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Heaten: secured 60 MNOK for further growth

  • Sector: Infrastructure
  • Date: January 20, 2022

  • Company: Heaten develops and produces megawatt-scale industrial heat pumps with very high temperatures, which can recover heat that is traditionally lost in processes to various industrial customers.

Heaten recently signed an investment agreement for 60 MNOK with Azolla Ventures, the Norwegian State Climate investment company Nysnø, and Shell Ventures, to bring the first very high temperature heat pumps to industrial customers and will substantiate Heaten’s product commercialization strategy.

Heaten has developed breakthrough technology that brings high-temperature industrial heat pumps to market at an essential moment for the climate, says Amy Duffuor, General Partner at Azolla Ventures. It is critical to decarbonize heavy industry, and we are extremely proud to partner with Heaten alongside series A co-investors Nysnø and Shell Ventures, Duffuor concludes.

The value of Heaten’s product is two-folded, explains Jean Baptiste Curien, Investment Manager at Nysnø. First, it valorizes a gigantic energy resource – industrial waste heat – and second, it allows for the electrification of heat supply to heavy industrial sectors globally. Heaten’s products have a tremendous potential for reducing our greenhouse gas emissions where it is the hardest to do so. By investing in Heaten, we want to catalyze the deep decarbonization effort of industrial sectors, Curien concludes.

Heaten has a very compelling proposition with their range of large, very high temperature heat pumps, being very efficient across a wide spectrum of operating conditions, says Peter van Giessel, Investment Director at Shell Ventures. This makes their heat pumps attractive to industrial customers who generate waste heat, which can be used to recover energy and reduce their energy footprint. Shell is working with a broad range of industrial customers to help them decarbonise and we look forward to working with the Heaten team to accelerate the implementation of their technology, Giessel concludes.

We are proud to add these respected partners to our investor base and we welcome their long term commitment to Heaten’s success, says Peter Paul Breithaupt, CEO at Heaten. We share the vision that heat pumps will play a critical role in providing heating energy for industry, explains Breithaupt. Heaten’s system has been designed to be modular and able to handle industrial heat demand at several MW scale and up to 165°C. Our rapidly scalable very high-temperature heat pump technology will allow our customers to accelerate the transition to clean, reliable and efficient industrial heating processes, Breithaupt concludes.

In 2021, Valinor became a seed investor with NOK 20 million and is today the largest shareholder in Heaten.