Skip to main content
NewsJune 2022

Voltan Energy secures growth funding

The Finnish energy company Voltan Energy produces heat for properties using geothermal facilities placed near customers. The company designs, builds, and finances heating plants. Customers pay for heating according to consumption, as in traditional district heating. Having received significant growth funding, Voltan has already signed cooperation agreements with several construction companies.

Voltan Energy, which will invest tens of millions in ground heating and cooling systems for new construction in the coming years, has secured a 2.5 million euro investment in its second funding round.

The funds will be used to strengthen the sales organization and to build the heating and cooling systems themselves. Holdix Oy Ab, Turret Oy Ab and Timo Soininen, who were previously shareholders of the company, participated in the financing round. Nidoco AB, a subsidiary of Alexander and Albert Ehrnrooth's Virala Oy Ab, also became an investor in Voltan.

An affordable and environmentally friendly option

Voltan Energy challenges district heating with its new type of heating and cooling service based on geothermal energy. "Half of the capital region's carbon dioxide emissions come from district heating, the price of which has also risen wildly. We want to offer an alternative to district heating," Voltan CEO Miikka Lemmetty says.

The heat produced with geothermal and heat pump technologies can reduce heating carbon dioxide emissions by more than 80%.

Instead of an expensive one-time investment, Voltan offers builders of new apartment buildings and apartment buyers an affordable and environmentally friendly alternative to the rising costs of district heating by investing in local energy systems themselves.

Voltan is responsible for the technical implementation of geothermal heat and will remain the long-term heat producer for the building company. In the past, the developer was responsible for the heating investment.

In addition to heating, the system enables the cooling of apartments. An individual housing association also benefits from Voltan's centralized operation and maintenance, which enables cheaper and more efficient heat production than a separate operator.

The company implements cooling by utilizing the soil's temperature, which is cooler than the outside air in summer – by transferring thermal energy from the interior to the soil. Cooling stores heat in the ground for the winter season. This further promotes the service's environmental friendliness. Ground cooling also does not require separate outdoor units for apartments, which eliminates noise, heat and condensation problems.

First, grow in Finland with the help of construction companies

Around 800–900 new apartment buildings are builtevery year in Finland, and there are over 60000 of the old building stock. In sales, Voltan focuses on rapidly scaling new construction projects through the cooperation of construction companies.

"Of course, we also offer our environmentally friendly and predictably affordable heating and cooling solution for old apartment buildings," says Voltan CEO Miikka Lemmetty. "We have entered into cooperation agreements with several major construction companies. We will make this public with more detailed information later."

VoltanEnergy initially aims for the annual construction of 30–50 sites in Finland. "This would mean an annual reduction of approximately 1200 tons of CO2 emissions," Lemmetty reminds.

In the near future, Voltan's purpose is to expand to other Nordic countries and possibly also to Central Europe. In Sweden, geothermal heat is already a familiar phenomenon in large real estate.

"The tightened international situation has made self-sufficient geothermal heat an even more competitive heating and cooling option," Lemmetty reminds. "If the small amount of energy used to run the geothermal lamp system is produced renewably, the geothermal heat is completely emission-free. Geothermal heat is protected from strong fluctuations in energy prices and it is reliable in production."

Read more here.