MHI Turboden

What MHI Turboden does

MHI Turboden (legal entity Turboden S.p.A.) is an Italian industrial equipment manufacturer founded in 1980 by Mario Gaia at Politecnico di Milano, and a wholly-owned subsidiary of Mitsubishi Heavy Industries since 2013. The company designs, manufactures, and services Organic Rankine Cycle (ORC) turbogenerators (0.5–40 MWe per single shaft), large-scale heat pumps (≥5 MWth, output temperatures exceeding 200°C), and gas expanders for natural gas pressure-let-down applications. Its technology exploits a closed thermodynamic cycle using organic working fluids to convert low-to-medium temperature heat — from industrial waste heat, geothermal resources (100–200°C+), biomass, solar, waste-to-energy streams, and gas turbine/engine exhaust — into electricity and usable heat, with claimed fleet availability above 98% and biomass power-only electrical efficiency up to 30%. Turboden also delivers digital after-sales support via its TOS 4.0 platform and chemical engineering services, building a recurring service franchise around its installed base.

The company generates revenue primarily through one-time custom-engineered equipment sales, structured as multi-year project contracts with enterprise customers in energy-intensive industries (cement, steel, glass, pulp & paper), oil and gas operators, geothermal developers, district heating utilities, biomass and waste-to-energy producers, and increasingly datacenter operators. GTM is direct enterprise field sales backed by global service subsidiaries (Turboden America in Texas, Turboden Turkey in Ankara), framework agreements with major developers (notably a 1.75 GW Fervo Energy agreement in 2026), institutional engagement through European trade associations, and technical thought leadership at industry conferences. The customer base spans 45+ countries with 390+ turbines in operation and 59 additional plants under construction, supported by an in-house Milan R&D center and capital, compressor technology, and global reach from its MHI parent.

Name

MHI Turboden

Legal name

Turboden S.p.A.

Website

https://turboden.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

51–100 employees

Short description

MHI Turboden is an Italian Mitsubishi Heavy Industries subsidiary that designs, manufactures, and services Organic Rankine Cycle systems, large heat pumps, and gas expanders to convert industrial waste heat, geothermal, biomass, and gas pressure energy into clean electricity for enterprise customers across 45+ countries.

Ownership category

akta.pro rank

Product category

Industrial ORC and Heat Pump Power Systems

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Power Boiler and Heat Exchanger Manufacturing (332410), Pump and Compressor Manufacturing (33391)

SIC

Cogeneration Services & Small Power Producers (4991), Engines & Turbines (3510), Oil & Gas Field Machinery & Equipment (3533), Steam & Air-Conditioning Supply (4961)

akta.pro primary industry

Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)

akta.pro secondary industries

Heat Recovery & Thermal Integration for Biomass Plants (Economizers, ORC, Heat Exchangers) (EUAAAGAL), Gas Processing Plant Equipment & Skids (Separators, Heat Exchangers, Turboexpanders) (EUAAABAH), Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB), Gas-Fired Power Plant O&M and Life-Extension/Repowering Services (EUACABAJ)

Keywords

• Organic rankine cycle systems
• Waste heat recovery
• Industrial heat pumps
• Geothermal power generation
• Gas expander turbines

Headquarters

HQ city

Brescia

HQ country

Italy

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. ORC System Equipment Sales: Turboden designs, manufactures, and sells ORC turbogenerator systems (0.5–40 MWe) for applications including waste heat recovery, geothermal, biomass, combined cycles, oil & gas, and waste-to-energy. Equipment is custom-engineered for each project. Revenue is generated through upfront equipment supply contracts with long project timelines.
2. Large Heat Pump Equipment Sales: Sale of industrial-scale heat pump systems (starting from 5 MWth) for district heating and industrial decarbonization applications. Systems are custom-designed and manufactured for specific customer requirements, generating upfront revenue upon project commissioning.
3. Gas Expander Equipment Sales: Sale of turbo expander systems for natural gas network energy recovery, starting from 100 kWe. Equipment is designed and manufactured in-house with Mitsubishi Heavy Industries technical support, generating upfront project-based revenue.
4. After-Sales Technical Support & Maintenance: Comprehensive post-sale service including remote technical support via TOS 4.0 platform, planned maintenance packages (Basic, Level 1 turbine revision, Level 2 rotating component revision), wear parts replacement, availability guarantee and warranty extensions, spare parts supply, and spare parts availability service. Service packages are offered globally through local subsidiaries and partner companies.
5. Chemical Engineering Services: Specialized chemical engineering services including chemical and metallurgical laboratory services, cooling system maintenance and treatment, corrosion prevention and control, geothermal heat exchanger maintenance, cooling system design and revamping, heat efficiency recovery, and surveillance. These services support both Turboden ORC customers and external companies.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

MHI Turboden designs, manufactures, and services Organic Rankine Cycle (ORC) turbogenerators (0.5–40 MWe per single shaft), large industrial heat pumps (5 MWth and above, output temperatures exceeding 200°C), and gas expanders for natural gas pressure let-down recovery. Its systems convert low-to-medium temperature heat from renewables (biomass, geothermal, solar), industrial waste heat, traditional fuels, and natural gas pressure reduction into clean electricity and useful thermal output for energy-intensive industries, utilities, geothermal developers, district heating operators, and oil & gas operators across 45+ countries.

Product overview

MHI Turboden offers a portfolio of three core product lines—ORC Systems, Large Heat Pumps, and Gas Expanders—complemented by specialized application solutions spanning waste heat recovery, combined cycles, oil & gas, geothermal, biomass, waste-to-energy, and high-temperature cogeneration (ST&P). The ORC System serves as the foundational technology platform, using a closed thermodynamic cycle to convert thermal energy from diverse sources (industrial waste heat, renewables, traditional fuels) into electric and thermal power without water or steam. Large Heat Pumps extend the portfolio into industrial heat electrification for district heating and energy-intensive processes, operating at temperatures exceeding 200°C. Gas Expanders capture pressure energy from natural gas networks to generate clean electricity. These core products are supported by digital service platforms (TOS 4.0), chemical engineering services, and comprehensive after-sales technical support, creating an integrated solutions ecosystem for industrial decarbonization and energy efficiency across global markets.

Differentiator

Problem solved

Functional benefit

Products and services

• ORC System Organic Rankine Cycle (ORC) turbogenerator system based on a closed thermodynamic cycle that converts thermal energy from renewables (biomass, geothermal, solar), traditional fuels, and industrial waste heat into electricity without requiring water or steam. Available from 0.5 to 40 MWe per single shaft with organic working fluids, operating at low pressure with self-lubricating properties, fast start-stop, and no chemical or water treatment.
• Large Heat Pump Utility-scale heat pump systems that efficiently transfer heat from lower temperatures to higher temperature applications (exceeding 200°C, including steam generation up to 350°F) for district heating networks and energy-intensive industrial processes. Starts from 5 MWth per unit and integrates in-house developed hermetic compressors (300–18,000 kW) and MHI API617 beam compressors (up to 50+ MW).
• Gas Expander Turbo expander that produces clean electricity by recovering and converting energy released during pressure reduction in natural gas transportation and distribution networks. From 100 kWe (approximately 5,000 Sm3/h with pressure ratio 9–10), designed with 40 years of Mitsubishi Heavy Industries support. Over 330 turbines in operation in 45 countries.
• Waste Heat Recovery Solutions ORC-based systems that recover residual low-to-medium temperature industrial heat from cement kilns, steel EAFs, glass furnaces, and other processes to generate on-site clean electricity, reducing grid consumption and CO2 emissions with power output up to 40 MWe per single turbine shaft.
• Combined Cycles (Heat ReCycle®) ORC units installed as bottoming cycles downstream of gas turbines and reciprocating engines to capture waste heat and produce additional electricity, achieving combined cycle efficiency greater than 50%. The Heat ReCycle® variant is a joint solution with Siemens Energy.
• Oil & Gas Solutions ORC solutions for oil and gas applications enabling power production by recovering waste heat from gas turbines, reciprocating engines, or hot streams typical in upstream, midstream, and downstream operations, including gas compressor stations, SAGD facilities, refineries, and associated petroleum gas utilization.
• High Temperature CHP (ST&P Steam & Power) High-temperature cogeneration system for combined heat and power generation with very high overall energy efficiency, directly employed in manufacturing and industrial processes. Produces electricity and high-temperature heat carrier (such as steam at medium pressure) with electric power ratings from 500 kWe to 6 MWe.
• Geothermal Binary ORC Plants Binary ORC plants for medium-to-low enthalpy geothermal sources with water temperatures from 100°C to 200°C and above. Geothermal fluid remains within a closed loop piping system from reservoir to reinjection without passing through the turbine, achieving zero direct emissions with power outputs up to 40 MWe per single generator and 98%+ plant availability.
• Biomass ORC Plants High-efficiency biomass power plants that convert various biomass feedstocks including virgin wood, organic residues, pellet residues, and MDF panels into clean electricity and heat through ORC technology. Generation capacity up to 40 MW electrical power per single turbine shaft with electrical efficiency up to 30% for power-only models and up to 22% for CHP models.
• Waste to Energy Solutions ORC-based solutions for producing electric and thermal power from various waste streams including municipal solid waste, refuse-derived fuel (RDF), animal waste, sewage sludge, pyrolysis flue gas, and industrial hazardous waste. Systems can produce electric power only (up to 30% electrical efficiency) or Combined Heat and Power.
• Data Center Power Augmentation Solution ORC-based heat recovery solution for data centers that captures waste heat from gas turbines and gas engines and converts it into emission-free, water-free electricity to boost overall plant efficiency by up to 30%. Power block configurations range from 5 to 60 MW with fully autonomous operation and remote monitoring via TOS 4.0.
• TOS 4.0 (Turboden Online Service) Interactive digital platform for information and data exchange between Turboden and customers, providing multi-channel communication, high-performance troubleshooting, multi-format file sharing for accurate remote diagnostics, reliable technical documentation with versioning management, improved reporting, and on-site intervention control and approval.
• After-Sales Technical Support Comprehensive post-installation service including planned maintenance packages (Basic, Level 1 turbine revision, Level 2 rotating component revision), wear parts replacement, availability guarantee and warranty extensions, spare parts supply, spare parts availability service, and global on-site support through local service subsidiaries and certified partners.
• Chemical Engineering Services Specialized chemical engineering services including chemical and metallurgical laboratory services, cooling system maintenance and treatment, corrosion prevention and control, geothermal heat exchanger maintenance, cooling system design and revamping, heat efficiency recovery, and surveillance for ORC plant operators and external industrial customers.

Quantifiable outcome

• ORC plant availability exceeds 98% across the entire operating fleet
• +7 more outcomes

Named customers18 records

Segments7 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Eleven partnerships are on record, tiered flagship, core and minor.

• Fervo EnergyflagshipStrategic or Co-development Partner · 9 April 2026Turboden (Mitsubishi Heavy Industries Group) and Fervo Energy announced a three-year framework agreement to supply Organic Rankine Cycle turbines for up to 35 GeoBlocks, totaling 1,750 megawatts (1.75 GW) of carbon-free, dispatchable geothermal power capacity. The deal builds on an earlier pact covering three GeoBlocks at Fervo's Cape Station project in Utah, and locks in supply chain capacity to accelerate next-generation geothermal scaling across the United States. Responds to surging U.S. power demand from datacenters and AI infrastructure.
• Siemens EnergycoreStrategic or Co-development Partner · 1 January 2019In 2019 Turboden and Siemens Energy launched the Heat ReCycle® solution, a gas turbine-based power plant with an Organic Rankine Cycle unit as bottoming cycle. This combined cycle power plant is designed specifically to reduce both CAPEX and OPEX compared to a water/steam cycle while maintaining relatively high efficiency. The ORC-based combined cycle achieves efficiency greater than 50%.
• Tallgrass EnergycoreStrategic or Co-development PartnerTurboden partnered with Tallgrass Energy to install waste heat-to-power systems at three gas compressor stations in Ohio and Indiana, each supplying approximately 10 MW of clean electricity to rural utilities while enabling investment tax credits. This partnership supports the deployment of Turboden's ORC technology in the U.S. gas infrastructure market.
• HP4INDUSTRY ConsortiumcoreStrategic or Co-development PartnerTurboden participates in the HP4INDUSTRY project aimed at accelerating decarbonization of industrial heating and cooling while preserving European industry competitiveness. The project focuses on heat pump-based solutions for low- and medium-temperature industrial processes in food & drink, pulp & paper, and chemical sectors. Turboden contributes high-efficiency and scalable solutions integrating heat pumps with industrial waste heat, solar thermal, and geothermal energy sources.
• RESTORE Project ConsortiumcoreStrategic or Co-development PartnerTurboden is a partner in the RESTORE project, which develops a solution combining thermochemical energy storage (TCES) with heat pump and ORC technology to integrate renewable energy sources into district heating and cooling networks. The innovative combination overcomes intermittency between thermal energy supply and fluctuating heat demand, increasing availability and reliability of energy distribution.
• SEHRENE Project ConsortiumminorStrategic or Co-development PartnerTurboden participates in the SEHRENE project, which aims to develop ETES (Electro-Thermal Energy Storage) technology to facilitate Europe's shift to renewable energy and support decarbonization of industrial sectors.
• HEATLEAP Project ConsortiumminorStrategic or Co-development PartnerTurboden participates in the HEATLEAP project, funded under the LIFE programme, which demonstrates environmental and economic benefits of waste heat recovery systems (large heat pumps and gas expanders) in energy-intensive industries at real scale.
• Collabora & Innova (Net Zero Manufacturing Lombardy) ConsortiumminorStrategic or Co-development PartnerTurboden coordinates the Net Zero Manufacturing Lombardy project under the Regional Programme 'Collabora e Innova', together with Comer srl, Università degli Studi di Brescia, and Compri srl. Total approved amount: €3,754,238 with public contribution of €1,654,710. Focus areas include next-generation ORC solutions, high temperature industrial heat pumps & MVR systems, high torque density electric motors, and software & AI for process optimization.
• EU Universities and Research CentresminorStrategic or Co-development PartnerTurboden cooperates with EU Universities and Research Centres for fluid dynamics research, thermodynamic cycle optimization, and working fluid selection and testing. The company maintains strong academic connections rooted in its founding by Prof. Mario Gaia of Politecnico di Milano and ongoing collaboration with the Italian ORC research school.
• Mitsubishi Heavy IndustriesflagshipStrategic or Co-development PartnerTurboden is a Mitsubishi Heavy Industries Group company (acquired in 2013), with MHI providing strong support for the development of innovative solutions. MHI is a global industrial leader (80,000+ employees, ~$34 billion annual revenue) with 130+ years of history. Turboden leverages MHI's compressor technology (API617 beam type compressors up to 50+ MW), global scale, and R&D resources. Turboden is subject to management and coordination of Mitsubishi Heavy Industries Ltd.
• MHI Compressor (Turboden Compressor Partnership)coreTechnology or IntegrationTurboden leverages compressor technology developed in partnership with MHI Compressor for its large heat pump products. The Mitsubishi Heavy Industries Compressor division supplies API617 beam type centrifugal compressors (special purpose for critical process operation, up to 50+ MW power, impeller diameters up to 1,700 mm) used in Turboden's large heat pump solutions.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Kawasaki Heavy Industries: Kawasaki manufactures industrial gas turbines, steam turbines, and compressors across energy and process industries, competing with Turboden's parent MHI in turbomachinery and addressing similar combined-cycle, geothermal, and industrial heat customers in Asia and globally.
• Siemens Energy: Siemens Energy is Turboden's partner in the Heat ReCycle combined-cycle solution (gas turbine + ORC bottoming cycle) but is also a broad incumbent across gas turbines, steam turbines, grid technology, and electrification, with overlapping customer relationships in utilities and heavy industry.
• Atlas Copco: Atlas Copco is a global industrial compressor and vacuum solutions provider that has expanded into industrial heat pumps and energy efficiency products, providing competitive overlap with Turboden's large heat pump portfolio in industrial and district heating applications.
• Alfa Laval: Alfa Laval is a large diversified industrial equipment manufacturer that captured 23% of the global ORC waste heat-to-power market in 2024, identified as a key competitor to Turboden. Its broader heat exchanger, separator, and fluid handling portfolio overlaps with Turboden's component sourcing and end-customer relationships.

Direct peers

• Electratherm: Electratherm designs and manufactures small-scale ORC systems (up to ~1 MW) for waste heat-to-power applications, competing with Turboden at the smaller end of the ORC market and serving similar distributed generation and industrial customers.
• Ormat Technologies: Ormat is a leading global vertically-integrated geothermal power equipment developer and operator that designs, manufactures, and installs its own binary ORC power units for medium- and high-enthalpy resources — directly comparable to Turboden's geothermal ORC business and competing for the same EGS, binary, and bottoming-cycle project opportunities.
• Calnetix Technologies: Calnetix develops high-speed ORC turbogenerators and waste heat recovery systems for industrial and renewable applications, competing with Turboden in distributed power generation from low- and medium-temperature heat sources.
• Exergy S.p.A. Exergy is an Italian ORC turbine manufacturer offering radial-outflow turbines for geothermal, biomass, waste heat recovery, and solar applications — a direct competitor to Turboden across the same end-markets and customer segments, particularly in Europe.

Emerging players

• Climeon: Climeon is a Swedish low-temperature waste heat-to-power technology provider using a proprietary ORC-like cycle targeted at engine and boiler exhaust — overlapping Turboden's lower-power waste heat recovery market and shipping into maritime, industrial, and district energy customers.

Others

• Mitsubishi Power: Mitsubishi Power is the power systems brand within Turboden's parent Mitsubishi Heavy Industries, producing gas turbines, steam turbines, and H-100 hydrogen-ready turbines. As Turboden's corporate sibling and supplier of core compressor technology, it shapes the strategic and competitive context in which Turboden operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/turboden_orc
• LinkedInlinkedin.com/company/turboden-s-r-l-

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about MHI Turboden