Helen

What Helen does

Helen Oy is a Helsinki-based municipally-owned energy utility that supplies electricity to approximately 430,000 customers across the Helsinki metropolitan area and provides district heating to over 90% of Helsinki's properties through a 6,500 km distribution network. Founded in 1909 and organized as Helen Oy with wholly-owned subsidiaries including Helen Sähköverkko Oy (electricity distribution) and Helen Ydinvoima Oy (nuclear energy development), the company is undergoing an explicit energy transition targeting combustion-free production by 2040. Core operations span electricity retail (fixed-term, spot-price, and subscription contracts via Pörssisähkön and Perussähkö products), district heating (Kaukolämpö, including CO2-free Ekolämpö Kierto and renewable Ekolämpö Bio variants), district cooling for buildings and data centers, EV charging under the Helen Lataus brand, and rental solar panels from €5.46/month.

The technology stack combines physical infrastructure with applied AI: Helen operates the world's largest air-to-water heat pump plant at Patola (30 MW heating + 2x50 MW electric boilers, generating 500+ GWh/year and cutting CO2 by 56,000 tons annually), Europe's largest electric boiler plant with thermal accumulator at Hanasaari, and the Optimilämpö AI optimization system that reduces housing company heating costs by 4-5% via learning algorithms processing temperature, weather, and building data. The Kiinteistövahti property monitoring platform and Älykäs lämmönjakokeskus smart heat distribution centers provide continuous IoT data, while a Cognigy.AI-powered chatbot handles real-time customer service. Recent strategic moves include a €1-5 billion planned SMR investment, partnerships with Steady Energy and Fortum on small nuclear heat reactors, and integration of data center waste heat from Equinix, Telia, and Elisa into Helsinki's district heating network.

Revenue is generated through subscription-based and usage-based pricing across residential, business, and housing company segments, with the Oma Helen mobile and web platform serving as the unified customer interface. GTM is hybrid: self-serve digital channels (helen.fi, Oma Helen app, Yritys Helen business portal) for residential and SMB customers, plus dedicated account management for enterprises and housing companies. The company recently absorbed Väré through merger, expanding its customer base, and participates in the BalticSeaH2 cross-border hydrogen valley project (40 partners across 9 countries) and the 3H2 Helsinki Hydrogen Hub for clean hydrogen production integrated with synthetic protein (Solein) manufacturing.

Name

Helen

Legal name

Helen Oy

Website

https://helen.fi

Company type

Private

Founded year

1909

Operating status

Operating

Headcount range

1–10 employees

Short description

Helen Oy is a municipally-owned Helsinki energy utility selling electricity to 430,000+ customers and supplying district heating to over 90% of Helsinki's properties, with growing operations in district cooling, EV charging, data center heat recovery, and planned nuclear (SMR) capacity expansion.

Ownership category

akta.pro rank

Product category

District Energy and Electricity Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Steam and Air-Conditioning Supply (22133), Electric Power Generation (22111)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900), Cogeneration Services & Small Power Producers (4991), Steam & Air-Conditioning Supply (4961)

akta.pro primary industry

Investor-Owned Electric Distribution Utilities (IOUs) (EUADABAA)

akta.pro secondary industry

Utility-Scale Renewable O&M (Solar, Wind, Hydro, Geothermal) (EUAMAGAA)

Keywords

• District heating services
• Retail electricity supply
• District cooling solutions
• EV charging networks
• Renewable energy utility

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Operations, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Electricity Sales: Retail electricity sales to residential, business, and housing company customers through various contract types including fixed-rate, spot-price, and time-of-use products. Revenue generated from energy charges per kWh and monthly base fees.
2. District Heating Sales: District heating distribution to residential, commercial, and industrial customers across Helsinki. Revenue from heating energy charges based on consumption (MWh) and capacity-based base fees.
3. Cooling Services: Cooling solutions for buildings and data centers, including heat recovery services that capture and reuse waste heat from data centers.
4. EV Charging Services: Public EV charging network (Helen Lataus) and property charging solutions for housing companies and businesses.
5. Solar Panel Rental: Solar panel rental services allowing customers to rent panels for home use at approximately 5.46 €/month, with generated solar power credited to customer's electricity bill.
6. Data Center Infrastructure Services: Integration of data center waste heat into district heating system and provision of cooling solutions and electricity to data center operators.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Helen Oy is Finland's largest energy company, supplying electricity to approximately 450,000 customers and providing district heating to over 90% of Helsinki's properties. The company sells retail electricity contracts (fixed, spot, and fixed monthly plans), district heating and cooling distribution, EV charging services, solar panel rentals, and AI-driven heating optimization (Optimilämpö) for housing companies. It operates as the Helsinki metropolitan area's municipal energy utility with regulated network operations.

Product overview

Helen is a Finnish energy company providing electricity, district heating, district cooling, and related services primarily in Helsinki. The product portfolio includes core commodity products (Perussähkö fixed electricity contracts, Pörsisähkö spot electricity, Kaukolämpö district heating, Jäähdytys district cooling) and technology-enhanced services (Optimilämpö AI-powered heating optimization, Kiinteistövahti property monitoring, EV charging solutions). The Oma Helen digital platform serves as the unified customer interface for managing contracts and monitoring consumption. Services are delivered across residential, commercial, and housing company segments with offerings ranging from commodity supply to AI-optimized energy management.

Differentiator

Problem solved

Functional benefit

Brands

• Oma Helen: Customer portal and mobile app for managing electricity contracts, district heating, and energy monitoring
• Optimilämpö
• Ekolämpö Kierto
• Ekolämpö Bio
• Helen Lataus
• 3H2 – Helsinki Hydrogen Hub

Products and services

• Retail Electricity Contracts (Perussähkö, Helpposähkö, Määräaikainen) Standard retail electricity supply contracts in fixed-term, open-ended variable, and fixed monthly subscription formats. Targeted at residential and small business customers in Finland for home and premises electricity supply.
• Pörssisähkö (Spot Electricity) Market-priced electricity contract where the energy price follows the Nord Pool spot exchange plus a small margin. Long-term cheapest option for customers who can shift consumption. Targeted at residential and small business consumers.
• Kaukolämpö (District Heating) Reliable, energy-efficient district heating service providing heating energy and capacity to residential, commercial, and industrial properties across Helsinki. Serves over 90% of Helsinki's heating needs through Helen's district heating network.
• Jäähdytys (District Cooling)

Quantifiable outcome

• District heating covers over 90% of Helsinki's heating infrastructure
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability7 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core.

• BalticSeaH2 ConsortiumcoreStrategic or Co-development Partner · 3 May 2026Helen participates in BalticSeaH2, the largest cross-border hydrogen valley project in Europe linking Finland and Estonia with 40 partners from 9 countries targeting 60,000 tonnes annual hydrogen production. Helen leverages green hydrogen in its gas fermentation system to produce Solein synthetic protein.
• Steady EnergycoreStrategic or Co-development Partner · 12 February 2026Helen partnered with Finnish nuclear development group Steady Energy for small nuclear heat reactor development. A cooperation agreement was signed, and Helen became a strategic investor alongside state-owned Finnish Industry Investment. The pilot 50 MW plant is being built at a decommissioned Helen power plant in Helsinki.
• FortumcoreStrategic or Co-development Partner · 12 February 2026Helen signed cooperation agreement with Finnish utility Fortum for small nuclear heat reactor development as part of Steady Energy partnership. Fortum also became a strategic investor in the project alongside state-owned Finnish Industry Investment.
• ValmetcoreTechnology or Integration · 23 December 2025Valmet supplies its automation system (Valmet Distributed Control System) for Helen's Patola air-to-water heat pump plant, the world's largest when completed. Valmet also provides automation for Hanasaari electric boiler plant with thermal accumulator.
• EquinixcoreStrategic or Co-development Partner · 16 July 2025Helen partnered with Equinix data center to integrate facility into Helsinki's district heating and cooling network, providing cost-effective cooling and clean electricity while recovering waste heat.
• TeliacoreStrategic or Co-development Partner · 16 July 2025Helen partnered with Telia for data center cooling solutions and integration into Helsinki district heating network with waste heat recovery.
• ElisacoreStrategic or Co-development Partner · 16 July 2025Helen partnered with Elisa for data center heat recovery integration into district heating network, providing sustainable cooling solutions.
• Data Center OperatorscoreStrategic or Co-development Partner · 16 July 2025Helen seeks partnerships with data center operators in Helsinki to integrate facilities into city district heating and cooling network, supporting data centers with cost-effective cooling and clean electricity while enabling heat recovery.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Fortum: Fortum is the largest Finnish and Nordic utility, generating and supplying electricity and district heating across Finland, Sweden, and the Baltics. It is a direct peer because of overlapping electricity generation/distribution, district heating, and nuclear/SMR development — and is even a co-investor with Helen in the Steady Energy SMR pilot.
• Vattenfall: Vattenfall is the Swedish state-owned utility and one of Europe's largest district heating operators (e.g., Stockholm Exergi-equivalent operations), with significant heat-pump and electricity T&D activities. Highly comparable to Helen in integrated electricity + district heating business model in the Nordic region.
• Stockholm Exergi: Stockholm Exergi operates the district heating and cooling network for the Stockholm region and is investing heavily in heat pumps and bio-CCS to decarbonize. A direct functional peer for Helen's heat-pump and district-heating transition strategy.

Broad incumbents

• E.ON: E.ON is a major European integrated utility with extensive district heating operations (especially in Germany and Sweden) and energy networks. Comparable to Helen in T&D + heating but operates at much larger scale and broader geographic footprint.
• Veolia: Veolia is a global leader in district heating and cooling networks, particularly in Central and Eastern Europe. Comparable to Helen in district energy operations and decarbonization of urban heat, though Helen is far smaller and geographically concentrated.
• Engie: Engie is a global utility with significant district heating networks in France and Benelux, plus a strong pivot toward renewables and heat pumps. Comparable to Helen in heat-pump decarbonization and integrated energy services, but at vastly greater scale.
• Statkraft: Statkraft is the Norwegian state-owned power generator and Europe's largest renewable energy producer, active in hydro, wind, and solar. Comparable to Helen in renewable electricity generation and Nordic market participation, though Statkraft does not operate district heating networks.
• Ørsted: Ørsted is the Danish state-owned utility that has pivoted from fossil generation to offshore wind and green energy. Comparable to Helen in the broader Nordic utility peer group and renewable-energy transition, but not in district heating.

Regional players

• Tampereen Sähkölaitos: Tampereen Sähkölaitos is the municipal energy utility of Tampere, Finland, providing electricity, district heating, and related services. A direct comparable to Helen as a Finnish municipal multi-utility, though operating in a different geography.
• Turku Energia: Turku Energia is the municipal energy utility of Turku, Finland, supplying electricity and district heating in the Turku region. Comparable to Helen as a Finnish municipal utility with electricity and district heating portfolios, though smaller and serving a different city.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EnergiaHelen
• Facebookfacebook.com/energiahelen

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Helen