Published:
2018-02-13 07:00:00 CET
Uponor Corporation
Inside information

Uponor invests further USD10 million in Phyn to accelerate growth in smart water systems

Uponor Corporation     Stock exchange release     13 February 2018     8:00 EET

Uponor invests further USD10 million in Phyn to accelerate growth in smart water systems

Uponor has made a decision to invest an additional USD10 million in Phyn, a joint venture between Uponor and Belkin International, bringing its total investment in the company to USD25 million. With this second round of funding, Uponor establishes a 50 percent ownership in Phyn, with the other 50 percent owned by Belkin.

Phyn will utilise the funding to further accelerate market penetration and scale the company’s operations as it prepares for commercialisation in late spring of its debut product the Phyn Plus, smart water assistant + shutoff.

Phyn Plus is an intelligent water monitor that attaches to the main water line of homes. Through a combination of high-definition pressure sensing and machine learning, Phyn Plus detects leaks and plumbing issues and can automatically shut off the main water supply when needed to prevent costly damage. Phyn Plus will be available for purchase in the U.S. for USD850 exclusively through the Uponor Pro Squad, a nationwide network of expertly trained plumbers and water specialists.

As a joint-venture company, Phyn will be consolidated into Uponor’s financial accounts using the equity method.


For further information, please contact:
Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
Maija Strandberg, CFO, tel. +358 20 129 2830


Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852


DISTRIBUTION:
Nasdaq Helsinki
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www.uponor.com


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 3,900 employees in 30 countries, mainly in Europe and North America. In 2016, Uponor's net sales totalled €1.1 billion. Uponor is based in Finland and listed on Nasdaq Helsinki. www.uponor.com