Normet

What Normet does

Normet is a Finnish underground-mining and tunnelling technology company, founded in 1962 (some sources cite 1960), headquartered in Espoo, Finland, that manufactures equipment, construction chemicals, and rock-reinforcement products. It employs roughly 2,000 professionals across more than 50 locations in over 30 countries, serving major mining operators including Rio Tinto (Oyu Tolgoi in Mongolia — the world's largest SmartDrive battery-electric fleet deployment), Boliden (Neves-Corvo, Portugal), South32 (Hermosa, USA), Rana Gruber (Norway), and Tuprag (Turkey). The company operates from its main manufacturing facility in Iisalmi, Finland, with global R&D anchored in Australia (acquired via Garock in June 2022) and digital capabilities expanded through the Remion acquisition in February 2023. More than 14,000 Normet underground mining machines have been delivered cumulatively over six decades of operation.

Normet's product platform is anchored by its proprietary SmartDrive modular battery-electric vehicle (BEV) architecture — the XS-series for light logistics, M-series for process equipment, and L-series for heavy transportation — combined with a full charging ecosystem (CC160, CT40, SC160/SC320, CS160 satellites, and Extreme Charger Container) and energy-recuperation technology capable of recovering up to 50% of braking energy in downhill cycles. Adjacent product lines include the Spraymec family of BEV-ready concrete sprayers, Charmec emulsion chargers, Utimec transmixers and personnel/material carriers, the Normet Xrock breaker-boom and automation platform (formed from the Rambooms partnership and rebranded in January 2026), HD-Bolts and related dynamic rock-reinforcement systems (with a residual-capacity indicator that enables planned replacement), Sprayed-Concrete-Essentials construction chemicals (alkali-free accelerators, superplasticisers, fibre reinforcement), and digital services (Remote Monitoring, Analytics, Connectivity). Recent launches include the Spraymec 2100 self-propelled sprayer (June 2026) targeting small and mid-size mine envelopes, and the Scamec LC 065 A scaling machine (January 2026).

Normet generates revenue primarily through capital-equipment sales, recurring spare-parts and aftermarket service agreements, construction-chemical consumables, and an emerging layer of subscription-like digital services, all sold via direct enterprise field sales. FY2025 net sales were EUR 471 million and order intake reached a record EUR 566 million (a 24.7% year-on-year increase), with the equipment backlog hitting an all-time EUR 175.8 million at end-Q1 2026. Q1 2026 net sales of EUR 128.7 million grew 28.7% year on year and comparable EBITA margin recovered to 12.4%, reversing the FY2025 full-year margin of 8.3% that had been pressured by delayed order conversions, currency effects, and operational inefficiencies. The company has launched a SHAPE transformation program targeting approximately EUR 20 million in annual cost savings by end-2026 and, in September 2025, partnered with Nokia and Boldyn Networks on a private 5G testbed at the Callio FutureMINE site in Finland to enable future autonomous-vehicle and remote-operations offerings.

Name

Normet

Legal name

Normet Group Oy

Website

https://normet.com

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Normet is a Finnish manufacturer of battery-electric underground mining and tunnelling equipment, construction chemicals, and rock-reinforcement products, serving major mining operators in 30+ countries via direct enterprise sales and integrated digital services.

Ownership category

akta.pro rank

Product category

Underground Mining Equipment

NAICS

Mining Machinery and Equipment Manufacturing (333131), Mining and Oil and Gas Field Machinery Manufacturing (33313), Construction Machinery Manufacturing (333120), Agriculture, Construction, and Mining Machinery Manufacturing (3331)

SIC

Construction, Mining & Materials Handling Machinery & Equip (3530), Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532), Construction Machinery & Equip (3531), Industrial Trucks, Tractors, Trailors & Stackers (3537)

akta.pro primary industry

Underground Mining Equipment (Loaders/LHDs, Continuous Miners, Longwall Systems) (IMAKANAB)

akta.pro secondary industries

Conveying, Hoisting & Materials Handling Systems (Conveyors, Stackers/Reclaimers, Winches) (IMAKANAE), Energy Storage & Microgrid Electrical Infrastructure (BESS, Controls) (IMAFAHAE)

Keywords

• Underground mining equipment
• Battery-electric vehicles
• Sprayed concrete solutions
• Rock reinforcement products
• Tunnelling construction chemicals

Headquarters

HQ city

Iisalmi

HQ country

Finland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Equipment Sales: Sale of underground mining and tunnelling equipment including SmartDrive battery-electric vehicles, concrete sprayers, explosives chargers, lifting equipment, and rock-breaking solutions. Major revenue driver with equipment business line reporting record-high order backlog of EUR 175.8 million in Q1 2026.
2. Services: Aftermarket services including maintenance, technical support, training, spare parts, and service agreements. Services business line showing consistent order growth.
3. Construction Chemicals: Sale of construction chemicals including admixtures, accelerators, fibres, and sprayed concrete essentials for underground tunnelling applications.
4. Spare Parts: Genuine spare parts and performance kits for equipment maintenance and lifecycle support.
5. Digital Services: Remote monitoring, analytics, and connectivity solutions enabling digital transformation of mining operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

Normet manufactures and supplies equipment, construction chemicals, and rock reinforcement products for underground mining, tunnelling, and civil construction. Its core offering is the SmartDrive modular battery-electric vehicle (BEV) platform for underground applications (XS, M, L series), complemented by sprayed concrete solutions (sprayers, admixtures, fibres), rock-breaking systems (Xrock breaker booms and automation), rock reinforcement bolts, and aftermarket services including remote monitoring, analytics, connectivity, spare parts, training, and maintenance.

Product overview

Normet is a globally operating technology company providing end-to-end solutions for underground mining, tunnelling, and civil construction. The company's product portfolio consists of multiple interconnected product lines: (1) Normet SmartDrive - a modular battery-electric vehicle (BEV) platform encompassing the XS-series (light logistics), M-series (process equipment), and L-series (heavy transportation), plus dedicated charging infrastructure including CC160, CT40, SC160/SC320 cabinets, CS160 satellite, and Extreme Charger Container; (2) Sprayed Concrete Solutions including Spraymec sprayers (MF 050 VC SD, 8100 VC SD, 2100), concrete transportation equipment (Utimec MF 500 and LF 600 Transmixer SD), construction chemicals (accelerators, superplasticisers, fibres), and digital systems (SmartSpray, SmartScan); (3) Normet Xrock (formerly Rambooms) - rock-breaking solutions including breaker booms, attachments, and automation; (4) Rock Reinforcement products including HD-Bolt, D-Bolt, Cable Bolts, and SDDB; (5) Scaling equipment (Scamec LC 065 A); (6) Digital services including Remote Monitoring, Analytics, and Connectivity. Services support the equipment portfolio with training, maintenance, process optimization, and remote monitoring.

Differentiator

Problem solved

Functional benefit

Brands

• Xrock: High-performance rock breaking solutions (breaker booms, attachments, and automation) formerly known as Rambooms, formed from the partnership of Normet and Rambooms.

Products and services

• Normet SmartDrive Battery-Electric Vehicle Platform Modular battery-electric vehicle (BEV) platform for underground mining and tunnelling applications, delivered in XS-series (light logistics including Variomec XS 035 Crew SD, Utimec MF 205 PER SD personnel carrier), M-series (process equipment including Spraymec MF 050 VC SD concrete sprayer, Charmec MC 605 V(E) SD emulsion charger, Utilift MF 330/540 SD scissor lifters, Utimec MF 500 Transmixer SD, Utimec MF 100 Material SD, Multimec MF 100 SD multi-functional carrier, Charmec Revo MF 600 V(E) SD remote development charger, Spraymec 8100 VC SD tunnelling sprayer), and L-series (heavy transportation including Utimec LF 600 Transmixer SD). Features permanent magnet electric motors, fully reversible 4WD, CCS fast-charging, and energy recuperation capturing braking energy.
• SmartDrive Charging Infrastructure Comprehensive battery charging ecosystem for SmartDrive equipment, including SmartDrive CC 160 Charger Cabinet (160 kW continuous output), SmartDrive CT40 Charger Trolley (40 kW), SmartDrive SC160/SC320 Supply Cabinet (160 kW or 320 kW), SmartDrive CS160 Charging Satellite (200 A output, 5-7 m cable), and SmartDrive Extreme Charger Container with active cooling for harsh underground environments. Includes charging infrastructure planning, installation, training, spare parts, and maintenance services.
• Spraymec Concrete Sprayers Self-propelled and battery-electric wet-mix concrete sprayers for underground mining and tunnelling applications. The Spraymec range includes the Spraymec MF 050 VC SD (battery-electric, 10.5 m³/h or 27 m³/h output, 9.5 m vertical reach), Spraymec 8100 VC SD (tunnelling sprayer with optional SmartSpray and SmartScan 3D LiDAR), and Spraymec 2100 (self-propelled for small and mid-size mine envelopes with FOPS/ROPS cabin and crab steering). Used for shotcrete application in ground support and tunnel lining.
• Scamec Scaling Machines Underground scaling machines designed for scaling loose rock and ensuring safety in underground mining operations. The Scamec LC 065 A is a compact scaling machine based on the same robust carrier as other Scamec models with multiple protective safety features for scaling operations, which is one of the most dangerous underground mining processes.
• Normet Xrock Breaker Booms and Rock-Breaking Solutions High-performance rock-breaking solutions brand formerly known as Rambooms, comprising breaker boom systems for primary and secondary rock breaking in underground mining, surface mining, aggregate production, and construction. Includes compact mobile equipment to stationary crushing and grizzly operations, with multi-directional movement, precision boom arms, and powerful hydraulic breakers for on-demand rock breaking at crushers and grizzlies.
• Xrock Automation Solutions Scalable automation solutions for breaker boom control, removing personnel from high-risk rock-breaking environments. Features single-boom and multi-boom remote operation capabilities, video-assisted control with automated collision prevention, smart tracking, and light curtains. Enables safe remote operation of rock-breaking equipment.
• Rock Reinforcement Bolts Comprehensive range of rock reinforcement bolts for mining and civil construction ground support. Includes HD-Bolt (hollow dynamic bolt with residual capacity indicator using 50% less resin than conventional dynamic bolts), D-Bolt (dynamic rock bolt), Cable Bolts (high-strength, stress-relieved, low-relaxation 7-wire steel strand cables), and Self-Drilling Dynamic Bolts (SDDB) with R32 ISO thread at both ends and smooth de-bonded center section. The HD-Bolt features a visual residual capacity indicator enabling planned replacement.
• Sprayed Concrete Construction Chemicals Construction chemicals for sprayed concrete applications in underground tunnelling and mining. Sprayed Concrete Essentials include alkali-free accelerators, superplasticisers, hydration control admixtures, fibre reinforcement, and dry spray mortars. Sprayed Concrete Application Aids include protective agents, cleaners, and pump line lubricants designed to support efficient and clean sprayed concrete application.
• Normet Remote Monitoring Service Subscription-based remote monitoring service combining real-time equipment health data streaming with expert analysis to deliver proactive fleet oversight. Enables data-driven maintenance decisions, fleet-wide visibility for maintenance-production alignment, anticipating service needs, and minimizing disruption for mining operations.
• Normet Analytics Service Data analytics service providing operational insights to enable confident, data-driven decisions. Supports performance monitoring, maintenance planning, and operational optimization for underground mining and tunnelling customers.
• Normet Connectivity Service Connectivity solutions that connect machinery and harness data to enable informed decisions enhancing productivity, safety, and availability. Supports remote operations and autonomous vehicle solutions for underground mining and tunnelling operations.
• Aftermarket Services and Spare Parts Aftermarket services business line including genuine spare parts, performance kits, maintenance, technical support, training, and service agreements for Normet underground mining and tunnelling equipment. The services business line shows consistent order growth and supports the full lifecycle of the 14,000+ machines delivered globally.

Quantifiable outcome

• 30% reduction in maintenance costs with SmartDrive BEV equipment
• +7 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature8 records

Partnerships

Four partnerships are on record, tiered core.

• Nokia and Boldyn NetworkscoreTechnology or Integration · 24 September 2025Partnership to deploy private 5G network at Callio FutureMINE site in Pyhäjärvi, Finland - one of Europe's deepest mines (1.5 kilometers deep). The network enables remote operations of autonomous vehicles and machinery from surface. Normet and Cybercube are actively testing automation, positioning, and autonomous vehicle solutions at the facility.
• Remion LtdcoreTechnology or Integration · 1 February 2023Acquisition completed in February 2023. Remion is a Finnish company specializing in industrial internet solutions and advisory services. The acquisition enhances Normet's capabilities in analytics and software development while allowing Remion to expand its customer base. Part of Normet's digitalization strategy.
• Garock Pty LtdcoreStrategic or Co-development Partner · 28 June 2022Acquisition completed June 28, 2022. Australian manufacturer of ground support systems for mining and civil industries. Garock strengthens Normet's portfolio and establishes Australia as Normet's global center for rock reinforcement R&D. Garock operates under Normet Group starting July 1, 2022.
• RamboomscoreStrategic or Co-development PartnerPartnership combining Rambooms' 30+ years of rock-breaking experience with Normet's underground process expertise and global support network to form Normet Xrock - a new force in the industry delivering robust and reliable rock-breaking solutions for mining and construction.

Scale indicators18 records

Recent moves7 records

Expansion highlights8 records

Direct peers

• Putzmeister: Putzmeister is a specialist in concrete spraying and pumping equipment for tunnelling and mining, directly competing with Normet's Spraymec product line. Both companies supply wet-mix shotcrete equipment to major civil construction and mining tunnel projects globally.
• Epiroc: Epiroc (spun off from Atlas Copco) is a major direct competitor providing underground mining and infrastructure equipment including loaders, trucks, drills, and rock reinforcement. Overlaps directly with Normet's underground mining equipment portfolio and is rapidly expanding its BEV underground offerings.
• RDH Mining Equipment: RDH Mining Equipment is a Canada-based specialist in underground mining equipment (bolters, scissor lifts, personnel carriers) that directly competes with Normet's lifting and rock reinforcement offerings. Both companies target narrow-vein and mechanized underground mining operators.
• Sandvik Mining and Rock Solutions: Sandvik's mining and rock solutions division is the largest direct competitor to Normet, offering a comprehensive range of underground mining equipment, automation, and digital solutions. Both companies target underground hard rock mining and tunnelling customers with loaders, trucks, drills, and digital offerings.
• MacLean Engineering & Marketing Co. MacLean is a Canada-based specialist in underground mining equipment (scissors lifts, bolters, sprayers, utility vehicles) directly competing with Normet in narrow-vein and production mining equipment. Both companies supply similar fleets to global miners including battery-electric conversions.

Broad incumbents

• Liebherr: Liebherr Mining is a broad incumbent supplying underground mining trucks, loaders, and excavators. Overlaps with Normet's material transportation and utility equipment offerings, and is investing in mining electrification, although its portfolio is broader than Normet's specialist underground focus.
• Komatsu Mining: Komatsu is a broad incumbent in mining and construction equipment with underground hard rock mining products (loaders, trucks, bolters) and growing BEV offerings. Competes with Normet in underground mining and is part of the broader electrification push in mining.
• Caterpillar (Cat Mining): Caterpillar is a broad incumbent with a significant underground mining equipment business (loaders, trucks) and is actively developing battery-electric underground vehicles. While much larger and more diversified than Normet, Cat Mining competes in the same underground equipment categories and brings substantially greater scale and balance sheet.
• Volvo Construction Equipment: Volvo CE is a broad incumbent in construction and mining equipment with early commercial battery-electric offerings (e.g., compact wheel loaders and excavators) and is exploring larger BEV applications. While primarily a surface/construction equipment maker, Volvo's electrification roadmap overlaps with Normet's BEV strategy.

Emerging players

• SANY Heavy Industry: SANY is a Chinese construction and mining equipment manufacturer expanding internationally, including in underground mining and tunnelling equipment. While historically focused on surface equipment, SANY is an emerging player bringing cost-competitive alternatives into markets where Normet operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/normetuk

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors

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

M&A4 records

Investments2 records

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

Frequently asked questions about Normet