Ngenic AB acquires AirPatrol
Ngenic AB (publ) has signed an agreement on the 8th of October 2021 of acquiring 100% of Airpatrol OÜ. Airpatrol is headquartered in Tallinn, Estonia, where all Airpatrol products are also developed and manufactured. The company was formed in 2011 by experienced contractors in the energy sector based on the need for standardized control of energy systems such as heat pumps and floor heating and air conditioning. The agreement grants access to the shares as of October 8, 2021
Today, the company has strategic partners and partnerships with well-known brands such as Nibe, Panasonic, Toshiba and Daikin to name a few. To date, 50,000 systems have been sold and exported to several countries in Europe. Airpatrol will be a wholly owned subsidiary in the Group and will also channel Ngenic's product range to the European market.
"With the acquisition of Airpatrol, Ngenic not only strengthens the company with technology for a new customer segment and strategic collaborations with well-known brands, but also add a large customer base and a strong bridgehead to the European market all in line with our strategy, Daniel will also become our VP of international sales” says Björn Berg CEO Ngenic AB
“Airpatrol has sold over 50 000 WiFi and GSM controllers for air to air heat pumps. It's a natural next step for us to join forces with Ngenic to further expand into the international market to provide smart energy services to current and new customers as a integral part of the Ngenic family. ” added Daniel Dordett, CEO of Airpatrol OÜ.
“Grid congestion challenges are increasingly causing problems for industries, corporations and cities that no longer can expand businesses, create jobs or housing development. By integrating data from more sources and enabling energy flexibility will the merger create a digital collaboration to accelerate the transition into a renewable and sustainable energy system. Ngenic foresaw this already in 2010 and was founded by the vision to become a part of the solution and use smart technologies with smart algorithms to create the basis for not only energy efficiency but also smarter power optimization” concludes Björn Berg, CEO Ngenic AB
Patrik Nilsson, Investor Relations
Phone:+46-766 28 56 00
Björn Berg, CEO, Ngenic AB
Phone: +46 70 570 70 17
Daniel Dordett, CEO, AirPatrol
Phone: +372 545 33 777