Latvian company Aeonpump is aiming to become a global leader

Founded in Latvia, Aeonpump has quickly become an industry leader offering unique light and quiet, yet powerful mobile pumps for transferring water and reducing levels of ground water. Since its founding in 2020, Aeonpump has created more than 30 different types of pumps that work on batteries, diesel or electricity and are distinguished by high functionality and energy efficiency, thus reducing operating costs and CO2 emissions.

The company takes pride in having created the first battery-powered pump in the world and will soon bring to market the world’s first hydrogen-powered pump. These pumps are not only powerful and durable, but they also boast a modern design that satisfies even the most demanding customers.

Aeonpump products are exported to more than 10 countries around the world, including Germany, Canada, the United Kingdom, New Zealand, and Australia. The company’s main customers are machinery rental companies throughout the world which provide these devices on demand to municipalities, construction companies and individual users. An ambitious objective of the company is to become the leading pump brand in the global market. So far, Aeonpump has succeeded in achieving another goal: to double turnover year over year. Last year the company’s turnover reached EUR 3.4 million and is set to hit EUR 7 million this year.

An important factor in the rapid growth of Aeonpump is support from the incubator programme of the Investment and Development Agency of Latvia (LIAA). This support has allowed the company to purchase new manufacturing equipment, develop innovative systems and train employees, thus helping the company expand at its desired speed. “When Aeonpump applied for the programme, our goal was to address the main challenges facing a rapidly growing company, such as cash flow and increasing production capacity, and support from the incubator programme allowed us to do that,” Igors Gorkins, co-owner and Chair of the Board of Aeonpump, explains.

The Aeonpump team boasts a deep understanding of its market as the founders and managers of the company themselves have a background in the rental and machinery servicing business. Putting their experience and knowledge to use, they decided to create products that are precisely aligned with the needs of customers, improving their functionality, power and design. New pumps are developed at the company’s factory in Latvia, where they are designed, prototypes are developed, tested and manufactured.

Since 2024, the Business Incubation Aid Program has been implemented by LIAA representative offices in Latvia and any company up to the age of 5 operating in the supported sectors can apply for the programme.

This article has been produced with financial support from the European Regional Development Fund, Small and Medium Enterprises Programme, Incubator Subproject.