Geonova
Energy solutions with geothermal heat pumps as a service for sustainable and cost-effective building management.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | N/A | Acquisition | |
| Total Funding | 000k | ||
| EUR | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 |
| % growth | - | - | 158 % |
| EBITDA | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 |
| % profit margin | - | (144 %) | (47 %) |
| EV | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 |
Source: Company filings or news article
Geonova Oy operates as a Finnish energy services company, offering geothermal heating and cooling solutions through an Energy-as-a-Service (EaaS) model. This structure allows clients to adopt renewable energy without significant upfront capital investment. The company was founded in 2022, originally as a joint venture between Helen Ltd and LämpöYkkönen Oy, and has since established its headquarters in Helsinki. Geonova is now owned by CBRE Investment Management and LämpöYkkönen.
The company's clientele consists of large properties, including businesses, housing associations, real estate investors, and public sector entities across Finland. Revenue is generated via a monthly fee for the energy provided, which covers system design, financing, installation, optimization, and maintenance throughout the contract period. This business model provides customers with predictable energy costs and a reduction in CO2 emissions, which can be as high as 70-100%. At the end of the contract term, clients may have the option to redeem the system.
Geonova's core offering is a turnkey geothermal heat pump system that leverages solar energy stored in the bedrock to provide heating and, optionally, cooling. The service encompasses the entire project lifecycle, from initial design to ongoing operation. A key milestone in the company's growth occurred in August 2025 with the strategic acquisition of Aitoenergia Oy. This move nearly tripled Geonova's contract base and expanded its geographical presence. Following the acquisition, Aitoenergia's CEO, Tuomas Humalajoki, was appointed CEO of the combined entity. The company's board includes Veli-Matti Hautakoski, the founder of LämpöYkkönen, who brings extensive experience from the heat pump market.
Keywords: geothermal energy as a service, EaaS, heating solutions, cooling solutions, renewable energy, Finnish energy operator, property energy systems, heat pump solutions, sustainable energy, carbon neutral, energy efficiency, real estate energy, housing associations, public sector energy, CBRE Investment Management, LämpöYkkönen, Aitoenergia, Tuomas Humalajoki, Veli-Matti Hautakoski
Investments by Geonova
Edit