Helsinki-based Voltan, a scaleup that designs, constructs, finances, and operates geothermal energy infrastructure, announced that it has secured growth funding from Kiilto Ventures.
However, the company didn’t disclose the exact funding figures.
The latest capital infusion will help the Finnish firm to build more and larger energy solutions in the company’s key market areas.
The company also plans to allocate funds to strengthen its operational and sales teams.
“This funding round will help us accelerate the expansion and scaling of energy solutions used in built environments. Our service has already been ordered for over 30 locations,” says Richard Cawén, co-founder of Voltan.
What does Voltan solve?
In Finland, apartment residents have experienced a 70 per cent increase in heating bills over the last decade, with a 50 per cent surge in Helsinki alone since July 2020.
District heating accounts for most emissions in Finnish metropolitan areas with up to 60 per cent of greenhouse gas emissions produced from district heating in Helsinki.
Here’s where Voltan comes into play by providing ground-source heating and cooling as a service.
This service aims to offer a cost-effective, sustainable, and hassle-free solution to homeowners and residents in Finland.
Voltan: Distributed geothermal energy scaleup
Founded by Richard Cawén and Miikka Lemmetty, Voltan Lähienergia Oy is an energy company focusing on green heating and cooling solutions for buildings.
Voltan designs, constructs, finances, and operates ground-source heat systems for large properties.
The Finnish company offers its services to construction companies, developers, real estate investors, and housing associations.
By working with leading construction companies like YIT, Voltan Energy can facilitate the development of green infrastructure and provide long-term operation and optimisation for large residential buildings.
Voltan is on a mission to promote Finland’s transition towards carbon neutrality and thus strives to ensure a sustainable everyday life for future generations.
“We are delighted to have Kiilto Ventures join our backers. We share the same goal: to improve built environments for the benefit of all – both now and in the future. We want to create something as enduring as Kiilto, which has already achieved an impressive one hundred years,” says Miikka Lemmetty, CEO of Voltan and one of the company’s co-founders.
Kiilto Ventures invests in and builds early-stage startups that future-proof the built environment and regenerate nature.
Kiilto Ventures is the VC arm of Kiilto, a Finnish family firm with a 100+ year history, aiming to be an environmental leader in construction, adhesives, fireproofing, hygiene, and consumer goods.
Earlier this year, the VC backed Asumma, a construction technology company that designs and sells high-quality, move-in-ready single-family homes
“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.