EVLI PLC PRESS RELEASE, MAY 12, 2025 AT 7:23 AM (EET/EEST)

Evli Private Capital, a part of Evli Group and specializing in private equity, has made a significant investment of EUR 7 million in the Finnish growth company Calefa Oy with an option for an additional investment. Calefa specializes in capturing and recycling heat waste and ambient energy using industrial-scale heat pump technology.

Evli Private Capital Fund I, dedicated to the green transition, makes strategic minority investments in SMEs in the energy transition, resource efficiency, and circular economy sectors. This new investment, consisting of both new equity and purchase of existing shares, will help Calefa in reaching its growth ambitions in Finland and abroad. As a result of the investment, Evli Private Capital becomes a significant minority shareholder in Calefa Oy.

Calefa Oy implements turnkey solutions and related lifecycle services for industrial and energy production companies. For over a decade, Calefa has invested significantly in research, know-how and development of heat pump technologies and to create modular heat pump facilities. With new technologies and the AmbiHeat® heat pump plant, the company has positioned itself at the forefront of sustainable heating and cooling technologies. Its patented solutions upgrade waste heat from industrial processes as well as ambient energy sources for reuse, while simultaneously enabling fully emission-free cooling and heating.

Calefa Oy employs approximately 40 employees in its headquarters in Hollola and production site in Ikaalinen. The company has experienced rapid growth in recent years with an average growth rate of 30% annually and in 2025 the company expects to reach a revenue of over EUR 15 million.

Recycling energy is an effective and profitable way to reduce CO2 emissions

Calefa serves large Finnish industrials, energy companies and industrial real estate with energy efficiency actions and decarbonizing of energy production. Since 2013, Calefa has delivered about 200 energy systems which utilize waste heat and ambient energy for cost-efficient green transition. With these systems Calefa’s customers combined have saved over EUR 65 million in heating costs (~1,2 million MWh of saved energy) and reduced emissions by over 256 million kg in CO2.

Calefa’s clients include Orion, a Finnish pharma leader, who with the help of Calefa’s award-winning AmbiHeat® heat pump facility has been able to reduce its site’s purchased energy need by more than 55% while at the same time lowering the site’s CO2 emissions by 2.2 kilotons.

Calefa is planning for accelerated growth in Finland and abroad

With the support of Evli Private Capital, Calefa seeks accelerated growth opportunities.

“Sustainability megatrends create exciting growth opportunities, and we are convinced that heat pumps will continue to play a major role in decarbonizing the industry. This investment is a perfect fit to our thematic fund, strongly aligning with our commitment to accelerate the global energy transition, promote energy efficiency, and contribute to a more resilient energy future. We are extremely proud to be joining the Calefa team,” says Mikko Heikkilä, Partner at Evli Private Capital.

“We are delighted to have found an active partner in Evli Private Capital to support our next growth phase in Finland and abroad. Our focus is now on creating a team capable of reaching EUR 50 million in revenues and beyond,” says Mika Galkin, Chairman of the Board of Calefa.

“This investment is a testament of the successful work by the whole personnel at Calefa. Together with Evli Private Capital, we look forward to serving our growing customer base even better in Finland and abroad,” says Petri Vuori, Calefa’s Managing Director.

EVLI PLC

Additional information:

Calefa Oy
Petri Vuori, CEO, Calefa
petri.vuori@calefa.fi
+358 40 553 4427

Evli Private Capital
Mikko Heikkilä, Partner, Evli Private Capital
mikko.heikkila@evli.com
+358 400 662885

Calefa Oy 

Calefa delivers total energy systems based on world-leading heat pump technology. Our customers are industrial and energy companies as well as large properties. The heat pump systems utilize industrial waste heat and ambient energy.

We implement total solutions as turnkey deliveries and ensure the functionality of the whole system throughout its entire lifetime. With our systems, our customers get significant savings and cut their CO2 emissions by utilizing waste heat and clean, ambient energy.

Company website: www.calefa.fi

Evli Private Capital

Evli Private Capital Fund I is dedicated to driving the green transition. The fund makes significant minority investments in Finnish and Swedish small and medium-sized growth companies within energy transformation, resource efficiency, and the circular economy. The fund has also invested in EWQ Zone. The private equity team’s prior investments include Proventia, Solnet Green Energy, Bladefence and Elcoline.

Evli in brief

We see wealth as an engine to drive sustainable progress. We draw on our heritage, broad expertise, and Nordic values to grow and manage wealth for institutions, corporations and private persons in a responsible way.

We are the best fund house in the Nordics¹ and the leading asset manager in Finland² offering a broad range of services including mutual funds, asset management and capital markets services, alternative investment products, equity research as well as Corporate Finance services. Responsible investing is integrated in every investment decision and our expertise is widely acknowledged by our clients. Evli has Finland's best expertise in responsible investment³.

Evli Group employs around 270 professionals and Evli has approximately EUR 19.0 billion in client assets under management (net 3/2025). Evli Plc’s B shares are listed on Nasdaq Helsinki Ltd. More information at www.evli.com.

¹ Morningstar Awards 2024 (c). Morningstar, Inc. All Rights Reserved. Awarded to Evli for the Best Fund House in Finland and Sweden. Lipper Fund Awards 2023, 2024, the category Small Fund Companies.
² Kantar Prospera External Asset Management Finland 2015, 2016, 2017, 2018, 2019, 2021, 2022, 2023, 2024. Kantar Prospera Private Banking 2019, 2020 Finland.
³ SFR Scandinavian Financial Research Institutional Investment Services Finland 2021, 2022. Kantar Prospera External Asset Management 2017, 2018, 2019, 2020, 2023, 2024 Finland.

Distribution: Nasdaq Helsinki, main media, www.evli.com