Veolia Group companies in Hungary and Poland have acquired a 53% majority stake in THERMOWATT Energetikai és Építőipari Ltd., a company developing an innovative technology for the recovery of thermal energy from wastewater, the group said.
The statement also revealed that a further 46% stake was acquired by GloCap I Economic Development Private Equity Fund, managed by Global Capital Venture Capital Fund Management Ltd., whose units are 100% owned by MFB Invest Plc., which is wholly owned by the state-owned Hungarian Development Bank Ltd. The remaining 1% stake was acquired by Trustify I Private Equity Fund, managed by Trustify Investment Management Plc.
The target company was founded in 2007, is based in Budapest and its main activities are engineering design and energy consulting, as well as the construction and operation of a heat exchanger and heat pump based CO₂-free technology for heating and cooling buildings using waste water heat.
THERMOWATT's innovation has won several awards and the company now has registered patents in 37 countries. This technology offers an environmentally friendly and economical solution for energy independence and security that is quick and easy to deploy and operate. Five systems are currently in operation in Hungary using this technology, with installed capacities ranging from 1 MW to 4 MW.
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