Nordic Climate Group

What Nordic Climate Group does

Nordic Climate Group is a decentralized, PE-backed (Altor Fund V) acquisition platform that consolidates specialist providers of sustainable cooling and heating solutions across nine European countries. Founded in 2021 and headquartered in Danderyd, Sweden, the group operates more than 100 local subsidiaries that retain their own brands, leadership, and customer relationships while sharing group-level technical expertise, procurement, and training (NCG Academy). Geographic operations span Sweden, Norway, Finland, Denmark, the Netherlands, Belgium, the United Kingdom, Ireland, and (since June 2026) Germany, supporting a workforce of roughly 2,300-2,500 employees and SEK 6-7 billion (~EUR 550-650 million) in turnover.

The group's technical differentiation is built around natural refrigerants (CO2/R744, ammonia, propane) and proprietary energy-recovery systems, notably the DLE (Delta Lift Energy) CO2 heat-pump concept and Ultra Low Super Heat technology. Energy recovery and natural-refrigerant solutions are positioned ahead of EU F-gas regulation and PFAS-related REACH restrictions, with reference installations including Vasakronan's central Stockholm geoenergy project, SAAB's -43°C deep-freeze facility, ICA retail rollouts, HAVI cold storage, Pågen bakery service, and municipal swimming-pool heat recovery. SBTi-validated climate targets underpin a sustainability narrative that differentiates the group with enterprise and public-sector buyers with decarbonization mandates.

Revenue is generated through project-based installation work, multi-year service and maintenance contracts, equipment manufacturing (SLS in Sweden; PTG Kuldeteknisk in Norway), and energy-efficiency consulting. The decentralized distribution model means there is no e-commerce or self-serve channel; instead, sales, project delivery, and service are executed locally by subsidiary companies with group-level coordination for large cross-border accounts. Growth is overwhelmingly acquisition-led, with five transactions completed in the first half of 2026 alone (Kool It, Lightfoot International, K4 Services, Ten Have, Iceline, Allcool).

Name

Nordic Climate Group

Legal name

Nordic Climate Group AB

Website

https://nordicclimategroup.se

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Nordic Climate Group is a PE-backed, decentralized acquisition platform of more than 100 local subsidiaries across nine European countries, specializing in sustainable cooling and heating installations using natural refrigerants and proprietary energy-recovery technologies for commercial, industrial, and public-sector customers.

Ownership category

akta.pro rank

Product category

HVAC and Refrigeration Services

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Chillers, Boilers & Central Plant Operations (BPABACAG)

akta.pro secondary industry

Chillers & Cooling Plant Equipment (IMAHAKAE)

Keywords

• Commercial cooling systems
• Industrial refrigeration services
• Heat pump installations
• HVAC service contracts
• Natural refrigerant solutions

Headquarters

HQ city

Örebro

HQ country

Sweden

HQ region

Europe

Offices19 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Project and Installation Services: Design, installation, and commissioning of cooling and heating systems for commercial, industrial, and public sector customers. Projects range from small commercial installations to large industrial cold storage, data centre cooling, and geoenergy systems. Revenue recognized as one-time project fees. Typical project cycles range from weeks to months, with long-term customer relationships generating repeat projects and service.
2. Service, Maintenance and Repair: Ongoing service, maintenance, and repair contracts for installed cooling and heating systems. Many subsidiaries hold multi-year service agreements with customers (e.g., 10-year service contracts). Service revenue provides recurring income and customer retention. Service covers preventive maintenance, emergency repairs, regulatory inspections, and performance optimization.
3. Equipment Manufacturing and Supply: Subsidiaries such as SLS (a subsidiary of Nordic Climate Group) and PTG Kuldeteknisk manufacture cooling machines and refrigeration equipment. SLS builds CO2 cooling machines for industrial and defence applications. PTG manufactures chillers, heat pumps (Superchiller, SuperHeat, SuperFreeze, SeaCool), and marine refrigeration systems. Revenue from equipment sales to customers and internal delivery to group companies.
4. Energy Efficiency Consulting and Optimization: Energy efficiency analysis and optimization services, helping customers reduce energy consumption and transition to natural refrigerants. Delivered as part of installation projects or standalone consulting engagements.

Go-to-market motion5 records

Distribution channels5 records

Marketing channels9 records

Core offering

Nordic Climate Group is a decentralized B2B service platform that designs, installs, services, and maintains energy-efficient cooling and heating systems for commercial, industrial, and public-sector customers across nine European countries. The group specializes in natural refrigerant technologies (CO2/R744, ammonia, propane) and heat recovery solutions, operates through 100+ local subsidiary brands, and manufactures cooling and heat pump equipment in-house through SLS (Sweden) and PTG Kuldeteknisk (Norway).

Product overview

Nordic Climate Group operates as a decentralized network of over 100 local companies across Scandinavia and Europe, providing sustainable cooling and heating solutions. The portfolio centers on energy-efficient climate control technologies, with NCG Academy serving as the group's proprietary training division that certifies refrigeration technicians, Greenbook functioning as a knowledge resource on natural refrigerants and energy-efficient systems, and DLE (Delta Lift Energy) representing the core CO2-based heat pump technology platform. The group delivers solutions for commercial buildings, industrial applications, data centers, retail, and properties through its subsidiary companies specializing in installation, service, and maintenance.

Differentiator

Problem solved

Functional benefit

Brands

• NCG Academy: Nordic Climate Group's own training and education division offering courses for employees including basic refrigeration, advanced refrigeration, pressure testing with gas, flammable refrigerant handling, CO2 as refrigerant, risk assessment of cooling installations, refrigeration with electrical focus, brazing testing, and 'Service First' programs.
• Greenbook

Products and services

• Energy-efficient cooling systems design, installation and commissioning Project-based design, installation, and commissioning of CO2, ammonia, and propane cooling systems for commercial, industrial, and public-sector customers including supermarkets, cold stores, data centres, and industrial process facilities. Delivered by 100+ Nordic Climate Group subsidiary companies across nine European countries.
• Energy-efficient heating and heat-recovery system installations Design and installation of heating solutions including the proprietary DLE (Delta Lift Energy) CO2 heat-pump concept, geoenergy installations, and heat-recovery systems that reuse refrigeration waste heat for building heating and hot water. Targets commercial and public-sector buildings seeking 100% property heating-and-cooling coverage with up to 78% reduction in purchased energy.
• Service, maintenance and repair contracts for cooling and heating installations Long-term preventive maintenance, emergency repair, regulatory inspection, and performance-optimization contracts (typically multi-year) for installed cooling and heating systems. Delivered by local subsidiary service teams and providing recurring revenue across the customer base.
• Manufacturing of CO2 cooling machines and refrigeration equipment (SLS) SLS, a Nordic Climate Group subsidiary, designs and manufactures custom CO2 refrigeration machines for industrial, defence, and commercial applications, including deep-freeze units down to -43°C and redundant chiller systems for 24/7 operations. SLS also supplies equipment to other group companies.
• Manufacturing of chillers, heat pumps, and marine refrigeration (PTG Kuldeteknisk) PTG Kuldeteknisk AS in Norway manufactures Superchiller, SuperHeat, SuperFreeze, and SeaCool product lines of chillers, heat pumps, and marine refrigeration systems for fish farms, seafood industry, supermarkets, hotels, real estate, data centres, and hospitals.
• Energy-efficiency consulting and system optimization Standalone and project-integrated consulting to help customers reduce energy consumption, transition from HFCs to natural refrigerants, and optimize installed systems. Delivered as part of installation projects or as standalone advisory engagements.

Quantifiable outcome

• 78% reduction in purchased energy (8,600,000 kWh/year) and 400,000 kg CO2/year reduction at Vasakronan Sergelhusen using DLE technology
• +10 more outcomes

Named customers20 records

Segments9 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

21 partnerships are on record, tiered core and minor.

• K4 ServicescoreStrategic or Co-development Partner · 18 June 2026K4 Services (founded 2014) is based in Devon, serving South West England and South Wales. 25 employees. Customers include data centres, pharmacies, and medical facilities. Nordic Climate Group acquired K4 Services to expand in Southern UK, continuing the company's existing local brand and leadership.
• Lightfoot InternationalcoreStrategic or Co-development Partner · 10 June 2026Lightfoot International (founded 1885, Fareham, UK) is a specialist provider of cooling solutions for defence and industrial maritime applications. 24 employees. Serves UK and international government defence organisations, leading defence contractors, and maritime ship operators. Nordic Climate Group acquired Lightfoot International to add specialist expertise in demanding cooling environments. Lightfoot continues under its existing brand and leadership.
• Kool It Services LtdcoreStrategic or Co-development Partner · 3 June 2026Kool It (founded 1972, family-owned, second-generation led by Rick and Clare Dearden) is based in Manchester. 19 employees. Serves offices, retail, healthcare, and food & beverage sectors in Northern England. Nordic Climate Group acquired Kool It to strengthen presence in Northern England and energy-efficient climate solutions for commercial buildings.
• Friedrich Reitemeier GmbHcoreStrategic or Co-development Partner · 2 June 2026Friedrich Reitemeier GmbH (led by Andreas Reibe) is one of four regional market leaders acquired by Nordic Climate Group for its German market entry. Based in Hamburg. Focuses on commercial and industrial projects, service, and modernization.
• Versorgungstechnik Stüve GmbHcoreStrategic or Co-development Partner · 2 June 2026Versorgungstechnik Stüve GmbH (led by Matthias Stüve) is one of four regional market leaders acquired by Nordic Climate Group for its German market entry. Based in East Westphalia.
• Karl Busch Installationen GmbHcoreStrategic or Co-development Partner · 2 June 2026Karl Busch Installationen GmbH (led by Stefan and Sabine Bretschneider) is one of four regional market leaders acquired for German market entry. Based in East Westphalia.
• HRW Gebäudetechnik GmbHcoreStrategic or Co-development Partner · 2 June 2026HRW Gebäudetechnik GmbH (led by Philipp Berkemeier) is one of four regional market leaders acquired for German market entry. Based in East Westphalia.
• Ten Have Installatie B.V.coreStrategic or Co-development Partner · 16 April 2026Ten Have Installatie B.V. (founded 2002 by Frank ten Have) is based in Amsterdam, serving automotive, retail, and real estate sectors with energy-efficient cooling and heating solutions. Nordic Climate Group acquired the company to strengthen its central Netherlands presence. Post-acquisition, Netherlands operations comprise 14 companies with combined annual revenue of ~EUR 100 million.
• Iceline Yorkshire LtdcoreStrategic or Co-development Partner · 13 April 2026Iceline Yorkshire Ltd (founded by Paul Liddle, led by Craig Liddle) is based in Doncaster, UK. ~25 employees. Specializes in cold store installation, modification, and dismantling/reuse of refrigeration equipment. Serves food retail, logistics, and food production sectors. Nordic Climate Group acquired Iceline to expand UK and Ireland operations, which now generate EUR 80 million+ annual revenue.
• Allcool (NW) LimitedcoreStrategic or Co-development Partner · 15 January 2026Allcool (founded 1977, family-owned, 40 employees) is based in Poulton-le-Fylde near Blackpool. Serves schools, hospitals, municipalities, and commercial property owners. Nordic Climate Group acquired Allcool as its sixth UK acquisition, strengthening the British organisation which now comprises seven companies.
• All Cool NW LtdcoreStrategic or Co-development Partner · 15 January 2026All Cool NW Ltd (also referenced as Allcool NW) was acquired by Nordic Climate Group AB in Q1 2026, as part of the group's expansion in North West England. Part of the broader UK and Ireland operations.
• ArnegminorImplementation/ SI/ Consulting Partner · 1 January 2025Arneg served as the customer/specifier for the HAVI cold storage facility in Malmö. LL:s Kylteknik installed CO2 refrigeration systems as the installation contractor. PEAB was the general contractor.
• Ferax Installationsprojekt ABminorImplementation/ SI/ Consulting Partner · 1 January 2025Ferax Installationsprojekt AB acted as consultants on the Vasakronan Sergelhusen DLE project, providing technical assessment of DLE technology advantages. SEC Projekt AB was also a consulting partner.
• Science Based Targets initiative (SBTi)coreOthers · 1 January 2024Nordic Climate Group's climate goals have been officially validated by the Science Based Targets initiative (SBTi), aligning the company's emission reduction targets with the Paris Agreement goal of limiting global warming to 1.5°C. This validation was announced in the 2024 sustainability report, marking Nordic Climate Group's first formal SBTi-aligned sustainability reporting. The group aims to reduce emissions from energy consumption and refrigerant use in new installations.
• Gärahovs Bygg ABminorStrategic or Co-development Partner · 1 January 2024Gärahovs Bygg AB acted as project developer/contractor for the OKQ8 Bromma service station project, commissioning Kylmästarna (an NCG subsidiary) to install CO2 refrigeration with heat recovery. Gärahovs was described as 'a professional and communicative client' by Kylmästarna.
• T&S Klimaattechniek BVcoreStrategic or Co-development Partner · 1 January 2024T&S Klimaattechniek BV was acquired by Nordic Climate Group in July 2024 alongside Compair Airconditioning BV. Together, these two Dutch companies contributed approximately EUR 23 million to Nordic Climate Group's turnover.
• Buus Kole-Service, FinDan Kole- og Elteknik, Nordfrost KoleservicecoreStrategic or Co-development Partner · 1 January 2024Nordic Climate Group acquired three Danish companies: Buus Kole-Service, FinDan Kole- og Elteknik, and Nordfrost Koleservice. These acquisitions expanded Nordic Climate Group's presence in Denmark.
• SLS (Dotterbolag inom Nordic Climate Group)coreStrategic or Co-development Partner · 1 January 2021SLS is a subsidiary of Nordic Climate Group that manufactures custom CO2 refrigeration machines. SLS designed and built redundant CO2 refrigeration units for SAAB's deep freeze facility (-43°C). SLS also handled project design, delivery, and installation for the Allsons cold storage project in Åtorp. SLS functions as an internal manufacturing and R&D unit for advanced cooling solutions.
• Compair Airconditioning B.V.coreStrategic or Co-development Partner · 1 January 2021Compair Airconditioning B.V. (founded 1997) is based in Capelle aan den IJssel, serving South Holland, North Holland, and Utrecht. Revenue ~100 million SEK. Customer segments include retail, offices, healthcare, industry, logistics, and data centres. Technical specialty: air conditioning, heat pumps, and climate control. Nordic Climate Group acquired the company in July 2024 as its first step into the Netherlands market.
• PTG Kuldeteknisk AScoreStrategic or Co-development Partner · 1 January 2021PTG Kuldeteknisk AS is Norway's leading and largest refrigeration company, acquired at the group's founding in 2021. Based in Tromsø with offices across northern Norway (Finnsnes, Harstad, Lødingen, Narvik, Alta). Revenue 300 million SEK. Manufactures chillers, heat pumps (Superchiller, SuperHeat, SuperFreeze, SeaCool), and marine refrigeration systems. Serves seafood industry, marine, fish farms, supermarkets, hotels, real estate, data centres, and hospitals.
• MV-Jäähdytys OycoreStrategic or Co-development Partner · 1 January 2021MV-Jäähdytys Oy is the Finnish parent company for Nordic Climate Group's Finnish operations. Led by Ilpo Mäkelä (2020-2026), now succeeded by Jyrki Martikainen. Developed into a nationwide market leader in refrigeration service, heat pumps, and professional kitchen equipment in Finland.

Scale indicators23 records

Recent moves9 records

Expansion highlights6 records

Market position

Competitive moat6 records

Key risks2 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Nordic-Climate-Group-1646602195617309
• LinkedInlinkedin.com/company/nordicclimategroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries17 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A11 records

Investments

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

Frequently asked questions about Nordic Climate Group