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Heaten has raised $7.0M across 1 funding round.
Key people at Heaten.
Heaten has raised $7.0M in total across 1 funding round.
Heaten manufactures industrial very high-temperature heat pumps using efficient piston machine technology to utilize waste heat, boost energy efficiency, and reduce greenhouse gas emissions, operating from Kristiansand, Norway, and Remscheid, Germany. The company, which pivoted from ORC systems to focus on industrial-scale heat pumps, offers products like HeatBooster HBL4 and HBL16 for sectors such as food, pulp and paper, and breweries. Heaten has raised $9.06 million across two funding rounds, including €6 million in 2022 from investors like Azolla Ventures, Nysnø Climate Investments, and Shell Ventures. Valinor and Advent International are also prominent investors, with Advent acquiring the company in October 2024. Jeroen Koot serves as CEO, with Peter Breithaupt slated to take over. Heaten was founded in March 2020 by part of the former Viking Heat Engines leadership, including co-founder Geir Robstad.
Heaten has raised $7.0M in total across 1 funding round.
Heaten's investors include Azolla Ventures.
Heaten has raised $7.0M across 1 funding round. Most recently, it raised $7.0M Series A in January 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 1, 2022 | $7M Series A | — | Azolla Ventures | Announced |
Key people at Heaten.
# High-Level Overview
Heaten is an industrial heat pump manufacturer focused on decarbonizing industrial processes through high-temperature heat recovery technology.[1][2] The company develops the HeatBooster, a modular heat pump system that achieves process temperatures up to 200°C and can replace fossil fuel boilers across energy-intensive industries.[2][3] Heaten serves industrial sectors including food and beverage, pulp and paper, textiles, chemicals, and data centers—industries where thermal energy represents a significant portion of operational costs and carbon emissions.[4] The company addresses a critical climate challenge: approximately 65% of industrial CO₂ emissions stem from burning fossil fuels for heat generation.[3] By converting waste heat into reusable process heat, Heaten enables companies to reduce energy consumption, lower operational costs, and achieve near-complete decarbonization of their heating requirements.[3]
The company demonstrates strong early momentum within the industrial decarbonization space. Heaten has secured $9.01M in seed venture capital funding from investors including Shell Ventures, Nysnø Climate Investments, Azolla Ventures, and Valinor.[1] Notable deployments include partnerships with major industrial players like Bayer and ArcelorMittal, with a recent selection to deliver an advanced heat pump for the EU HURRICANE Project at ArcelorMittal's Ghent facility.[3] A single HeatBooster unit eliminates approximately 1,000–3,000 metric tons of CO₂ annually, positioning Heaten as a meaningful contributor to industrial emissions reduction.[3]
# Origin Story
Heaten was founded in March 2020 by former leadership from Viking Heat Engines, a company that had invested heavily in thermal engineering research.[2] The technology foundation traces back to 2010–2017, when the predecessor organization conducted first-principles thermodynamic research on organic Rankine cycle (ORC) and heat pump systems, investing €30M in engineering and long-term testing (exceeding 60,000 hours).[2] A strategic pivot occurred in 2017 when the team shifted focus from ORC technology to high-temperature heat pumps, recognizing greater market potential in industrial heat recovery.[2] The core technology team consolidated in 2019, leading to Heaten's formal establishment in 2020 with a dedicated focus on industrial-scale heat pump solutions.[2] This background in thermal engineering—rather than a startup origin story—provided Heaten with proven technology and deep domain expertise from day one.
# Core Differentiators
# Role in the Broader Tech Landscape
Heaten operates at the intersection of three converging trends: industrial decarbonization, electrification of heat, and circular economy principles. Industrial heat represents one of the largest remaining sources of hard-to-abate emissions, making high-temperature heat pump technology critical infrastructure for meeting net-zero commitments.[3] The company's positioning reflects broader market recognition that industrial decarbonization requires sector-specific solutions rather than one-size-fits-all approaches.
Heaten's technology aligns with the EU's industrial decarbonization agenda, evidenced by selection for the HURRICANE Project, a major research initiative addressing emissions in energy-intensive sectors.[3] The company has been recognized as a Challenger among 15 other industrial heat developers by CB Insights, placing it within a competitive but emerging market segment.[1] Its backing by Shell Ventures signals major energy companies' strategic pivot toward clean heat solutions, while support from climate-focused investors (Nysnø Climate Investments) reflects growing capital availability for industrial emissions reduction.
The broader ecosystem benefits from Heaten's technology maturation: successful deployments at scale (Bayer, ArcelorMittal) validate the commercial viability of high-temperature heat pumps, reducing perceived risk for other industrial operators considering similar transitions.
# Quick Take & Future Outlook
Heaten is well-positioned to capture significant market share in industrial heat decarbonization, a sector expected to grow substantially as regulatory pressure and corporate net-zero commitments intensify. The company's combination of proven thermal engineering, modular technology, and strategic partnerships with major industrial players creates defensible competitive advantages. Key growth drivers include expanding applications across additional industrial sectors, scaling manufacturing capacity to meet growing demand, and potential geographic expansion beyond its Norwegian base.
The timing favors Heaten's trajectory: industrial heat decarbonization has transitioned from niche innovation to mainstream necessity, with major corporations actively seeking solutions. Future success will depend on execution—specifically, scaling production, maintaining cost competitiveness as volumes increase, and demonstrating long-term reliability across diverse industrial environments. As industrial decarbonization becomes a central pillar of climate strategy, companies like Heaten that provide tangible, deployable solutions will likely become essential infrastructure providers rather than optional technology vendors.
