Greenthesis Group

What Greenthesis Group does

Greenthesis Group is an integrated Italian environmental services platform headquartered in Segrate (Milan) that provides waste treatment, recovery and disposal services, environmental remediation of contaminated industrial sites, waste-to-energy generation, and renewable energy production from biogas and biomethane. The Group operates a network of 30+ subsidiaries and treatment facilities across Italy, serving industrial waste producers, government agencies and municipalities (notably for Site of National Interest projects including Bagnoli-Coroglio and Brescia-Caffaro), the agri-food sector (via subsidiary GTH Agromet), and energy utilities including A2A for district heating serving 11,000+ homes. Core technologies include Hydrothermal Carbonization (HTC) developed by subsidiary CarboREM, which reduces sludge volume by 50% and increases biogas yield, alongside cogeneration systems, biogas-to-biomethane upgrading, and mobile treatment plants for contaminated soils.

The business model is asset-heavy and contract-based, generating revenue through transaction fees on waste treatment volumes, public procurement tenders for remediation projects, and sale of recovered energy and biomethane. Pricing is quote-based and not publicly disclosed, varying by waste type, volume, and regulatory requirements. The Group has pursued aggressive consolidation since 2022, completing acquisitions of CarboREM (60%, 2022), Bigaran (70%, 2023), five Ethan Group companies (80%, 2024), Bra Servizi (49%, 2024), Glob Eco (60%, 2025), and Friul Julia Appalti (75%, 2025). In October 2024, private equity firm Patrizia completed a €340 million take-private transaction, and in June 2025 the Group secured €215 million in medium-long term financing from Natixis and Intesa Sanpaolo to fund continued organic and inorganic growth.

Go-to-market combines direct enterprise sales to industrial clients, competitive public procurement bidding for government remediation contracts (often via temporary business groupings/RTI with partners like Hera), and event-driven visibility through industry exhibitions such as Ecomondo. The Group holds Cerved B1.1 Investment Grade credit rating and Class A ESG rating, with extensive certifications (ISO 9001, 14001, 45001, EMAS, SOA) supporting its regulatory moat in the Italian market.

Name

Greenthesis Group

Legal name

Greenthesis S.p.A.

Website

https://greenthesisgroup.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Greenthesis Group is an integrated Italian environmental services platform providing waste treatment, environmental remediation, waste-to-energy, and biogas/biomethane production through 30+ subsidiaries serving industrial clients, government agencies, agri-food companies, and energy utilities across Italy and select international markets.

Ownership category

akta.pro rank

Product category

Environmental Services

NAICS

Waste Management and Remediation Services (562), Sewage Treatment Facilities (221320), Solid Waste Combustors and Incinerators (562213), Compost Manufacturing (325315), Fertilizer and Compost Manufacturing (32531)

SIC

Refuse Systems (4953), Sanitary Services (4950), Hazardous Waste Management (4955), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Organics Collection & Processing (Composting/Anaerobic Digestion) (IMAIAFAF)

akta.pro secondary industries

Organics-to-Energy & CHP from Biogas (On-site Power/Heat) (EUAIAEAG), Composting & Co-Composting (Biosolids + Green Waste) (EUANAHAF), Flue Gas Cleaning & Air Pollution Control for Biomass/WtE (FGD, SCR/SNCR, ESP/Baghouse, Dioxins/Mercury) (EUAAALAH), Organics & Composting Programs (Food Waste, Green Waste) (BPABALAC), Organics Facility Development & Operations Services (Design/Build, O&M, Permitting) (EUAIAEAJ), Organics Contamination Auditing, Education & Compliance Services (BPALAEAJ)

Keywords

• Waste management services
• Environmental remediation
• Waste-to-energy production
• Biogas and biomethane
• Circular economy solutions

Headquarters

HQ city

Segrate

HQ country

Italy

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Waste Treatment, Recovery, and Disposal Services: Core revenue stream from treatment, recovery, multimaterial valorization according to circular economy principles, and disposal of industrial, urban, special, and assimilated waste.
2. Environmental Remediation and Rehabilitation: Environmental remediation and rehabilitation services including SIN (National Interest Sites) projects such as Bagnoli-Coroglio and Brescia-Caffaro.
3. Waste-to-Energy and Electricity Production: Revenue from waste-to-energy operations generating electricity and thermal energy, including teleriscaldamento district heating.
4. Advanced Biofuels and Biogas: Production and sale of advanced biofuels and biomethane from waste-derived biogas through upgrading and liquefaction facilities.
5. Environmental Engineering: Engineering, design, and construction services for fixed and mobile environmental treatment facilities.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Greenthesis Group is an integrated environmental services operator providing treatment, recovery, and disposal of industrial, urban, and special waste; environmental remediation of contaminated sites (including SIN National Interest Sites); waste-to-energy electricity and district heating; and biogas/biomethane production. The group operates through a network of owned treatment plants across Italy, with proprietary HTC technology for sludge management via subsidiary CarboREM.

Product overview

Greenthesis Group is an integrated environmental services company operating as a pure-player in waste management and circular economy. The Group offers a comprehensive portfolio including waste treatment, recovery, and disposal services; environmental remediation of contaminated sites; waste-to-energy through the Rea Dalmine plant; and renewable energy production from biogas and biomethane. Key subsidiaries and brands include GTH Agromet for agro-food waste recovery, Carborem for HTC technology, and specialized engineering services. The portfolio is structured around integrated solutions following circular economy principles, with innovative projects like R.U.L.E. for textile recovery and DEREMCo for e-waste metal recovery.

Differentiator

Problem solved

Functional benefit

Products and services

• Waste Treatment, Recovery and Disposal Services Integrated treatment, recovery, multimaterial valorization, and disposal of industrial, urban, special, and assimilated waste for industrial companies, municipalities, and government bodies across Italy.
• Environmental Remediation (Bonifiche) Services Cleanup, remediation, and rehabilitation of contaminated industrial sites and SIN (National Interest Sites), delivered through RTI joint ventures with partners like A.C.R. (Hera Group) and Nico S.r.l. for major public-sector projects.
• Waste-to-Energy Operations (REA Dalmine) Generation of electricity and thermal energy from waste through controlled combustion at the REA Dalmine facility, supplying district heating to 11,000+ homes via partnership with A2A Calore e Servizi.
• Biogas and Biomethane Production Production of biogas from organic waste and agricultural substrates, upgraded to biomethane through liquefaction processes, sold as advanced biofuel for sustainable mobility and renewable energy supply.
• HTC (Hydrothermal Carbonization) Sludge Treatment (CarboREM) Proprietary HTC technology developed by subsidiary CarboREM for sustainable industrial and civil sludge management, reducing dehydrated sludge volume by 50% and increasing biogas yield through integration with anaerobic digestion.
• Mobile Treatment Plants Flexible mobile units deployed at various sites for treating contaminated and inert soils, enabling on-site remediation without transporting materials to fixed facilities.
• GTH Agromet Agri-Food Waste Recovery Recovery and disposal of agro-food waste including expired products, returns, unsold goods, and damaged items, transforming them into biogas feedstock or recyclable packaging materials for the food industry.
• Specialized Environmental Laboratories Two ISO-certified environmental laboratories operated by the group for waste analysis, testing, and quality assurance in compliance with ISO 9001, 14001, and 45001 standards.
• Engineering, Design and Construction Services Engineering, design, and construction services for fixed and mobile environmental treatment facilities, supported by SOA qualification certificates for construction and remediation activity categories.
• Hazardous Waste Landfill Services (Barricalla) Controlled hazardous waste landfill operations managed through subsidiary Barricalla, providing secure disposal for industrial hazardous waste streams.
• WEEE Treatment and Recovery (Glob Eco) Treatment and recovery of waste from electrical and electronic equipment (WEEE) through subsidiary Glob Eco, addressing e-waste recycling under circular economy principles.

Quantifiable outcome

• Over 95% of treated waste recovered - materials separated for recycling and organic matrix for biogas/biomethane production
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Nine partnerships are on record, tiered major and core.

• GKSD Holding S.r.l. (Gruppo San Donato)majorStrategic or Co-development Partner · 19 July 2023Joint venture finalized in December 2023 with GKSD Srl for offering services in the environmental sector and sanitization/hospital waste treatment.
• Andion Italy S.p.A.majorStrategic or Co-development Partner · 7 February 2023Partnership for joint development of projects in the field of energy production and biomethane generation, leveraging respective expertise in waste management and anaerobic digestion.
• Invitalia S.p.A.coreStrategic or Co-development Partner · 20 December 2022Government agency contracted by RTI led by Greenthesis for Bagnoli-Coroglio SIN remediation project worth significant public funding.
• Circular Economy Lab (Cariplo Factory, Intesa Sanpaolo Innovation Center)majorGTM or Marketing Partner · 1 November 2021TRACE x Greenthesis innovation program for startup scouting in circular economy, selecting visionary projects on integrated waste management themes including upcycling and zero waste solutions.
• SOL S.p.A.majorStrategic or Co-development Partner · 5 March 2021Partnership for liquefied biomethane production at Borgo Montello facility, where Greenthesis technology converts landfill biogas into liquefied biomethane for sustainable mobility.
• A2A Calore e ServizicoreStrategic or Co-development PartnerPartnership for district heating (teleriscaldamento) connecting REA Dalmine waste-to-energy plant to homes in Dalmine and Bergamo areas with 5km pipeline.
• CarboREM S.r.l.coreStrategic or Co-development PartnerGreenthesis increased stake in CarboREM to 60% in August 2022. CarboREM develops and commercializes HTC (Hydrothermal Carbonization) technology for sustainable sludge management.
• A.C.R. S.p.A. (Gruppo Hera)coreStrategic or Co-development PartnerMember of RTI (Temporary Business Grouping) with Greenthesis as lead company for the Bagnoli-Coroglio remediation project. Also partner in TREMONTI joint venture for remediation sites.
• Nico S.r.l.coreStrategic or Co-development PartnerMember of RTI with Greenthesis for Brescia-Caffaro SIN site remediation project.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Stericycle: US-based provider of regulated waste management, secure information destruction, and compliance services. Comparable in hazardous waste handling and medical waste, though primarily North American with limited Italian presence.
• FCC Environment: Spanish/Austrian environmental services group (part of FCC Servicios) active in waste collection, treatment, and disposal across Europe. Comparable in municipal and industrial waste management, though with different European geographic footprint.
• Remondis: German family-owned waste and recycling company with operations across Europe. Comparable in industrial waste collection, recycling, and water services, though primarily German-rooted with different geographic focus.
• Renewi: UK/Dutch-listed waste-to-product company operating across Belgium, Netherlands, and UK. Comparable in industrial waste collection, recycling, and organics/fertilizer production, though operating in different geographies.
• Veolia Environnement: French global environmental services leader with significant Italian operations in water, waste, and energy. Comparable in hazardous waste treatment, WtE, and environmental remediation, but at much larger scale and broader geographic footprint.
• Suez: French global water and waste management company with operations across Europe. Comparable in hazardous waste, recycling, and circular economy services, but operates as a much larger diversified platform.

Direct peers

• Iren: Italian multi-utility based in Reggio Emilia providing integrated waste management, water, and energy services across northern and central Italy. Direct peer in industrial waste handling, environmental services, and circular economy solutions.
• Hera Group: Italian multi-utility headquartered in Bologna, operating waste management, water, and energy services across Emilia-Romagna and beyond. Direct competitor in Italian waste collection, treatment, and disposal; partner with Greenthesis via RTI on the Bagnoli-Coroglio remediation.
• Acea: Rome-based Italian multi-utility active in water, waste management, and energy. Direct competitor in Italian waste treatment, environmental remediation, and circular economy services.
• A2A: Italian multi-utility operating waste-to-energy (including Brescia), district heating, and environmental services. Direct peer in WtE and CHP, and existing partner via REA Dalmine district heating connection serving 11,000+ homes.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/greenthesis_g
• YouTubeyoutube.com/channel/UC2E6pet4JxgI47TVVBM0kNg
• Facebookfacebook.com/GreenthesisGroup
• LinkedInit.linkedin.com/company/greenthesisgroup
• Instagraminstagram.com/greenthesisgroup
• Pinterestpinterest.it/greenthesisgroup

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries14 records

Funding overview

Funding rounds1 record

Investors1 record

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 Greenthesis Group