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Eagle Filters Group

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Eagle Filters Group Plc
Native name
Eagle Filters Group Oyj
FormerlyLoudspring Oyj
Company typeJulkinen osakeyhtiö
ISINFI4000092523
IndustryAir filtration
Founded7 December 2005; 18 years ago (2005-12-07) in Helsinki
FoundersLassi Noponen, Tarja Teppo, Timo Linnainmaa
HeadquartersHelsinki,
Finland
Number of locations
2
Area served
Worldwide
Key people
Jarkko Joki-Tokola, Juha Kariluoto
ProductsGas turbine air intake filters, advanced filtration materials, respirators
BrandsEagle Filters, SAANA, EAGLE
Websiteeaglefiltersgroup.com

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] On 29 March 2023, the company applied for and received approval to delist its shares from Nasdaq First North Sweden with effect from 12 May 2023 due to the low trading volumes on that list.[6]

The company had two classes of shares, Series K shares and Series A shares. At the Extraordinary General Meeting on 18 January 2023, the unlisted K shares (with 20 votes) were converted into listed A shares with one vote. As a result, all shares in the company are now listed A shares.[7] The number of shares in the company is 170 869 281.[8]

Eagle Filters Ltd

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Eagle Filters Ltd is a wholly owned subsidiary of Eagle Filters Group Plc. It was founded in 1995 in Kotka, Finland.[9] 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[10] with the VTT Technical Research Centre of Finland.

Early years

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Eagle Filters began by providing air filtration solutions for gas turbine power plants. The company's first major customer, Imatran Voima, helped Eagle Filters expand internationally through various projects worldwide. In 1999, the company made its first export trade to Hungary, and has since established a presence on every continent.[9][11]

In the early 2000s, Eagle Filters recognized the critical importance of clean air for the efficiency of gas turbine power plants and decided to focus on improving this area. The company developed and patented an air filter solution that not only saves fuel, but also prevents a typical loss of 10% efficiency in power plants and reduces maintenance costs.[10] The company has patented the air filter solution it uses.[9][12][13] In the late 2000s, the company explored the possibility of expanding into filters for residential air conditioning systems, but eventually decided to focus on making products for gas turbines only.[14]

Gas Turbine Inlet Air Filters

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The company offers a range of products for gas turbines in filter classes G4-M6, MERV 7-12, fine filters F7-F9, MERV 13-15 and EPA-filters (Semi HEPA) E10-E12, MERV 16.[15] Each product is designed to improve the fuel efficiency of gas turbines and prolong the life of the equipment compared to low-cost filter solutions.[16][17][18] 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.[19] As one of the reference companies Astoria Energy I & II LLC reported a power increase of 4 MW for each of the four gas turbines, total of 16 MW.[18]

Rivals

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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.[20] Gas turbine manufacturer Engie has started to use Eagle's filters pre-installed in some of its products.[21]

Investments

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Eagle Filters Group Oyj currently holds the assets of its Loudspring venture investments. The company has faced criticism regarding the timing of its shift from a previous investment-focused entity to a full-fledged industrial company.[22] By the end of the first half of 2023, Eagle Filters Group had only three subsidiaries: Eagle Filters Ltd, Lumeron Ltd, and Loudspring Sweden Ltd. The company does not publish consolidated financial accounts, as it and its subsidiaries are classified as a smaller entity to comply with accounting regulations.[23] On October 11, 2023, Lumeron Ltd acquired complete ownership of a factory production space.[24]

Among its investments, the company holds a 24.2% stake in Nuuka Solutions Ltd, valued at approximately €2.6 million as of the latest share sale in spring 2022. This stake was the company's second-largest after Eagle Filters Ltd. Enersize Plc, with a 7.1% stake, is listed on Nasdaq Nordic First North Sweden, with a market value of approximately EUR 75,000 as of April 12, 2023. On February 17, 2023, the company impaired the value of Loudspring's holdings, except for Nuuka Solutions Ltd, which was valued at EUR 1.3 million.[25] Due to increased uncertainty in fair value measurement, in August 2023, the company decided to recognize the impairment and reassess Nuuka Solutions Ltd's value as zero. Consequently, all assets, except for Eagle Filters Ltd, Lumeron Ltd, and Loudspring Sweden Ltd are now revalued at zero.[26]

Status of the inherited Loudspring Oyj investments as at 24 November 2022.[19] 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

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  1. ^ "Manufacturer of High Quality Air Filters". Power Technology. 26 Nov 2022. Retrieved 26 Nov 2022.
  2. ^ Fortum and Metsä Group. "Expandfibre: Accelerating the development of sustainable bioproducts" (PDF). Retrieved 26 Nov 2022.
  3. ^ Helsingin Sanomat (8 May 2020). "Hengityssuojainten tuotanto Suomessa on vihdoin käynnistymässä, mutta uhkana on uusi pullonkaula kankaasta: on pulaa" (in Finnish). Retrieved 29 Nov 2022.
  4. ^ "Loudspring to acquire 100% ownership in Eagle Filters". Cision News. 28 Sep 2021. Retrieved 24 Nov 2022.
  5. ^ "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. Retrieved 26 Nov 2022.
  6. ^ "Eagle Filters Group: Approved delisting application regarding the secondary listing on the Nasdaq First North Growth Market Sweden". 29 Mar 2023. Retrieved 13 Apr 2023.
  7. ^ "Resolutions of Eagle Filters Group Oyj's Extraordinary General Meeting". 18 Dec 2022. Retrieved 25 Jan 2023.
  8. ^ "Eagle Filters Group Oyj, (FI4000092523)". 24 Oct 2023. Retrieved 24 Oct 2023.
  9. ^ a b c Anttila, Eija (23 Oct 2018). "Eagle Filters on lajissaan maailman paras" (PDF). Karhu ja Tähti 2/2018 (in Finnish). Retrieved 28 Nov 2022.
  10. ^ a b "About Eagle Filters". 27 Nov 2022. Retrieved 27 Nov 2022.
  11. ^ Lappalainen, Joonas (11 Mar 2021). "Meidän Suomessa laivakontin kokoisten kaasuturbiinien ilmansuodattimien valmistaja käynnistää terveydenhuollon hengityssuojaimien tuotannon". Suomen Kuvalehti (in Finnish). Retrieved 27 Nov 2022.
  12. ^ WO patent 2011004069A1, Juha Kariluoto, "A gas filtering device and a method of manufacturing a gas filtering device", published 2011-01-13, issued 2011-01-09 
  13. ^ WO patent 2018142015A1, Juha Kariluoto, "Pleated multilayer filter for pulsed operation", published 2018-08-09, issued 2018-08-01 
  14. ^ VTT Technical Research Centre of Finland (1 Sep 2009). "Omakotitalojen suodattimien mittaus". Retrieved 26 Jan 2023.
  15. ^ "Our Products". 25 Jan 2023. Retrieved 25 Jan 2023.
  16. ^ Eriksson, Andreas (11 Mar 2022). "Eagle Filters enables substantial efficiency increase to drive ongoing energy transition". Retrieved 25 Nov 2022.
  17. ^ Mark Allen Group (27 Feb 2019). "Eagle Filters make cleaner air for gas turbines". Retrieved 25 Nov 2022.
  18. ^ a b "Suomalainen ilmansuodatusteknologia vähentää hiilidioksidipäästöjä New York Cityssä" (in Finnish). 30 Apr 2018. Retrieved 29 Nov 2022.
  19. ^ a b Arvopaperi (31 Mar 2022). "Loudspring: Financial statement bulletin for 1 January - 31 December 2021: Transformation into an industrial company well underway". Retrieved 26 Nov 2022.
  20. ^ "Turbine Air Filtration Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)". Jun 2021. Retrieved 28 Nov 2022.
  21. ^ "Loudspring ostaa osake-enemmistön Eagle Filtersistä" (in Finnish). 18 Jan 2019. Retrieved 29 Nov 2022.
  22. ^ Nenonen, Rosamari. "Eagle Filters on murroksessa - Raportointi hämmästyttää". Kauppalehti (in Finnish). p. C18. Archived from the original on 13 April 2023. Retrieved 13 April 2023.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  23. ^ "Eagle Filters Group Oyj Half-Year Review January-June 2023". 24 Aug 2023. Retrieved 24 Oct 2023.
  24. ^ "Eagle Filters Group subsidiary acquires industrial property in Kotka". 11 Oct 2023. Retrieved 24 Oct 2023.
  25. ^ "Eagle Filters Group to record impairments of approximately EUR 2.3 million related to its Venture Holdings". 17 Feb 2019. Retrieved 13 Apr 2023.
  26. ^ "Eagle Filters Group to record impairment of approximately EUR 1.5 million related to Nuuka Solutions Oy". 21 Aug 2023. Retrieved 23 Aug 2023.
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