Press release – Heaten sets course for growth through strategic partnership with Advent International
PRESS RELEASE
Heaten sets course for growth through strategic partnership with Advent International
- Strategic partnership to accelerate the rollout of Heaten’s industry-leading very-high-temperature-heat-pump solutions.
- Advent International to enable greater collaboration between Heaten and the INNIO Group.
Luxembourg, Kristiansand – October 3, 2024 – AI Alpine (Luxembourg) S.à r.l. (“AI Alpine”), controlled by funds managed by Advent International (“Advent”), one of the largest and most experienced global private equity investors, announced that it has acquired Heaten, a leading provider of very-high-temperature-heat-pump solutions, from Azolla Ventures, Nysnø Climate Investments, Shell Ventures, and Valinor. Together with AI Alpine, Heaten will accelerate the rollout of its market-leading HeatBooster technology.
“Our heat pump technology for decarbonizing industrial heat has been developed over a decade and will make a significant impact to decarbonize heat across industrial processes,” said Jeroen Koot, CEO, Heaten. “With AI Alpine, we have an excellent opportunity to industrialize manufacturing and drive the rollout of our highly efficient heat pumps in the megawatt class.”
“We are delighted to partner with Heaten and to work together to unlock the full potential of its ground-breaking HeatBooster technology. Heaten is yet another example of Advent’s resolve to back companies that can meaningfully accelerate the energy transition,” said Ranjan Sen, Managing Partner at Advent International.
“We are excited to work with the Heaten team and to foster collaboration with our portfolio companies, such as INNIO Group, to put solutions into the marketplace that ultimately can save CO2 emissions at the gigaton scale,” added Rainer Thuerbach, Director at Advent International.
“The sale to AI Alpine is the next logical step in the development of Heaten,” said Alexander Aguilera, CSO of Valinor, on behalf of Heaten’s previous investor group. “Under the umbrella of AI Alpine and the strength of its portfolio companies, Heaten is now in a prime position to serialize and roll out its heat pump technology.”
Heaten is on a mission to decarbonize and save energy across industrial processes with its very-high-temperature-heat-pump technology. The HeatBooster efficiently recovers energy from low-value waste heat streams and transfers the energy to high-temperature water or steam.
Heaten’s piston-based technology is one of the leading solutions across temperature-level, efficiency, flexibility and variability. Heaten’s heat pumps deliver hot water or steam of up to 200°C by utilizing waste heat. As of 2025, the product portfolio ranging from 1 to 8 megawatt is expected to be rolled out. The engine-based technology is mature and earlier versions have performed more than 30,000 operating hours in the field.
3 October 2024