🇳🇴 Enerin raises €15 million in Series A funding round

Dec. 10

Enerin Chair and former CEO of Scatec, Raymond Carlsen; Enerin founder, partner and CEO, Arne Høeg; and Enerin founder, partner and COO, Trond-Atle Asphjell, photographed outside of GE Healthcare, Norway, where the heat pump pilot project is housed in a container on the Lindesnes site.

Norway’s Enerin AS, has raised €15 million (NOK 180 million) in an oversubscribed Series A led by Climentum Capital, The Footprint Firm, Johnson Controls and Move Energy, with participation from PSV Hafnium and Momentum — the only Norwegian investor in the round.

• The investment marks Enerin’s transition from technology pioneer to serial production. Proceeds will expand commercial and manufacturing operations, and accelerate next-generation development.
• Johnson Controls’ participation provides strategic validation and global reach from one of the world’s leading providers of heating, cooling, and energy systems.

Enerin heat pumps adapt to factory needs without performance loss

Replacing fossil-fuelled industrial boilers — responsible for almost 25% of global CO₂ emissions — remains one of the toughest challenges in the energy transition, largely because conventional heat pumps struggle to meet the sector’s highly variable process conditions and high temperatures.

Enerin’s modular, flexible and standardised system removes such barriers by adapting automatically to factory conditions while delivering heat up to 250°C, providing a scalable path to decarbonise.

“Today, customers care first about economics. HoegTemp makes clean industrial heating profitable compared to gas boilers, reducing energy use by 50-70 percent,” said Høeg.

“Because our automated system adapts to varying process conditions, it allows factories to decarbonize without redesigning operations. This blend of flexibility and standardisation is what finally makes clean industrial heat available and profitable at scale.”

— Enerin CEO Arne Høeg

The photos above show Arne Hoeg; Trond-Atle Asphjell photographed with Høeg; and then with Chair Raymond Carlsen in the heat pump container at GE Healthcare, Lindesnes, Norway. The heat pump is shown with its Winter insulation jacket to retain heat. A visit was made to Mandal Maskinering where some components are manufactured and the heat pumps are assembled.

The full press release can be read HERE.

More than double the funds were raised in the Series A round

According to the article on the deal covered in Norway’s business daily, Dagens Næringsliv (DN), Enerin’s original goal was to raise €7 million in capital. The result was more than double at €15m, or around 180 million kroner, in a heavily oversubscribed issue.

After limited traction in the Norwegian market, Enerin turned to international investors with success. “We had many fruitless meetings with potential investors. After all, not many people have managed to raise money for green industry in the last couple of years (in Norway). The fact that we have now managed to do so, and even managed to oversubscribe the issue says quite a lot,” Enerin CEO Arne Høeg told DN in an interview.

The lead investors of the Series A round were Danish-headquartered Climentum Capital and The Footprint Firm, followed by the global energy systems’ provider Johnson Controls.

What the lead investors said

“After years of tracking industrial heat-pump technologies, we consistently found solutions that were either too large, too niche, or too bespoke for true mass-market adoption. Enerin changes that. Their Stirling-cycle design combines efficiency with the compactness and operational flexibility needed to replace gas boilers across the vast mid-size segment.”

— Stefan Mård, Partner at Climentum

“Industrial heat in the 100–200°C range represents a massive yet untapped decarbonisation opportunity, still dominated by fossil fuels. Enerin is breaking new ground by turning industrial waste heat into clean, reliable thermal energy. This is exactly the kind of innovation that can move the needle on industrial emissions at scale, and we’re thrilled to co-lead this round.”

— Sofie Käll, Chief Investment Officer, The Footprint Firm.

“Decarbonisation and energy efficiency are strategic pillars of Johnson Controls, critical for the environment while delivering business growth for our customers. Across our projects we have consistently helped customers cut energy costs and emissions by up to 50–60 percent compared to conventional gas boilers. Our investment in Enerin extends that impact to higher temperature ranges where electrification is most challenging.”

— Gilad Domb, Johnson Controls Vice President of Product Management, Strategy, and Ventures

Enerin CFO Henrik Ree Eriksen and Chair Raymond Carlsen comment on the deal

“Securing an oversubscribed international Series A in the current market demonstrates strong confidence in both our technology and the team’s ability to leverage our repeatable, standardized configuration to scale globally.”

— Henrik Ree Eriksen, CFO of Enerin

“Having Johnson Controls together with leading European VCs as investors is a powerful validation of what Enerin is building. I’ve spent an essential part of my career enabling renewable energy generation on the supply side.

Now it’s time to decarbonise the demand side without a green cost premium.”

— Raymond Carlsen, Chair of Enerin and former CEO of Scatec ASA