Uponor Corporation Investor news 9 May 2019 16:00 EET
Uponor invests additional USD6 million to Phyn
Uponor and Belkin have decided to invest additional USD6 million each, in total USD12 million, to their joint venture Phyn during this year. The new investment will be used towards ongoing research and product development for smart water solutions as well as continuing efforts to grow in the North American and European markets.
“We launched Phyn Plus to the European markets in March, first in Finland, Sweden, France and Spain, and other European countries will follow later during the year. Our customers have shown great interest towards the new product, but creating a new product category takes time and patience. Therefore an additional investment was needed,” comments Jyri Luomakoski, President and CEO, Uponor Corporation.
Phyn Plus, Smart water assistant + shutoff is a smart home device that continuously monitors a home’s entire plumbing system to detect leaks, conserve water, and save money. Utilising patented machine learning technology, the device measures tiny changes in water pressure to detect plumbing issues in real time and can remotely shut off the main water supply to prevent costly damage. Phyn Plus provides granular detail on water usage allowing homeowners to view water consumption across fixtures such as sinks, toilets, showers, and sprinkler systems all through the Phyn app.
Uponor Corporation and Belkin International, Inc. formed joint venture Phyn in July 2016 to pioneer in the development of water sensing and conservation technology for buildings. A joint venture company was formed both in the USA and in Europe. Both Uponor and Belkin has 50% share in the joint venture.
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Uponor in brief
Uponor is a leading international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering. Uponor employs about 4,100 employees in 30 countries, mainly in Europe and North America. In 2018, Uponor's net sales totalled nearly €1.2 billion. Uponor is based in Finland and listed on Nasdaq Helsinki. Uponor builds on you - www.uponor.com