.2 Anttila, Eija (23 Oct 2018). "Eagle Filters on lajissaan maailman paras" (in Finnish). Karhu ja Tähti 2/2018. https://karhulanteollisuuspuisto.fi/wp-content/uploads/2020/11/KJT_2018_2.pdf.
- ↑ 11.0 11.1 11.2 "About Eagle Filters". 27 Nov 2022. https://www.saanarespirators.com/eng/company.
- ↑ Lappalainen, Joonas (11 Mar 2021). "Meidän Suomessa laivakontin kokoisten kaasuturbiinien ilmansuodattimien valmistaja käynnistää terveydenhuollon hengityssuojaimien tuotannon" (in Finnish). Suomen Kuvalehti. https://suomenkuvalehti.fi/mainos/mainos/meidan-suomi-2021/meidan-suomessa-laivakontin-kokoisten-kaasuturbiinien-ilmansuodattimien-valmistaja-kaynnistaa-terveydenhuollon-hengityssuojaimien-tuotannon/.
- ↑ Andreas Eriksson (11 Mar 2022). "Eagle Filters enables substantial efficiency increase to drive ongoing energy transition". https://www.emergers.se/louds_i/.
- ↑ Mark Allen Group (27 Feb 2019). "Eagle Filters make cleaner air for gas turbines". https://www.filtsep.com/content/features/eagle-filters-make-cleaner-air-for-gas-turbines/.
- ↑ 15.0 15.1 "Suomalainen ilmansuodatusteknologia vähentää hiilidioksidipäästöjä New York Cityssä" (in Finnish). 30 Apr 2018. https://www.fluidfinland.fi/uutiset.html?a1100=130712.
- ↑ 16.0 16.1 16.2 Arvopaperi (31 Mar 2022). "Loudspring: Financial statement bulletin for 1 January - 31 December 2021: Transformation into an industrial company well underway". https://www.arvopaperi.fi/porssitiedotteet/loudspring-financial-statement-bulletin-for-1-january-31-december-2021-transformation-into-an-industrial-company-well-underway/7999a4ae-cb8e-5ac6-9044-b570cc515639.
- ↑ "Turbine Air Filtration Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)". Jun 2021. https://www.mordorintelligence.com/industry-reports/turbine-air-filtration-market.
- ↑ "Loudspring ostaa osake-enemmistön Eagle Filtersistä" (in Finnish). 18 Jan 2019. https://www.fluidfinland.fi/uutiset.html?a200=119678.
