ThermoKey

What ThermoKey does

ThermoKey S.p.A., founded in 1991 and headquartered in Rivarotta di Rivignano Teor, Italy, designs and manufactures heat exchangers and heat rejection equipment for refrigeration, HVAC, energy and process cooling, and data center thermal management. Its product portfolio spans dry coolers (Power-Line, Power-J, Super Power-J, V-Tower, Modular, and TKMicro Modular Liquid Cooler), remote condensers (Turbo-Line, Turbo-J, microchannel and TKMicro variants, TKSmart Light), gas coolers, an extensive unit cooler family for industrial and commercial refrigeration, PowerGen radiators, round tube coils, and microchannel condensing and liquid cores. The company differentiates through TKMicro microchannel technology for reduced refrigerant charge and higher efficiency, EPS (Evaporative Panel System) adiabatic cooling with VDI 2047-2 hygienic compliance, and EC fan integration across product lines; supporting software (TK Archimede, TK Cardano, TK Desk) embeds selection logic into the customer journey. The company also offers tailor-made and co-designed units for OEM customers.

ThermoKey operates a B2B enterprise field sales model, selling direct to end customers and OEM manufacturers of chillers, refrigeration systems, ORC energy plants, and data center infrastructure. Revenue is generated primarily through hardware sales of standard and custom heat exchange units, with OEM supply including white-label / branded components. Pricing is quote-based and not publicly disclosed. The company serves six vertical segments — Data Centers / AI Infrastructure, OEM Manufacturers (primary), Energy & Process, Industrial Refrigeration, HVAC, and Commercial Refrigeration — and maintains a global sales presence across Europe, North America, South America, Middle East & Africa, and Far East, with a dedicated German subsidiary (ThermoKey Deutschland GmbH). Named reference deployments include an Enogia ORC biogas cogeneration plant in France and a 30 MW data center in central London.

On June 12, 2026, Vertiv Holdings Co completed the acquisition of ThermoKey S.p.A. for undisclosed financial terms; ThermoKey continues to operate as a manufacturing and engineering hub under CEO Giuseppe Visentini, now within Vertiv's thermal management portfolio targeting AI data center infrastructure.

Name

ThermoKey

Legal name

ThermoKey S.p.A.

Website

https://thermokey.com

Company type

Private

Founded year

1991

Operating status

Acquired

Headcount range

101–250 employees

Short description

ThermoKey S.p.A. is an Italian manufacturer, founded in 1991, of heat exchangers, dry coolers, condensers, and microchannel cooling solutions serving data centers, OEM chiller and refrigeration manufacturers, and industrial process customers globally; acquired by Vertiv Holdings Co in June 2026.

Ownership category

akta.pro rank

Product category

Industrial Heat Exchangers

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

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

akta.pro primary industry

Heat Exchangers & Thermal Transfer Equipment (IMAHAKAC)

akta.pro secondary industries

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

Keywords

• Heat exchangers
• Data center cooling
• Dry coolers
• Microchannel technology
• Industrial refrigeration

Headquarters

HQ city

Teor

HQ country

Italy

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Heat Exchange Hardware Sales: ThermoKey generates revenue through the sale of heat exchangers, dry coolers, remote condensers, unit coolers, gas coolers, and radiators to industrial and commercial customers. Products include standard and custom-designed units for HVAC, data center cooling, industrial refrigeration, commercial refrigeration, and energy & process applications.
2. OEM Heat Exchanger Supply: ThermoKey manufactures custom heat exchangers for OEM customers including international chiller manufacturers and specialized equipment producers. Products include round tube coil heat exchangers and microchannel solutions supplied under OEM branding arrangements.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

ThermoKey designs, engineers, and manufactures a complete range of heat exchangers, including dry coolers, remote condensers, microchannel heat exchangers, gas coolers, unit coolers, radiators, and coils. Its products serve data centers, HVAC, industrial and commercial refrigeration, and energy/process cooling applications, with both standardized product lines and tailor-made configurations. The company also provides proprietary selection and design software (TK Desk, TK Archimede, TK Cardano) to support customer engineering workflows.

Product overview

ThermoKey is a specialist provider of heat rejection and heat-exchange technologies founded in 1991, headquartered in Rivarotta, Italy. The company offers a comprehensive portfolio of heat exchange solutions organized across multiple product lines: Dry Coolers (Power-Line, Power-J, Super Power-J, V-Tower, TKMicro Modular Liquid Cooler, and Modular Dry Cooler) for data center and industrial cooling; Remote Condensers (Turbo-Line, Turbo-J, Table-Type Microchannel, V-Type Microchannel, TKMicro V-Type Modular, and TKSmart Light) for refrigeration systems; Gas Coolers for process applications; Unit Coolers including Light Cubic, Commercial Dual Flow, Industrial, Industrial Dual Flow, Blast Freezer, Fruit Coolers, Radial, Hen, and Process Dual Flow models; PowerGen Radiators for power generation; and Round Tube Coils with Microchannel condensing and liquid cores. The TKMicro sub-brand represents ThermoKey's microchannel technology platform providing high-efficiency solutions with reduced refrigerant charge. The company also provides software tools (TK Desk, TK Archimede, TK Cardano) for product selection and configuration. ThermoKey serves diverse applications including Data Center Cooling, HVAC, Energy & Process Cooling, Industrial Refrigeration, Commercial Refrigeration, and OEM custom solutions. In June 2026, ThermoKey was acquired by Vertiv Holdings Co to expand thermal management capabilities across Europe, Middle East, and Africa.

Differentiator

Problem solved

Functional benefit

Brands

• TKMicro: Microchannel heat exchange solutions product line featuring microchannel condensing cores, microchannel liquid cores, and TKMicro modular products for HVAC/R applications.

Products and services

• Dry Coolers (Power-Line, Power-J, Super Power-J, V-Tower series)

Quantifiable outcome

• Dissipation capacity of approximately 1,350 kW of waste heat in ORC applications with single dry cooler configuration
• +2 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Vertiv Holdings CocoreStrategic or Co-development Partner · 12 June 2026Vertiv completed acquisition of ThermoKey S.p.A. on June 12, 2026. The acquisition expands Vertiv's thermal management portfolio and manufacturing capabilities in EMEA, strengthening its ability to deliver integrated cooling solutions for AI factories and high-density data centers. ThermoKey's operations in Rivarotta, Italy continue as a key manufacturing and engineering hub under CEO Giuseppe Visentini. The deal was announced in March 2026 and closed in Q2 2026, pending regulatory approvals.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Alfa Laval: Alfa Laval is a Swedish global leader in heat transfer, separation, and fluid handling, including brazed plate heat exchangers (SWEP brand) and gasketed plate heat exchangers used in HVAC/R, refrigeration, and industrial cooling. It is a direct competitor in heat exchange technology, now also via its acquisition of Güntner, a dry cooler specialist serving data centers.
• SWEP (Dover Corporation): SWEP, a brand within Dover's Engineered Products segment, is a global leader in brazed plate heat exchangers used in HVAC, refrigeration, and heat pumps. It directly overlaps with ThermoKey's OEM and refrigeration customer base.
• Güntner: Güntner (now part of Alfa Laval) is a German manufacturer of heat exchangers for refrigeration and data center cooling, including adiabatic and dry coolers. It is a head-to-head competitor in the European data center cooling market where ThermoKey's EPS adiabatic and dry cooler products compete.
• Kelvion: Kelvion (formerly GEA Heat Exchangers) is a Germany-based global manufacturer of heat exchangers serving HVAC, refrigeration, data center cooling, and industrial process applications. It directly competes with ThermoKey across dry coolers, condensers, and customized heat exchange solutions for similar enterprise customers.
• API Heat Transfer: API Heat Transfer is a US-based manufacturer of industrial heat exchangers, including shell-and-tube, plate, and air-cooled exchangers for HVAC, refrigeration, and process industries. It competes with ThermoKey's custom/tailor-made heat exchange offerings in industrial and OEM channels.

Broad incumbents

• Modine Manufacturing: Modine is a US-based thermal management manufacturer serving automotive, commercial HVAC, data center liquid cooling, and industrial markets. It overlaps with ThermoKey in dry coolers and data center cooling solutions, with a broader portfolio and larger scale.
• EVAPCO: EVAPCO is a global manufacturer of heat transfer products including evaporative condensers, dry coolers, and adiabatic fluid coolers serving refrigeration, HVAC, and industrial markets. It is a comparable broad incumbent in the dry cooler and adiabatic cooling space where ThermoKey competes.
• Chart Industries: Chart Industries is a US-based diversified manufacturer of cryogenic and process cooling equipment, including heat exchangers for energy, petrochemical, and industrial applications. It is a broader incumbent serving adjacent segments to ThermoKey's energy and process cooling business.
• Baltimore Aircoil Company (BAC): BAC is a global manufacturer of evaporative cooling, adiabatic, and heat transfer products for HVAC, industrial, and data center applications. It competes with ThermoKey in adiabatic/dry cooling for commercial and data center customers.

Regional players

• Refrion: Refrion is an Italian manufacturer of axial fans, dry coolers, and heat exchangers primarily serving European HVAC, refrigeration, and industrial customers. It is a regional peer with strong overlap in dry cooler technology for European industrial and HVAC end markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCkrFBe3ID8_GzpTVLj27Ymw
• Facebookit-it.facebook.com/Thermokey
• LinkedInlinkedin.com/company/thermokey
• Instagraminstagram.com/thermokey_official

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 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 ThermoKey