Energy, Estonia, Good for Business, Investments, Transport

"Our plan is to be on the stock exchange by the end of 2019, we are making preparations for it right now," CEO Aleksei Snitsarenko told BNS.

The most important markets for Electroair OU are Russia and Estonia, where respectively 26.2% and 24.4% of output is sold. The next biggest markets are Kazakhstan with 18.4%, Cuba with 10.4% and Uzbekistan with 7.8%, it appears from the annual report.

The company is on a continuous lookout for new markets, Snitsarenko said. This year it started exporting its output to Vietnam, South Korea and United Arab Emirates.

The company's consolidated sales in 2016 totaled almost five million euros, up by 22.4% over 2015. Profit meanwhile contracted 3.7% to 712,000 euros.

Electroair is a developer and manufacturer of ground power unit (GPU) solutions. GPUs provide power to aircraft under maintenance on the ground, aircraft going through upgrade procedures as well as for supplying power to workshops and test-beds. Electroair also provides uninterrupted power supply solutions for airports.

Electroair says its products incorporate years of experience in the fields of civil and military aviation.  

Other areas of development where Electroair is active include motors of novel design and the fields of alternative energy and electric transport.

The company employed on the average 49 people in 2016 and workforce costs including the remuneration of members of the management board totaled 813,000 euros.

The owners of the company are board members Gennadi Potov, Aleksei Snitsarenko, Aleksandr Skuratov and Rustam Karagulov. The company holds 100% of the shares in Electroair Sun OU and Electroair Aviation OU.