October 8, 2019
The daily brief: 8 October 2019
Soil Scout's wireless soil moisture sensors are used at high-profile sports grounds such as the Philadelphia Phillies baseball field.
All the daily Finnish business news that works: Fortum, Soil Scout, ICEYE and Neste make headlines.
Fortum is acquiring a majority in German energy firm Uniper, Soil Scout has raised significant coin, ICEYE has partnered on SAR satellite technology, and Neste has opened a new global hub in Düsseldorf.
Finnish energy company Fortum has agreed to acquire a further 20.5 per cent of German energy firm Uniper for approximately 2.3 billion euros. After acquiring the shares from funds managed by Elliott Management Corporation and Knight Vinke Energy Advisors Limited, Fortum will have a majority of more than 70.5 per cent in Uniper. The Finnish company expects the new ownership structure to restore stability at Uniper and enable strategic alignment between it and Uniper. The deal is still subject to regulatory approvals in Russia and the US.
Finnish startup Soil Scout has raised substantial funding in a late-seed round led by Husqvarna Group and participated by private investors. Soil Scout’s pioneering solution, used by Wembley Stadium and Philadelphia Phillies among others, transmits critical soil data from beneath the ground in real time. This allows farmers, sports venues and managers of green spaces to better allocate water resources. The Finnish startup plans to use the funding to scale production and extend its product portfolio.
Finnish company ICEYE, a global leader in small satellite synthetic-aperture radar (SAR) technology, has partnered with ST Engineering Geo-Insights to develop the SAR imagery and analytics markets in Southeast Asia. ICEYE recently made its growing SAR satellite constellation available for commercial use, providing frequent and reliable satellite-based data on any location on Earth regardless of time of day and weather conditions. The data can be used by government and industry actors for example in energy, infrastructure and smart city markets.
Finnish company Neste has opened a new office in German city Düsseldorf, where it will focus its global business for renewable polymers and chemicals. The business unit will serve the plastics and chemicals industries worldwide with Neste’s solutions derived from biomass and chemically recycled plastic waste. By concentrating the commercial operations of the business in one location, Neste aims to accelerate growth in the sector and support its strategic aim of becoming the preferred provider of sustainable renewable and circular solutions.
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