Nysnø invests in the Norwegian heat pump technology company Heaten AS to promote decarbonization of industrial sectors

Stavanger 20.01.2021; Nysnø Climate Investments (Nysnø) invests, together with Azolla Ventures and Shell Ventures, in Heaten AS to develop low-carbon heat solutions for industrial applications.

Heaten AS is a pioneer in high-temperature heat pumps for industrial use. Their technology utilizes waste heat to increase energy efficiency and enable replacement of fossil-fueled heat supply.

- The value of Heaten’s product is two-fold. First, it utilizes a gigantic energy resource - industrial waste heat - and second, it allows for the electrification of heat supply to industrial sectors globally. The heat pump principle is well known and widely used in residential buildings today. It requires very specific engineering skills to apply this to industrial sectors with much higher temperature levels and energy flow, says Jean Baptiste Curien, Investment Manager at Nysnø and adds;

“Heaten’s products have a tremendous potential for reducing greenhouse gas emissions where it is very challenging. By investing in Heaten, we want to catalyze the deep decarbonization effort of industrial sectors.”

Significant greenhouse gas reduction potential

The heating segment is the largest end-user of energy and accounts for around 50% of the total energy consumption globally, according to the International Energy Agency (IEA). Half of the heat produced is used in industrial processes which rely mostly on fossil fuels for its production. Industrial heat pump technology allows for a more effective and low carbon heat production.

- Circular and fossil-free solutions for industrial sectors are crucial to achieve our global climate goals. Our strategy is to make selected investments in forward-looking companies that develop and implement new technologies. Heaten is a good example of this: A climate technology company with a great commercial and climate potential, says Siri Kalvig, CEO of Nysnø.

Solid partners

- We are very pleased to have assembled a robust and competent group of investors around us, and I am confident that with their support we will get extra speed to achieve the goals we have set for ourselves. These are competent institutions who can contribute to our development and growth through valuable expertise, complementary knowledge and relevant networks, says Dr. Peter Breithaupt, CEO of Heaten AS.

Heaten AS has raised NOK 60 million in investments in this series A-round, and Nysnø is now joining as shareholder together with Azolla Ventures and Shell Ventures. In 2021 Heaten received EUR 2 million seed funding from the Norwegian investment company Valinor in addition to a grant from Innovation Norway.

Contact

Dr. Peter Breithaupt, CEO in Heaten AS, ppb@heaten.com, Phone: +47 919 94 503

Jean-Baptiste Curien, Investment Manager in Nysnø, jbc@nysnoinvest.no, Phone: +47 95 01 68 62

About Nysnø Climate Investments

Nysnø is the Norwegian state's climate investment company that invests in companies and funds with technology for reduced greenhouse gas emissions. Through total assets of NOK 2.9 billion, Nysnø invests in renewable energy, digital technologies, resource efficiency, sustainable societies and the circular economy. www.nysnoinvest.no/en