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Correction : Loudspring Oyj : Q3 2021 Summary FRI , OCT 29 , 2021 09:30 CET 29th October 2021 at 10:30 ( EEST ) Loudspring Oyj Company release This release is a correction to Loudspring's company release ' Loudspring Oyj : Q3 2021 Summary ' issued on October 29th 2021 at 9:00 ( EEST ) . The sub - heading " Key portfolio developments during Q1 " is incorrect and should read " Key portfolio developments during Q3 " The corrected version of the release is as follows : Please note that this report is not a fully comprehensive report of all events , nor is it in any way a financial performance report . It is only a summary of the main events that have affected us and our portfolio during the quarter and before the date of this report where separately indicated below . In the quarterly report we will not comment on every portfolio company but focus on our core holdings . To get a comprehensive overview of individual portfolio companies ' businesses one should review additional documents such as the company description and the supplement to the company description that were published in 2016 , as well as the latest annual and semi - annual reports . These documents are available at loudspring.earth . Loudspring Q3 summary During the period , Loudspring decided to execute its option to acquire 100 % ownership in Eagle Filters . This transaction is a continuation of Loudspring's strategic decision to focus solely on the energy efficiency business area , and to divest other holdings . The next step will be unifying the management into one team , as well as streamlining the legal structure . Nuuka developed well during Q3 , signing several new customer projects . The company's new Al product has been very well received and proven to create substantial energy savings and improved indoor climate . Some of the world's leading real estate owners have started using Nuuka in a growing number of their buildings with excellent results . The growth as well as upsale potential by extending the service level and amount of buildings for existing customers is extensive . Nuuka's current customers include ICA Real Estate , EDGE Technologies , H & M , and several cities including Helsinki . Nuuka has evidence that the value of Al solutions for diagnosing and optimizing buildings automatically 24x7 has strong demand , and is transforming the real estate industry . Nuuka currently applies Al for ventilation only . Al applications are being developed also for heating , cooling and total energy management . As a SaaS company using artificial intelligence ( AI ) and machine learning ( ML ) and operating in the highly attractive PropTech industry , the management sees the company as a valuable asset . Eagle Filters growth continued during Q3 . The company targets almost 50 % revenue growth for 2021 and the offer pipeline has continued to grow . Eagle's high - performance filters increase electricity production up to 9 % , improve fuel efficiency up to 2,5 % , and prolong turbine life . The global focus on reducing CO2 emissions supports Eagle's growth . As accelerating growth requires an increased amount of working capital and the respirator business has consumed more capital than anticipated , the company and Loudspring require additional funding . Loudspring plans to secure required funding through debt / equity funding and / or exit proceeds . Key portfolio developments during Q3 Eagle Filters • Revenue for 2021 and current order backlog were EUR 4 million ( unaudited ) at the time of this report ( revenue recognition expected for 2021 for the most part ) . • Revenue is targeted to grow almost 50 % during 2021 compared to 2020 . • • • • The company was issued ISO 9001 and 14001 certifications . The company received new fully automated production equipment for production of high quality low cost respirators . The new product versions will be launched after their production has been ramped up and CE certification process has been completed . Sales of current respirator products remain low due to price competition . Eagle introduced new filtration materials for its industrial products that lower material costs while improving product performance . Eagle continues material development , with a target of further improving the performance , cost efficiency and sustainability of various types of filter media . Nuuka Solutions • SaaS revenues grew from 85k € to 90k € / month ( unaudited ) compared to Q2 • Nuuka's total focus is on achieving undisputed technology leadership in diagnosing and optimizing buildings automatically with Artificial Intelligence ( AI ) and Machine Learning ( ML ) . The Al service has been well received by customers . • Nuuka has proven substantial savings and benefits from using Al . As an example , optimizing ventilation with Nuuka Al can save 15-50 % of ventilation energy costs and emissions , and at the same time improving indoor climate . • During Q3 and October Nuuka has acquired more customer projects than in three previous quarters combined , signing / agreeing six new projects . The offer pipeline continued to grow . • Nuuka launched a new brand identity and increased marketing visibility , generating more leads . Risks and Uncertainties Loudspring Oyj ( the “ Company ” ) and its portfolio companies ( the " Portfolio Companies " ) are associated with a number of risks and uncertainties including but not limited to the following :