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NewsOctober 2023

Voltan secures additional growth funding - Kiilto Ventures joins as a new participant

Voltan offers ground-source heat systems that reduce emissions and energy costs for large properties. Kiilto Ventures is one of the new shareholders in Voltan, which provides heating and cooling as a service. Voltan is an alternative to district heating, which has increased in price by up to 70 percent in recent years.

The heating bills for apartment residents have risen dramatically in Finland over the past decade, by about 70 percent. In Helsinki alone, the increase has been over 50 percent since July 2020.

District heating also accounts for the majority of emissions in Finnish metropolitan areas. For example, in Helsinki, up to 60 percent of greenhouse gas emissions are attributed to district heating production.

Residents and homeowners usually lack incentives or opportunities to invest in renewable energy sources, as their adoption often involves significant costs. Voltan, which has just received a 1.5 million euro investment, offers a solution to this problem: ground-source heating and cooling as a service. In addition to Voltan's existing shareholders, a group of new investors, including Kiilto Ventures, participated in the recent investment round.

YIT also as a partner

Voltan collaborates with, among others, YIT and several other leading construction industry companies. This partnership makes green energy solutions increasingly accessible to more people. It provides a long-term and predictable solution for heating and cooling large residential properties.

"This funding round will help us accelerate the expansion and scaling of energy solutions used in built environments. Our service has already been ordered for over 30 locations," says Richard Cawén, co-founder of Voltan.

Scalable solution for new construction and renovation

With the investment from Kiilto Ventures, Voltan will be able to build more and larger energy solutions in the company's key market areas, Finland's largest population centers. The company also plans to allocate some of the funds to strengthen its operational and sales teams.

“We invest in innovative companies that have the potential to ensure a sustainable future for the built environment, and energy solutions have a significant impact on that. The geothermal financing and go-to-market model offered by Volta Local Energy has the potential for positive change, as it enables the reduction of emissions from energy use in the built environment and improves the user experience. In addition, the model can be further developed, for example, with the help of technical innovations", says Matti Rönkkö, Head of Kiilto Ventures.

“The company's founders, Miika and Richard, have considerable experience in the energy sector and in the development of innovative business models. We believe that Voltan's team has the prerequisites to create a significant positive impact in new and renovation construction through both scaling expertise and innovation,” adds Matti.

A long-term vision for a more sustainable everyday life

Voltan aims to promote Finland's transition towards carbon neutrality and thus strives to ensure a sustainable everyday life for future generations.

"We are delighted to have Kiilto Ventures join our backers. We share the same goal: to improve built environments for the benefit of all - both now and in the future. We want to create something as enduring as Kiilto, which has already achieved an impressive one hundred years," says Miikka Lemmetty, CEO of Voltan and one of the company's co-founders.

Read more here.