What Calyos does

Calyos is a Belgian private company incorporated in 2014 as a spin-off from Euro Heat Pipes (EHP, established 2001), a major player in the European satellite thermal management market. Headquartered in Charleroi, Belgium with 11-50 employees, the company specializes in adapting EHP's space-grade two-phase cooling technologies for terrestrial applications. Calyos serves a global enterprise customer base across North America, Asia, Europe, and South America, with named customers including Airbus, Honeywell, ESA, Liebherr, Valeo, Alstom, John Cockerill, Sonaca, Cenaero, Skywin, 2CRSi, Noctua, and Streacom. The company operates in four primary segments: e-mobility (battery thermal management, power electronics cooling for inverters, e-motor cooling, charging infrastructure, fuel cells), computing/data centers (server, rack, CPU/GPU/FPGA/ASIC cooling), renewable energy (inverter and energy storage thermal management), and specialized equipment (LED, rugged computers, defense/aeronautics applications).

The company's core technology is 100% passive two-phase cooling leveraging the latent heat of vaporization to dissipate heat without pumps, fans, or active control systems. Calyos offers four core technology variants: Heat Pipes (HP) for low-thermal-resistance static applications, Loop Heat Pipes (LHP) for high heat flux and long-distance transport, Micro Channel Heat Pipes (MCHP) for lightweight hybrid cooling, and Pulsating Heat Pipes (PHP) as an emerging technology. These are specialized into application-specific products: MCHP-BT for battery thermal management, LHP-DCS for data center server cooling, LHP-PE for power electronics, and HP-PE for static power electronics. Key differentiators include dielectric fluid (eliminating short-circuit risk), self-regulating operation, >10 year lifetime with no maintenance, helium-tested tightness, and proprietary wick structures that maximize capillary pumping. Advanced modeling and simulation capabilities integrate physics-based two-phase models with empirical test data.

Calyos operates a B2B enterprise field sales model with quote-based custom pricing and multi-year contracts. Revenue is generated primarily through custom hardware sales of two-phase cooling systems, supplemented by free initial feasibility analysis services that serve as lead generation. Distribution is handled through direct enterprise sales and a network of production partners for mass production fulfillment. The company is actively expanding through strategic partnerships with Tier-1 automotive suppliers (Valeo), AI infrastructure players (2CRSi Edge), consumer brands (Noctua, Streacom), aerospace primes (Airbus, Sonaca, Safran), and defense programs (NATO DIANA), and has received investment support from the European Regional Development Fund and Walloon Region.

Name

Calyos

Legal name

CALYOS SA

Website

https://calyos-tm.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Calyos is a Belgian private company founded in 2014 that designs and manufactures custom passive two-phase cooling systems (heat pipes, loop heat pipes, micro channel heat pipes) for enterprise customers in e-mobility, AI data centers, renewable energy, aerospace, and defense, serving global Tier-1 names including Airbus, Valeo, Honeywell, and ESA.

Ownership category

akta.pro rank

Product category

Industrial Thermal Management

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC)

akta.pro secondary industries

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Cooling & Thermal Solutions (Air/Liquid, fans, thermal paste) (HDACAGAF)

Keywords

• Passive two-phase cooling
• Thermal management solutions
• Battery thermal management
• Data center cooling
• Power electronics cooling

Headquarters

HQ city

Nivelles

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Thermal Management Solutions: Calyos designs and manufactures custom two-phase cooling systems for clients. They work side-by-side with clients to develop innovative cooling systems viable in terms of mechanical design, cost, and thermal performance.
2. Feasibility Analysis Services: Calyos offers a free initial feasibility analysis to provide estimates for thermal performance, mechanical design, and cost of solutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Calyos designs and manufactures custom passive two-phase cooling systems based on heat pipe technology (Heat Pipes, Loop Heat Pipes, Micro Channel Heat Pipes, and Pulsating Heat Pipes). These systems dissipate heat without pumps, fans, or active cooling components and are deployed across e-mobility, computing/data centers, renewable energy, and specialized equipment applications. The company also offers a free initial feasibility analysis service to help customers evaluate thermal performance, mechanical design, and cost.

Product overview

Calyos offers a comprehensive portfolio of passive two-phase cooling technologies and application-specific solutions. The core technology family includes four heat pipe variants: Heat Pipes (HP) for simple static applications, Loop Heat Pipes (LHP) for high heat flux and long-distance transport, Micro Channel Heat Pipes (MCHP) for lightweight hybrid cooling, and Pulsating Heat Pipes (PHP) as an emerging technology. These core technologies are specialized into application-focused products including MCHP-BT for battery thermal management, LHP-DCS for data center server cooling, and LHP-PE/HP-PE for power electronics cooling. Calyos provides a free initial feasibility analysis service to help customers evaluate thermal performance, mechanical design, and cost estimates for their specific cooling challenges. The company operates from Charleroi, Belgium, serving global markets in e-mobility, computing, and renewable energy sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Heat Pipes (HP) Traditional heat pipes providing simple, lightweight, low-cost passive cooling with very low thermal resistance for static applications; scalable to fit application size and intended for engineers designing electronics cooling systems.
• Loop Heat Pipes (LHP) Loop heat pipes capable of handling very high heat flux and transporting heat over long distances using dielectric fluid, with no risk of short-circuits; designed for cooling CPUs, GPUs, FPGAs, ASICs, and power electronics.
• Micro Channel Heat Pipes (MCHP) Hybrid HP-PHP solution that is simple, lightweight, ultra-efficient, and cost-effective for mass production with customizable cross-sectional shapes; particularly suited for battery thermal management in e-mobility.
• Pulsating Heat Pipes (PHP) Oscillating heat pipes, a newer passive two-phase technology being matured by Calyos for various cooling applications including electronics and automotive heat spreading.
• MCHP-BT (Battery Thermal Management) Micro Channel Heat Pipe solution specifically designed for battery thermal management, cooling prismatic, pouch, and cylindrical battery cells to improve charging speed and maintain uniform cell temperatures in EVs.
• LHP-DCS (Data Center Server Cooling) Loop Heat Pipe solution designed for cooling CPUs, GPUs, FPGAs, and ASICs in data center servers, using dielectric fluid to eliminate short-circuit risk.
• LHP-PE (Power Electronics Cooling) Loop Heat Pipe solution for power electronics cooling, capable of dissipating heat from >150W components and transporting heat over long distances to remote cold sources.
• HP-PE (Heat Pipe Power Electronics) Heat Pipe solution for static power electronics applications, cooling high-power components dissipating >250W per component with total power >1kW.
• Initial Feasibility Analysis Free initial feasibility analysis service providing estimates for thermal performance, mechanical design, and cost of Calyos cooling solutions, enabling customers to compare against their current solutions.

Quantifiable outcome

• Improved charging speed by 25% for prismatic battery cells
• +3 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

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

• 2CRSi EdgecoreStrategic or Co-development Partner · 11 June 2026Collaboration to integrate advanced passive two-phase cooling technologies into high-density GPU platforms designed for deployment beyond traditional data centers. Joint approach leverages phase-change heat absorption at chip level with passive condensation in closed-loop system for edge and mission-critical environments including defense and industrial edge.
• ValeocoreStrategic or Co-development Partner · 8 June 2026Valeo and Calyos signed a Memorandum of Understanding to develop and industrialize high-performance chip cooling solutions for AI-driven data centers. Partnership focuses on standalone cooling technologies targeting thermal management needs as AI applications drive higher power requirements. Valeo shares surged 8.5% following the announcement.
• NoctuaflagshipTechnology or Integration · 20 May 2025Partnership to develop Thermosiphon two-phase cooling technology. Noctua showcased updates on Thermosiphon project at Computex 2025. Products expected to launch Q1 2026 at approximately $300 price point.
• Euro Heat Pipes (EHP)coreStrategic or Co-development PartnerCalyos is a spin-off from Euro Heat Pipes (EHP), which was established in 2001 and is a major player in the European satellite market. Calyos adapts EHP's space-grade cooling technologies for terrestrial applications.
• NATO DIANAflagshipStrategic or Co-development PartnerCalyos selected by NATO's DIANA Challenge Programme as part of 2026 cohort to optimize cooling for mission-critical data centers. Program covers global scaling strategies, NATO standards and compliance, and commercialization for deep-tech growth.
• European Space Agency (ESA)coreStrategic or Co-development PartnerCalyos participates in ESA parabolic campaigns and projects, leveraging space technology heritage for terrestrial applications.
• University of Pisa - DESTECminorStrategic or Co-development PartnerCalyos takes flight with University of Pisa DESTEC in ESA parabolic campaign to advance two-phase thermal management.
• Safran Electrical & PowercoreStrategic or Co-development PartnerCalyos joins OSYRYS Clean Aviation Project led by Safran Electrical & Power for sustainable aviation applications.
• StreacomflagshipTechnology or IntegrationCollaboration to develop 100% passive cooling solution for desktop CPU and GPU (Streacom SG10) with completely silent operation.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Advanced Cooling Technologies: ACT is one of the most direct competitors to Calyos, specializing in heat pipes, loop heat pipes, vapor chambers, and two-phase passive cooling for aerospace, defense, electronics, and EV battery applications. The product portfolios, target customers, and underlying two-phase physics are closely aligned.
• Boyd Corporation: Boyd is a global thermal management solutions provider serving electronics, e-mobility, and data center markets with both passive and active liquid cooling. It competes head-to-head with Calyos in battery thermal management, power electronics cooling, and AI/data center thermal solutions.
• CoolIT Systems: CoolIT is a leading direct-to-chip liquid cooling specialist for AI and high-performance computing data centers, competing with Calyos's LHP-DCS offering. It represents one of the most established and well-funded players in the data center liquid cooling segment Calyos is targeting.
• Asetek: Asetek is a primary liquid cooling provider for PC gaming and is also a Noctua platform partner (G8 V2) referenced alongside Calyos's Thermosiphon collaboration. Both target PC and data center cooling using closed-loop liquid architectures, making it a direct competitor in adjacent product lines.
• Wakefield Thermal: Wakefield Thermal designs and manufactures heat sinks, cold plates, and thermal management solutions for power electronics, EVs, and industrial applications. It is a close comparator in the power electronics and e-mobility cooling segments where Calyos sells LHP-PE and HP-PE.
• Lytron: Lytron manufactures liquid cold plates, heat exchangers, and recirculating chillers for electronics, laser, medical, and industrial applications. Its heat exchanger and cold plate portfolio directly overlaps Calyos's two-phase cooling offerings for power electronics and embedded systems.

Broad incumbents

• Vertiv: Vertiv is a global data center infrastructure incumbent offering thermal management solutions (including Liebert liquid cooling) at scale. It competes broadly with Calyos's data center cooling ambitions, though Vertiv's portfolio spans power, IT, and services well beyond thermal.
• Rittal: Rittal is a large industrial enclosures and climate-control solutions provider serving data centers, automation, and power distribution. Its liquid cooling package (Rittal LCU) competes with Calyos in hyperscale and edge data center deployments, though Rittal's portfolio is much broader.
• Mersen: Mersen offers thermal management, heat sinks, and cooling solutions for power electronics, EVs, and industrial applications. Its power electronics cooling portfolio is a direct comparator to Calyos's LHP-PE/HP-PE offerings in the same customer base.
• STULZ: STULZ is an established data center cooling and humidity-control specialist offering both air and liquid cooling solutions. Its CyberAir and liquid cooling product lines compete in the same data center thermal management market Calyos is targeting with its two-phase offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/calyos-sa

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds2 records

Investors4 records

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 Calyos