Cleantech Invest significantly increases its ownership and starts acceleration of Eagle Filters

Cleantech Invest has executed a follow-on investment into portfolio company Eagle Filters. The ownership increases from 10 to 28%. In addition, Cleantech Invest has secured options to potentially increase its ownership to 40%.

Eagle Filters enables significant energy and CO2 savings for the global energy industry. The company provides high efficiency intake air filtration solutions for gas fired power plants. Natural gas power plants play an important role in transition to low carbon economy, as urban air pollution and CO2 emissions can be rapidly and significantly reduced when natural gas is utilized instead of other fossil fuels. Utilizing Eagle’s technology in existing gas power plants, energy producers achieve savings in the range of 1-3 MEUR per power plant annually and simultaneously cutting CO2 emissions and urban air pollution. The savings are mainly due to increased fuel efficiency of the turbines because of less fouling of compressor blades when the intake air is efficiently cleaned.

Eagle’s filtration technology is currently in use in several countries in Asia, Europe, North and South America, and Africa. Customers include large government owned and private energy producers. The technology has in the past 2 years been tested by some of the world’s largest gas turbine operators with excellent results and and these customers are currently considering deploying the technology at scale. Overall, there are approximately 10 000 gas turbines in the world that could benefit from Eagle’s technology, with an annual savings potential of 7,5 billion EUR. In terms of climate impact, this is a target market of approximately 22Mt of CO2 savings each year, equivalent to removing 4,7 million cars from the streets.

Alexander Lidgren, Managing Director at Cleantech Invest: “Eagle’s technology significantly decreases losses in gas-based electricity production, and because of the scale of gas fired power production in the world, the achieved environmental impact is tremendous. Furthermore, natural gas and biogas complement renewables well because of their quick responsiveness and gas is expected to have a life expectancy even into the era of renewables. We see an opportunity to tap into a profitable and stable revenue stream by servicing the energy industry with efficiency solutions for gas production.”

Lassi Noponen, Chairman at Cleantech Invest: “We said in our recent strategy update that we are looking to place certain existing portfolio companies into faster acceleration mode by investing additional capital and resources into them. Having followed Eagle and studied the market for a few years we are now very excited about the cash generation and value creating possibilities as well as environmental benefits by lifting Eagle into our core acceleration portfolio. Eagle’s technology serves the energy transition well and is a fantastic addition to Cleantech Invest’s diversified portfolio.”       

Juha Kariluoto, Managing Director at Eagle Filters: “We have recently made break-throughs with successful trial periods at large customers. This investment and Cleantech Invest support enables us to respond to a new level of demand we expect to see after the energy industry learns the benefits of our efficiency solution.“

Contact information:

Alexander Lidgren, Managing Director of Cleantech Invest Plc. Tel. 46 73 660 1007, alexander.lidgren@cleantechinvest.com

Access Partners Oy, Certified Advisor. Tel. 358 9 682 9500

Cleantech Invest in brief

Cleantech Invest is a Nordic accelerator with investments in growth companies that solve global challenges. The portfolio companies are active in energy- and resource efficiency as well as decentralized renewable energy and are based in Finland, Sweden and Germany. The company management consists of company builders and investors who have been active within the cleantech space for over a decade.The company is listed on First North Finland under the ticker CLEAN and on First North Stockholm under the ticker CLEANT A.

www.cleantechinvest.com

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