Finnish firm Voltan secures funding to strengthen geothermal services

Construction work by Voltan Energy (source: Voltan Energy)

Helsinki-based Voltan Energy /  Voltan Lähienergia Oy has secured growth funding from Kiilto Ventures, providing capital infusion for the firm to build more and larger energy solutions in key market areas. Funds will also be allocated to strengthen the firm’s operational and sales teams.

Founded by Richard Cawén and Miikka Lemmetty, Voltan Energy is a company that designs, constructs, finances, and operates ground-source heat systems for large properties.  Voltan offers its services to construction companies, developers, real estate investors and housing associations.

Through its commitment to sustainability and customer-centricity, Voltan is participating in the construction of a carbon-neutral society for future generations.

“We’re excited to have Kiilto Ventures as a strong backer. We share the same passion for making the built environment better for everybody, today and in the long-term future. Like Kiilto, we want to be here to stay and eventually reach a 100-year old history,” said Miikka Lemmetty.

The Finnish district heating market

Today, district heating is the largest source of emissions in many Finnish large cities. For example, about 60% of Helsinki’s direct carbon dioxide emissions originate from the production of district heating. Due to the cold climate, the heat demand is considerable.

Since 2010, district heating prices in Finland have increased over 70 percent, translating into higher costs of living for apartment building residents and owners. In addition, there lacks a proper incentive or ability for these users to invest themselves into renewable energy sources, which require heavy upfront costs.

By working with leading construction companies like YIT, Voltan Energy can facilitate the development of green infrastructure and provide long-term operation and optimization for large residential buildings.

“With this funding round, we are able to accelerate the expansion and scaling of energy solutions for the built environment. Right now, we’ve been commissioned for over 30 sites” says Richard Cawén.

“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.

Source: Kiilto Ventures via Cision