Morgana

What Morgana does

Morgana SAS is a French industrial manufacturer specializing in custom finned pack heat exchangers for food processing, commercial refrigeration, and HVAC applications. Founded in 1948 and headquartered in Groslay, north of Paris, the company designs and produces evaporators, condensers, hot/cold coils, natural-refrigerant CO2 (R744) evaporating coils, unit coolers, brine coolers, and steam coils. Its core technology combines proprietary thermodynamic calculation and selection software (integrated with UNILAB) and 2D/3D CAD-based custom engineering, supported by PED-norm technical testing (liquid penetration, crash, fatigue resistance). The 2020–2021 investment in a new Groslay manufacturing facility expanded capacity specifically for natural refrigerant and energy-transition products, and in 2022 Morgana became a wholly-owned subsidiary of Enex Technologies, an Italian-headquartered group of heat exchanger and refrigeration brands including Kobol, Emicon, Ethratech, Enex Industrial, and Roen Est.

Morgana operates a B2B direct-sales model, with a small sales and service engineering team (~30+ employees at Groslay) covering France through on-site technical visits, custom design, quotation-based pricing, installation support, and aftermarket replacement parts. The company serves two primary verticals — agro-process manufacturers (enterprise) and refrigeration/HVAC installers (mid-market) — without disclosed channel partners, resellers, or distributor networks. Geographic reach is currently single-country (France) under the Enex Technologies umbrella, though group affiliation creates cross-border commercial potential. No revenue is publicly disclosed, and no AI/ML capabilities, mobile applications, or public API integrations are present in the source data. Pricing is quotation-based with no public rate cards, and the company emphasizes energy efficiency, natural refrigerants, and carbon neutrality commitments consistent with EU F-Gas regulation trends.

Name

Morgana

Legal name

Morgana SAS

Website

https://morgana.fr

Company type

Private

Founded year

1948

Operating status

Operating

Headcount range

11–50 employees

Short description

Morgana SAS is a French manufacturer of custom finned pack heat exchangers — evaporators, condensers, hot/cold coils, and CO2 natural-refrigerant coils — serving food processing, refrigeration, and HVAC customers in France. Founded 1948, it operates from Groslay as a subsidiary of Enex Technologies.

Ownership category

akta.pro rank

Product category

Industrial Heat Exchangers

NAICS

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

SIC

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

akta.pro primary industry

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC)

Keywords

• Finned heat exchangers
• Industrial refrigeration equipment
• HVACR manufacturing
• Food processing equipment
• Heat transfer technology

Headquarters

HQ city

Groslay

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Custom Heat Exchanger Manufacturing: Design and production of customized finned pack heat exchangers including evaporators, condensers and hot/cold coils for French food, refrigeration and HVAC markets. On-demand products delivered to agro-process manufacturers and installers throughout France.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Morgana designs and manufactures custom finned pack heat exchangers — evaporators, condensers, and hot/cold coils — for French agro-process manufacturers and refrigeration/HVAC installers. The portfolio also includes CO₂ natural refrigerant evaporating coils, unit coolers, brine coolers, and steam coils, complemented by on-site consultancy, custom design with CAD, installation, and aftermarket services.

Product overview

Morgana is a leading French manufacturer of finned pack heat exchangers, operating as part of Enex Technologies. The product portfolio centers on three core heat exchanger product lines—evaporators, condensers, and hot/cold coils—complemented by specialized variants including natural refrigerant CO₂ evaporating coils, unit coolers, brine coolers, and steam coils. Beyond products, Morgana offers a comprehensive suite of services including consultancy, customized design with CAD capabilities, technical assistance for installation and aftermarket support, and testing and commissioning with PED-compliant certification. The company also provides proprietary calculation and selection software developed internally for sizing and selecting appropriate heat exchanger solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Evaporators

Quantifiable outcome

• Carbon neutrality commitment for all facilities

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Funke Wärmeaustauscher: German manufacturer of shell-and-tube, plate, and finned heat exchangers for industrial, HVAC, and refrigeration applications. Comparable in custom-engineered coil manufacturing and European industrial customer base to Morgana.
• Enex (Italy): Italian-based sister company under Enex Technologies specializing in heat exchangers and refrigeration solutions. Directly comparable in product scope (finned and plate heat exchangers) and target vertical (food, refrigeration, HVAC), differing primarily in geographic footprint.
• Güntner (part of A-Heat) heat exchangers: European manufacturer of heat exchangers (evaporators, condensers, fluid coolers) for commercial and industrial refrigeration, HVAC, and data center cooling. Directly comparable product range and target verticals to Morgana, with natural refrigerant focus.
• Lu-Ve Group: Italian-listed manufacturer of heat exchangers for refrigeration, air conditioning, and industrial applications. Closely comparable product portfolio (finned coils, condensers, evaporators) and overlapping customer base in European food retail and HVACR OEMs.
• Emicon: Italian sister company within Enex Technologies producing air conditioning and refrigeration components. Shares Morgana's positioning in HVACR heat exchange components and natural refrigerant technologies under the same parent group.
• Kobol Refrigeration: Sibling company within Enex Technologies focused on commercial and industrial refrigeration systems. Overlapping customer base with Morgana in the French and European refrigeration market, with shared emphasis on natural refrigerant solutions.

Broad incumbents

• SWEP (part of Dover): A leading supplier of brazed plate heat exchangers used in HVAC, refrigeration, and district heating. While specializing in BPHE rather than finned coils, SWEP addresses the same HVACR OEM customers and competes for the same refrigeration and heat pump applications as Morgana.
• Alfa Laval: Global leader in heat transfer, separation, and fluid handling with a comprehensive brazed and gasketed plate heat exchanger portfolio serving HVACR, food, and industrial markets. Directly comparable to Morgana in product category but at vastly larger scale and broader geographic reach.
• Tranter (part of Chart Industries): Global manufacturer of plate heat exchangers serving HVAC, refrigeration, and industrial process markets. Comparable in refrigeration heat exchanger applications but with broader product mix and global footprint.
• Kelvion: Manufacturer of heat exchangers including finned coil, plate, and shell-and-tube designs for HVAC, refrigeration, and industrial process cooling. Closely comparable product portfolio to Morgana, particularly in evaporator and condenser coils for refrigeration and HVAC applications.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Morgana