CapMan Infra is acquiring a majority stake in heat-as-a-service and bioenergy company ProPellet.
The investment was made via CapMan Nordic Infrastructure II fund, an Article 8 fund under the EU鈥檚 Sustainable Finance Disclosure Regulation that aims to create value by accelerating the green transition in its portfolio companies.
The fund has already made five investments, including solar energy company Skarta Energy, Papier, a provider of transportation infrastructure for the aquaculture industry, and Haminan Energia鈥檚 district heating and electricity network businesses.
ProPellet provides its Finland-based customers with property-specific heating plants as a service, with a portfolio of over 120 heating sites across the country. In addition, it operates its own pellet fuel production facilities in Ylivieska and Tervola, which utilise side streams from the forestry and sawmill industries. ProPellet鈥檚 business has experienced strong growth in recent years, particularly due to the ongoing transition from oil-based heating to biofuels, the company said.
Pekko Haaksluoto, partner at CapMan Infra, said: 鈥淲e are very pleased with this investment. ProPellet is a company with considerable growth potential, and our aim is to invest in the development of the heating service business as well as support expansion into new energy technologies.鈥�
ProPellet鈥檚 COO, Imo Peltokorpi, added: 鈥淭his transaction greatly enhances our capacity to address our customers鈥� needs. With additional resources and expertise at our disposal, we will be able to serve our customers even better and continue developing innovative, cutting-edge energy solutions. We believe that CapMan is an excellent partner with whom we can take our heat service business to a new level and promote the green transition in the heating sector,鈥�
The company鈥檚 key personnel will continue as minority owners alongside CapMan Infra and the transaction is expected to be completed by the end of 2024, subject to various regulatory approvals.
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