Finntech sprouting in the US
Finnish location technology provider Yepzon and Kotka-based Eagle Filters have both announced significant goings-on stateside.
Yepzon has signed an agreement with Best Buy, the biggest consumer electronics retailer in the US, that will expand the company’s reach in the country by a significant magnitude.
“In the long term, Best Buy will offer us hundreds of millions of new potential customers and a presence in over a thousand stores throughout the US,” says John Kiesi, CEO of Yepzon USA.
In addition, the company is launching its sales operations with Location Based Technologies-owned PocketFinder by integrating its consumer business operations in the US. The announcement is a continuation of a letter of intent signed last spring.
“We’re building Yepzon’s US office into an independent subsidiary, which will operate as a pioneer in consumer business and raise funding on the US capital markets, if need be,” says Otto Linna, founder and CEO of Yepzon.
Meanwhile, Eagle Filters, part of the Loudspring eco-investment company, is looking at a very lucrative market for its air intake filters that enable cost savings in power plants. According to the company’s estimate, their technology’s potential market in the global energy industry is worth over 10 billion euros annually. Eagle Filters is a part of Loudspring’s long-term investment portfolio.
In the US, there are almost 4 000 gas turbines that could benefit from Eagle Filter’s technology. Eagle Filters has already gained a valuable reference by signing a deal with Astoria Energy’s combined-cycle plant in New York.
“The filter technology has proven itself in one of the premier natural gas power generation assets in the entire US and this reference provides a great platform for US sales to launch as well as provide for an all encompassing inlet service support business for Eagle Filters within North America,” says Ken Ericsson, head of Eagle Filters US.