FENAGY

What FENAGY does

FENAGY is a Danish industrial energy-equipment manufacturer, founded in 2020 and headquartered in Lystrup, Denmark, that develops and manufactures large-scale heat pumps, chillers, and combined heating-and-cooling systems built exclusively on natural refrigerants (CO2/R744, isobutane/R600a, and propane/R290). The company serves district heating utilities, data centers, food and logistics facilities, greenhouses, commercial and institutional buildings, and emerging energy applications (biogas, CCUS, geothermal, power-to-X) primarily across Denmark and broader Europe. Its portfolio spans six core product ranges — H-Range (CO2 heat pumps, 500–3,000 kW), HCI-Range (isobutane, 500–2,000 kW), HCP-Range (propane, 500–2,000 kW), C-Range (CO2 chillers, 500–2,600 kW), CHC-Range (combined heat and cooling, 500–2,600 kW), and CC-Range (compact close-coupled units, 250–400 kW) — all custom-built, factory-assembled, and modular for parallel scaling. FENAGY A/S is a wholly owned subsidiary of Beijer Ref, a refrigeration and HVAC wholesale group listed on NASDAQ Stockholm.

The systems are supported by a proprietary in-house technology suite branded FENtech, which includes the patented FENeject ejector technology (raises compressor suction pressure to lift COP without added power draw, with no moving parts), FENcontrol (a Siemens S7 PLC-based control platform with encryption, VPN, network segmentation, and multi-unit master coordination), FENdefrost (adaptive defrost control), FENcloud (24/7 cloud monitoring with backend analytics and predictive maintenance), FENpower (integrated electric boiler for grid-balancing load control), FENhouse (prefabricated sound-insulated machine-room enclosures), and FENtool (a CO2 heat pump sizing/simulation tool). Systems integrate with SCADA and BMS platforms and offer fast (~5-minute) start/stop for grid services, with supply temperatures up to 95°C (isobutane) and 85°C (CO2).

FENAGY monetizes primarily through hardware sales of custom-built equipment, supplemented by full project delivery (design, commissioning, and ongoing service including remote monitoring and 2nd-level support), positioning it as a turnkey solutions provider rather than a component vendor. Pricing is undisclosed and quote-based given custom system design. Go-to-market is a direct, consultative field-sales model organized by geography (dedicated teams for Denmark, UK, DACH, and Benelux/Eastern Europe) and sector, executed alongside installation partners such as Krebs A/S, Therma Industri A/S, and Caverion. FY2025 revenue reached 345 million DKK (13% YoY growth), with management projecting 30%+ growth in 2026.

Name

FENAGY

Legal name

Fenagy A/S

Website

https://fenagy.dk

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

FENAGY is a Danish manufacturer of large-scale industrial heat pumps, chillers, and combined heating-cooling systems using natural refrigerants (CO2, isobutane, propane), serving district heating utilities, data centers, industry, and greenhouses across Denmark and Europe.

Ownership category

akta.pro rank

Product category

Industrial Heat Pumps and Chillers

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Power Boiler and Heat Exchanger Manufacturing (332410)

SIC

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

akta.pro primary industry

Chillers & Cooling Plant Equipment (IMAHAKAE)

akta.pro secondary industries

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Refrigeration Components & Controls (Compressors, Valves, Sensors) (IMAHAKAH), Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Cooling Systems & Thermal Management (CRAC/CRAH, Chillers, Liquid Cooling) (HDABAKAD)

Keywords

• Industrial heat pumps
• Natural refrigerant chillers
• District heating systems
• Co2 heat pumps
• Industrial cooling chillers

Headquarters

HQ city

Lystrup

HQ country

Denmark

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Industrial Heat Pump & Chiller Sales: FENAGY designs, manufactures, and sells industrial heat pumps, chillers, and combined systems. Each system is custom-built and factory-assembled to customer specifications. Revenue is generated from equipment sales as the primary stream.
2. Full Project Delivery (Design, Commissioning & Service): Beyond equipment, FENAGY delivers complete projects including initial design, commissioning, and ongoing service and support. Services include consulting, project management, commissioning and start-up, remote monitoring via cloud, and 2nd-level technical support. This full-lifecycle approach is described as a key part of the value delivered.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

FENAGY designs, manufactures, and commissions custom-built industrial heat pumps, chillers, and combined heating-and-cooling systems in capacities from 250 kW to multi-MW, using exclusively natural refrigerants (CO2, isobutane, propane). Each system is factory-assembled to specification and supported with full project delivery — design, sizing, commissioning, and after-sales service including cloud-based 24/7 monitoring. The portfolio serves district heating utilities, data centers, industrial facilities, greenhouses, and commercial buildings across Denmark and Europe.

Product overview

FENAGY develops and manufactures industrial heat pumps, chillers, and combined heating and cooling systems based on natural refrigerants (CO2 and hydrocarbons). The product portfolio consists of six core product ranges: H-Range (CO2 heat pumps, 500-3,000 kW), HCI-Range (isobutane heat pumps, 500-2,000 kW), HCP-Range (propane chillers/heat pumps, 500-2,000 kW), C-Range (CO2 chillers, 500-2,600 kW), CHC-Range (combined heat & cooling, 500-2,600 kW), and CC-Range (close-coupled compact units, 250-400 kW). These are complemented by FENtech proprietary technologies including FENeject (patented ejector technology), FENcontrol (Siemens-based control system), FENdefrost (adaptive defrost algorithms), FENcloud (cloud monitoring), FENpower (electric boiler integration), FENhouse (machine room enclosure), and FENtool (calculation/simulation tool). All systems are custom-built and factory-assembled with modular, scalable designs integrating with both new and existing facilities.

Differentiator

Problem solved

Functional benefit

Brands

• FENtech: Technology brand encompassing Fenagy's proprietary technologies including FENeject (patented ejector technology), FENcontrol (Siemens-based control system), FENdefrost (defrost control system), FENcloud (cloud-based monitoring), FENpower (integrated electric boiler solution), FENhouse (prefabricated machine room enclosure), and FENtool (calculation tool for CO2 heat pump simulation)

Products and services

• H-Range Heat Pumps Large-scale CO2 (R744) heat-pump systems delivering 500–3,000 kW heating capacity per unit, available as both water-to-water and air-to-water configurations. Custom-built and factory-assembled for district heating, larger buildings, industrial processes, greenhouses, data centers, logistics centers, offices, hospitals, and HVAC applications.
• HCI-Range Heat Pumps Isobutane (R600a) heat pumps and chillers delivering 500–2,000 kW capacity per unit for water-to-water operation. Delivers supply temperatures up to 95°C independent of return temperature. Targeted at data centers, CCUS, biogas, geothermal, PtX, industrial processes, and as a booster in district heating systems.
• HCP-Range (Chillers, Heat Pumps & Combined) Propane (R290) systems delivering 500–2,000 kW per unit for chiller, heat-pump, and combined water-to-water operation. Modular units can be connected in series up to three units, providing up to 3 or 6 MW per series. Targeted at industrial processes, food industry, offices, hospitals, data centers, logistics centers, and HVAC.
• C-Range Chillers CO2 DX chillers delivering 500–2,600 kW cooling capacity per rack, equipped with plate heat-exchanger evaporators. Available with both water-cooled and air-cooled gas coolers. Targeted at food industry, industrial processes, data centers, logistics centers, offices, hospitals, and HVAC.
• CHC-Range Combined Heat & Cooling Systems Combined heating and cooling systems delivering 500–2,600 kW capacity. Unlike typical reversible systems, CHC can deliver heat and cooling both simultaneously and independently from one compressor system. Targeted at industrial buildings with both heating and cooling demands.
• CC-Range Close-Coupled Heat Pumps & Chillers Compact plug-and-play solutions delivering 250–400 kW capacity per unit. Available as air-to-water heat pumps or air-cooled chillers. Delivered on a steel frame with heat-pump/chiller in a machine housing and energy collectors or gas coolers integrated. Uses CO2 (R744) refrigerant with supply temperatures up to 85°C.
• FENeject Ejector Technology Patented high-lift ejector technology that increases suction pressure to compressors, enabling heat pumps to deliver more heat without additional electricity consumption, resulting in higher COP and improved overall efficiency. Available in low-pressure versions (LPE) for smaller units; no moving parts ensures reliability. Sold as a FENtech technology component across the FENAGY product portfolio.
• FENcontrol Control System Control system built on the Siemens S7 hardware platform handling all heat-pump functions with precision and high operational reliability. Features cybersecurity including data encryption, network segmentation, VPN tunnels, and firewalls; supports fast start/stop for grid balancing, precise power-consumption control, and includes a Master-controller for coordinating multiple units. NIS2 compliant for critical-infrastructure deployments.
• FENdefrost Defrost Management Adaptive defrost management system ensuring reliable defrosting of industrial air-to-water heat pumps under cold weather conditions. Includes a built-in Winter Mode that keeps evaporator fans running at low speed during standby to prevent snow accumulation.
• FENcloud Monitoring Platform Cloud-based data platform enabling 24/7 monitoring of heat pumps and storage of large data volumes. Includes backend analysis for performance monitoring and predictive maintenance, ensuring rapid response to faults and supporting the development of advanced control algorithms.
• FENpower Integrated Electric Boiler Technology combining a heat pump with an integrated electric boiler delivering the same effect as the heat pump's nominal maximum electricity consumption. Fully integrated with the heat-pump control system for precise regulation of total electrical load and enabling users to target specific power-consumption goals and provide grid-balancing services.
• FENhouse Machine-Room Enclosure Premium factory-built machine-room solution with heat pump installed in sound-insulated housing approved as a complete machine room. Delivered as a complete turnkey concept enabling rapid on-site installation, shorter approval processes, high flexibility, reduced space requirements, and lower costs. Available in various aesthetic designs.
• FENtool Simulation & Sizing Tool Calculation tool that simulates the performance of both air-to-water and water-to-water CO2 heat pumps under specific conditions. Supports existing and potential customers with precise system sizing, reliable performance calculations, and informed investment decisions.

Quantifiable outcome

• Over 400 MW of FENAGY heat pump capacity installed across Denmark and Europe
• +5 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability3 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• CaverioncoreImplementation/ SI/ Consulting Partner · 1 January 2025FENAGY partnered with Finnish contractor Caverion to supply heat pumps for a district heating project in Kajaani, Finland. Caverion serves as the installation and project execution partner for the data center waste heat recovery project. Phase 1 involves 6 HCI-3000 units, with Phase 2 adding 9 more for a total of 15 units delivering 33.5 MW of heating.
• Therma Industri A/ScoreImplementation/ SI/ Consulting PartnerFENAGY collaborated with Therma Industri A/S to deliver the cooling and freezing solution for the Liertoppen logistics center in Oslo (Oda). Therma Industri served as the local installation contractor.
• Krebs A/ScoreImplementation/ SI/ Consulting PartnerKrebs A/S has been an installation partner on multiple FENAGY projects including Sdr. Felding (two H-1800 units), IKEA Aalborg (H-1200 AW/WW), and Gram District Heating (two H-1800 units). Krebs handles on-site installation and execution.
• Praksis Architects, Søren Jensen Engineers, KG Hansen, DETBLÅ LandscapeminorStrategic or Co-development PartnerProject partners for the VELUX LKR Innovation House installation. Each partner contributed to the holistic renovation: architecture (Praksis), engineering (Søren Jensen), construction (KG Hansen), and landscape (DETBLÅ Landscape).
• GapSolutionscoreStrategic or Co-development PartnerGapSolutions partnered with FENAGY to assess and minimize cybersecurity risks, mapping all elements relevant to the delivery of critical services. This collaboration resulted in FENAGY achieving NIS2 certification, covering both product control systems and internal IT infrastructure.
• Beijer RefcoreGTM or Marketing PartnerFENAGY is a subsidiary of Beijer Ref, a major refrigeration and HVAC wholesale group. This relationship provides FENAGY with access to Beijer Ref's extensive distribution network, supply chain infrastructure, and customer relationships across Europe. FENAGY is listed on the Beijer Ref corporate website under subsidiaries.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fenagy

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

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 FENAGY