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Statkraft Ventures invests in Norwegian heat company Winns AS

31 May, 2021

Statkraft Ventures and existing shareholders invests NOK 25m in Norwegian heat company Winns AS. The capital injection helps Trondheim-based Winns to further develop its climate-friendly solutions and grow the business into heating and cooling as a service.

Winns delivers heat pumps using only natural refrigerants to onshore customers like apartment buildings, commercial buildings, hotels, shopping centres and sports arenas, as well as oil & gas installations offshore. This capital injection puts Winns in a position to take ownership of installations and selling heating and cooling as a service.

Heat pumps are essential for the world to reach the CO2 emission targets. The market is expected to grow substantially within the next decades. According to IEA’s latest net zero scenario, 50% of the heating demand needs to be met by heat pumps by 2045.

The challenge with heat pumps is that they have historically been delivered with synthetic refrigerants with a very high global warming potential (GWP). Winns delivers heat pumps that use natural refrigerants only. The company delivers installations based on modular design with a proprietary control, monitoring and cloud-based optimalisation software. A heat pump is a device used to warm (and/or cool) buildings by transferring thermal energy from a cooler space to a warmer space using the refrigeration cycle.

“We believe natural refrigerants and heat as a service are key to growing the heat pump market. We are happy to get Statkraft Ventures as new shareholder, together with continuous support from our existing shareholders. With shareholders like Statkraft Ventures, Byggteknikk Drift, business angels, founders and employees, I believe we have appropriate support for our continuous growth,” says Guro Solem, CEO of Winns.

“Winns is an important company in a traditional sector with exciting growth opportunities through its ‘heat and cooling as a service’ offering. Their industry knowledge combined with their optimisation software provides a great basis for scaling the business,” says Torgunn Oldeide, Investment Director at Statkraft Ventures.

Statkraft Ventures was established in 2015 and invests in leading cleantech and energy start-ups.

For more information, please contact:

Guro Solem, CEO Winns AS
Phone: +47 986 02 923

Torgunn Oldeide, Investment Director, Statkraft Ventures
Phone: +47 915 56 768