On 18 December 2023, the sale of 100% of the quotas of Thermowatt Kft. to Veolia Group, GloCap I. Gazdaságfejlesztési Magántőkealap and Trustify I Magántőkealap closed.
Veolia Group companies in Hungary and Poland have acquired a majority stake in THERMOWATT Energetikai és Építőipari Kft., a company developing an innovative technology for the recovery of thermal energy from wastewater. Further stake was acquired by GloCap I. Gazdaságfejlesztési Magántőkealap, managed by Global Capital Kockázati Tőkealap-kezelő Zrt., and by Trustify I Magántőkealap, managed by Trustify Investment Management Zrt.
THERMOWATT Energetikai és Építőipari Kft., founded in 2007 and based in Budapest, is a company specialising in engineering design and energy consulting, as well as the construction and operation of a CO2-free technology based on heat exchangers and heat pumps using waste water heat for heating and cooling buildings.
THERMOWATT’s innovation has won several awards and the company now holds registered, wholly owned patents in 37 countries. This technology is quick and easy to deploy and operate and offers an environmentally friendly and economical solution for energy independence and safety. There are currently 5 such systems in operation in Hungary with capacities ranging from 1 MW to MW.
Concorde MB Partners was transaction advisor of sellers.
