Solar acquires Danish heat pump manufacturer ThermoNova
Press release March 1, 2023
On 1 March 2023, Solar acquired 51% of ThermoNova A/S, which manufactures and supplies high-capacity heat pumps. The investment should accelerate the green transition of both small and large companies.
A big part of industrial companies depends on gas and oil for heating their production, workshops, and warehouses. Solar and ThermoNova wish to change that.
ThermoNova manufactures and supplies a new and different type of modular heat pumps, that makes it possible to construct big and energy-efficient heating solutions particularly suitable for industrial companies.
”We experience great interest in our unique solutions in ThermoNova, from outside Denmark as well. Solar has great experience with marketing, selling and distributing climate and energy solutions in Denmark, Sweden, Norway, the Netherlands and Poland. That is why this partnership gives us the opportunity to accelerate our growth outside Denmark as well, says Mads Hougaard, co-owner of ThermoNova.
During the past years, the company from Nibe in Denmark has achieved great success selling large heat pumps to production companies, farmers, housing associations and many other types of customers. As one of the few, ThermoNova has found a solution for companies with a large need for heating. A solution based on a natural propane refrigerant.
“The need for energy-efficient solutions is rapidly increasing. As a company we have a desire and an obligation to be a part of the green transition. ThermoNova delivers unique solutions with great potential, and they will strengthen our position as a company within climate and energy solutions”, says Jens Andersen, CEO of Solar.
”This collaboration should help push the green transition further. The technology is at a stage where we are able to solve a heating issue with larger companies, giving them an alternative to oil and gas considering both efficiency, a reduced CO2 charge and a lower environmental impact in general. I have great expectations for the future,” Jens Andersen continues.
He highlights that when choosing ThermoNova, Solar is investing in a healthy and competent company. The potential is big and with the right capital, the ambition of quadrupling the capacity by the end of the year, can be achieved. In 2022, Solar had heat pumps from ThermoNova installed on the roof of their new warehouse. The installation runs on solar power.
For additional comments:
Jens Andersen, CEO, Solar A/S – tel. +45 40641291
Mads Hougaard, Managing Director, ThermoNova A/S – tel. +45 60608397
Louise Bendix Hansen, Head of Communications – tel. +45 28444085
ThermoNova was founded in 2016 by Mads Hougaard and Steen Fristrup. The company focuses on heat pump technology within fluid-water and air-water heat pumps as well as commercial and industrial air-air heat pumps. ThermoNova is very concerned with sustainability and has a goal to be the preferred supplier and knowledge partner to all types of projects that include heat pumps for heating buildings, smaller district heating facilities and process cooling with heat recovery from 20 to 1000 kW.
ThermoNova’s solutions differentiate from others with their use of a natural propane refrigerant. The technology is future-proof and typically results in better efficiency as well as low CO2 emissions.
Solar has more than 100 years’ experience as a sourcing and services company within installation and industry. In 2022, approx. 10% of the group’s revenue derived from climate and energy. Within the next few years, the goal is to have climate and energy make up 25% of revenue. In 2022, Solar’s revenue was close to DKK 13.9bn. The Solar Group has subsidiaries in five European countries and employs 3000 employees.