The equity investment from Evli Private Capital, a part of the Finnish Evli group, strengthens the already diverse resources of Calefa and opens opportunities for achieving long-term goals.
Evli Private Capital, focused on accelerating the green transition, has made a significant investment of EUR 7 million in Calefa Oy. As a result of the investment consisting of both new equity and purchase of existing shares, Evli becomes a significant minority shareholder in Calefa Oy.
The entry of a new equity investor, along with the increase in resources, creates opportunities for even stronger growth for the company. The role of the current private owners remains unchanged, and they continue to be highly committed to the company’s growth and development.
Green Transition Drives Accelerated Growth in Domestic and International Markets
Calefa has experienced rapid growth in recent years, driven by the green transition. In 2025 the company is targeting a revenue of approximately 15 million euros. The annual growth rates of up to 30 percent, seen in previous years, are expected to accelerate even further, as the demand for combustion-free energy production solutions continues to increase.
Evli Private Capital invests in unlisted companies with significant growth potential, with a focus on the energy transition, resource efficiency, and the circular economy. Evli Private Capital’s investment creates even stronger growth opportunities for Calefa by providing increased capital, expertise, and networks.
“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, Calefa Oy Chairman of the Board.
Calefa’s growth will also generate meaningful impact through the emission reductions enabled by the solutions it provides to its customers. With the targeted growth, the estimated CO₂ emission reduction achieved by 2030 is approximately 1.4 million tons, equivalent to 3.5 million round-trip flights between Helsinki and London.
Targeting over one million tons of emission reductions by 2030.
Additional Resources Support the Ability to Meet Growing Demand
The entry of an equity investor offers Calefa resources to meet the growing demand for high-performance heat pump technology both in Finland and abroad.
Calefa’s heat pump plants are designed and built in Finland, in Hollola and Ikaalinen, currently by a team of about 40 people. Evli Private Capital’s investment enables proactive recruitment to support growth and brings additional resources for production and development.
“This investment is a testament of the successful work by the whole personnel at Calefa. Together with Evli, we look forward to serving our growing customer base even better in Finland and abroad.” says Petri Vuori, Calefa Managing Director.
Private Equity Investment Brings Also Resources for Product Development
Calefa has been grounded in enabling combustion-free energy solutions for industry and energy companies since 2013. While Evli Private Capital’s investment in Calefa enables the development of existing technology and services, it also leaves room for product development.
“Energy production is in constant change. We aim to meet the changing needs of our customers also in the future and can invest even more in the research and development of heat pump technologies”, says Petri Vuori.
Evli Private Capital is also pleased with Calefa’s heat pump technology development and the opportunities brought by the investment.
“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 and we are extremely proud to be joining the Calefa-team”, says Mikko Heikkilä, Partner at Evli Private Capital.
Further information:
Calefa Oy
Petri Vuori, CEO
petri.vuori@calefa.fi
+358 40 553 4427
Evli Private Capital
Mikko Heikkilä, Partner
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.
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 Plc
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 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.
