EVLI PLC PRESS RELEASE, OCTOBER 30, 2025 AT 9:00 AM (EET/EEST)

Evli Private Capital to back Enico’s growth in energy management and storage solutions

Evli Private Capital, part of Evli Group and specializing in private equity, together with Arvo Sijoitusosuuskunta, has invested €7 million in Enico, an innovative Finnish provider of modular battery energy storage systems (BESS). Enico advances the green transition by optimizing energy storage solutions for renewable power producers and users, directly supporting the EU’s decarbonization and energy security goals.

Evli Private Capital Fund I, dedicated to the green transition, makes significant minority investments in small and medium-sized companies in the energy transition, resource efficiency, and circular economy sectors. This new investment in Enico, consisting of both new equity and purchase of existing shares, will fuel the company’s growth both in its main market Finland, as well as internationally. As a result of the investment, Evli Private Capital becomes a significant minority shareholder in Enico.

Enico is committed to technological innovation, offering scalable and modular battery energy storage systems (BESS) that support customers throughout the entire lifecycle – from planning and installation to maintenance. These solutions make it easier for customers to benefit from the green transition while improving their energy management. The company’s cornerstone product, Enico | Jupiter, can be scaled from small installations to multi-megawatt systems, making it suitable for a wide range of energy storage needs. Equipped with AI, Jupiter enables full remote monitoring and control of energy usage, as well as participation in frequency reserve and electricity markets, allowing customers to unlock maximum value from their energy storage investment.

Enico employs 23 professionals at its headquarters in Tampere, where it recently opened new assembly facilities. While the company operates primarily in Finland, Enico has a strong growth drive abroad, with successfully completed export projects underscoring its internationalization capabilities. Since its founding in 2019, Enico has experienced exponential revenue growth with an impressive average annual growth rate of almost 200% between 2019 and 2024, and the company is estimated to nearly double its previous year’s revenue of €8.9 million during fiscal year 2025. This October, the company was awarded first place in Deloitte’s Technology Fast 50 programme, which annually recognizes Finland’s fastest-growing technology companies.

Enico serves a diverse portfolio of customers across the commercial, industrial, and utility sectors, including Recharge, NREP, and AJ Power, as well as investors like New Stars & Company.

Increased share of renewables drives demand for energy balancing and storage

The BESS market is expected to grow rapidly from 2026 to 2030 as weather-dependent energy production increases both in Finland and Europe. This creates greater price fluctuations and unpredictable energy supply, which increases the need for quick and flexible energy storage solutions. The rising share of renewable energy will also increase grid stress and short-term forecast inaccuracies, further highlighting the value of resilience and backup.

With scalable, high-quality products and strong service expertise, Enico can help customers manage the challenges of the changing energy market and support the shift to cleaner energy by making energy systems more flexible.

Enico targets strong growth in Europe

Enico is well placed to grow both in Finland and internationally. With the support of Evli Private Capital, the company aims to become the leading brand of energy management and storage solutions in Northern Europe.

“From the outset of our collaboration with Enico, we have been thoroughly impressed by the team’s capabilities. With this investment from Evli Private Capital and Arvo Sijoitusosuuskunta, we are confident that we now have the foundation to build a market leader in a rapidly growing sector. We are committed to actively supporting Enico on this journey – not only by providing capital, but also by leveraging our network and expertise in energy transition. While Finland remains an attractive growth market, we are excited to introduce Enico’s competitive products and services to other European markets as well,” says Kalle Kekkonen, Managing Partner at Evli Private Capital.

“The energy storage sector has grown and developed rapidly. By combining our deep product expertise with strong software capabilities, we’ve been able to proactively meet increasing demand and our customers’ evolving needs. We’re now entering the next phase of our growth journey with even greater ambition. With the support of Evli Private Capital and Arvo Sijoitusosuuskunta, we’re scaling up and focusing firmly on international opportunities,” says Marko Lähteenmäki, CEO of Enico.

EVLI PLC


Additional information:

Evli Private Capital
Kalle Kekkonen, Partner, Evli Private Capital, tel: +358 50 304 5861, kalle.kekkonen@evli.com

Enico Oy
Marko Lähteenmäki, CEO, Enico, tel: +358 40 542 4374, marko.lahteenmäki@enico.fi

Evli Private Capital
Evli Private Capital Fund I, dedicated to the green transition, makes significant minority investments in Finnish and Swedish small and medium-sized companies in the energy transition, resource efficiency, and circular economy sectors. The fund’s current portfolio of growth companies includes EWQ Zone, which drives digitalization and resource efficiency in the retail sector, Calefa, an industrial-scale heat pump technology specialist focused on capturing and recycling of heat waste and ambient energy, and Comadev, which provides diamond core drilling and sampling for mining companies. The private equity team’s prior investments include Proventia, Solnet Green Energy, Bladefence, and Elcoline.

Evli in brief
Evli is a Nordic wealth manager that helps institutions, companies, and individuals build a prosperous tomorrow. With 40 years of experience, we offer award-winning and result-driven wealth management, along with a broad range of investment solutions. Evli employs 300 professionals and manages EUR 20.8 billion in client assets (net as of 9/2025). Evli's B shares are listed on Nasdaq Helsinki. For more information, visit evli.com.

Enico Oy
Founded in 2019 in Tampere, Finland, Enico is a pioneer in the energy industry. The company helps customers across the commercial, industrial, and utility sectors to leverage the green transition by providing energy management services that strengthen their business.

Enico has grown significantly over the last years and is continuing its growth journey both in Finland and internationally. The company aims to become the leading brand of energy management and storage solutions in Northern Europe. www.enico.fi