What Elco does

ELCO is a European manufacturer of high-power heating appliances for commercial, industrial, and multi-unit residential applications, with a portfolio spanning gas condensing boilers, oil-fired boilers, air-to-water heat pumps, burners, and solar systems in the 70kW to 2MW output range. Its technical foundation is built around the proprietary HEX3 stainless steel multi-tube heat exchanger, which is deployed across the entire gas boiler range and delivers NOx emissions averaging 60% below EU limits. Recent product introductions (THISION SK with H2-ready capability and AEROTOP SPK heat pump using R290 refrigerant) position the portfolio for the EU's hydrogen blending and electrification transition.

The company is wholly owned by Italian-listed Ariston Group and operates through an integrated distribution model: ATAG Verwarming handles Netherlands manufacturing at Lichtenvoorde and country sales; ATAG Heating Belgium manages Belgium operations from Vorst and Kapellen; country-specific websites serve 12 European markets (Germany, Netherlands, Belgium, France, Austria, Switzerland, UK, Italy, Poland, Hungary, Romania, Russia). Revenue is generated through three streams: hardware sales via dealer/installer networks, recurring service and maintenance contracts (Standard, Premium, Omnium tiers running up to 10 years) with over €1M in spare parts inventory, and training/certification delivered at the ATAG Academy facilities.

ELCO serves approximately 1.7 million customers across Europe, supported by 800+ service engineers providing 365/24 coverage. Reference customers span hotels (Van der Valk), healthcare facilities (Verpleeghuis Vrederust, Livio), industrial sites (Ulamo Coating, Moderna Textielservice), commercial real estate, sports venues (Parkstad Stadion), retail, and multi-unit residential buildings. Pricing is quote-based rather than publicly disclosed, with service rates published only for Belgian operations. The company is ISO 9001/14001/45001 certified and GDPR-compliant as part of Ariston Group's integrated management systems.

Name

Elco

Legal name

ELCO GmbH

Website

https://elco.net

Company type

Private

Founded year

1928

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ELCO manufactures high-power gas condensing boilers, heat pumps, oil-fired boilers, and burners (70kW-2MW) for European commercial, industrial, and multi-unit residential customers, distributed through Ariston Group's ATAG channels across 12 countries with 800+ service engineers.

Ownership category

akta.pro rank

Product category

Commercial & Industrial Heating Equipment

NAICS

Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Industrial Process Furnace and Oven Manufacturing (333994)

SIC

Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures (3430), Heating Equipment, Except Electric & Warm Air Furnaces (3433), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial Process Furnaces & Ovens (3567)

akta.pro primary industry

Boilers, Furnaces & Process Heating Equipment (IMAHAKAD)

Keywords

• Commercial heating systems
• Industrial boilers
• Heat pump solutions
• Gas condensing boilers
• Burner technology

Headquarters

HQ city

Hechingen

HQ country

Germany

HQ region

Europe

Offices6 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. Equipment Sales (Boilers, Heat Pumps, Burners): Primary revenue from selling high-power heating appliances and systems to commercial, industrial, and residential customers through dealer/installer networks and direct B2B channels. Products range from 70kW to 2MW output.
2. Service, Maintenance & Spare Parts: Recurring revenue from maintenance contracts (Standard, Premium, Omnium options), commissioning/startup services, and spare parts sales. Over €1 million in spare parts inventory. Contracts run until equipment reaches 10 years of age.
3. Training & Certification Services: Free technical training programs for commercial heating systems (VECTRON, STRATON/ALTRON, AEROTOP EVO) delivered at training facilities in Belgium and the Netherlands.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Elco manufactures and sells high-power heating appliances ranging from 70kW to 2MW, including condensing boilers (gas and oil-fired), air-to-water heat pumps, burners, and solar thermal systems, primarily for commercial, industrial, and multi-unit residential buildings. The company also provides installation, commissioning, maintenance contracts, spare parts, and training services via an in-house service network of more than 800 engineers across Europe, distributing through country-specific subsidiaries and dealer/installer networks.

Product overview

ELCO offers a comprehensive portfolio of heating solutions for commercial, industrial, and residential applications. The product range includes air-water heat pumps (AEROTOP® SPK, AEROTOP® L, AEROTOP® EVO PLUS, AQUATOP® S, AQUATOP® T), gas condensing boilers (THISION® SK, THISION® L PLUS, TRIGON® L PLUS, TRIGON® XL, TRIGON® XXL), oil-fired boilers (STRATON® ST, STRATON® L2, STRATON® XL), and burners (VECTRON® G 1, VECTRON® G 2-6, VECTRON® L 1, VECTRON® L 2-6). These products are supported by digital tools including REMOCON NET for remote monitoring and control, and a Cascade Configurator for system design. The core technology relies on proprietary HEX3 heat exchangers delivering high efficiency and low emissions. Products range from compact residential units to industrial-scale systems delivering up to 2 MW power output. ELCO is part of the Ariston Group.

Differentiator

Problem solved

Functional benefit

Brands

• AEROTOP: Heat pump product line including SPK, L, EVO PLUS, and other models for commercial applications
• THISION
• TRIGON
• STRATON
• VECTRON
• REMOCON NET
• AQUATOP

Products and services

• AEROTOP® SPK Heat Pump Air-to-water heat pump with natural refrigerant R290, flow temperatures up to 70°C, and quiet operation. Available in four power ranges for new builds and modernisation projects.
• AEROTOP® L Heat Pump Commercial heat pump with power range from 54 kW to 88 kW. Uses R32 refrigerant with supply temperatures up to 55°C.
• AEROTOP® EVO PLUS Heat Pump Next-generation air-water heat pump for commercial applications. Power range from 26 kW to 87 kW across 8 models with supply temperatures up to 60°C.
• AQUATOP® S Heat Pump Heat pump product line for commercial and residential heating applications.
• AQUATOP® T Heat Pump Heat pump product line for commercial and residential heating applications.
• THISION® SK Gas Condensing Boiler Wall-mounted gas condensing boiler with H2-ready technology, stainless steel heat exchanger, NOx emissions reduced by up to 64%, and whisper-quiet operation from 42 dB(A).
• THISION® L PLUS Gas Condensing Boiler High-capacity boiler with power output up to 200 kW. Larger models feature a unique 'double heat exchanger' design providing built-in backup.
• TRIGON® L PLUS Gas Condensing Boiler Compact standing high-power boiler that achieves maximum BREEAM points with NOx emissions below 24 mg/kWh and supports cascade installation up to 8 units.
• TRIGON® XL Gas Condensing Boiler Floor-standing high-power boiler with extremely flexible configurations and a wide range of available models for various commercial applications.
• TRIGON® XXL Gas Condensing Boiler Floor-standing high-power boiler with output up to 2 MW. Combines innovative heat exchanger geometry with water-cooled cold flame burner for top performance with low NOx and CO emissions. Modular construction allows disassembly for flexible placement.
• STRATON® ST Oil-Fired Boiler Oil-fired boiler product for commercial heating applications.
• STRATON® L2 Oil-Fired Boiler Oil-fired boiler product for commercial heating applications.
• STRATON® XL Oil-Fired Boiler High-capacity oil-fired boiler product for commercial and industrial heating applications.
• VECTRON® G 1 Gas Burner Gas burner for commercial heating systems.
• VECTRON® G 2-6 Gas Burner Series Gas burner series for commercial heating systems.
• VECTRON® L 1 Burner Burner product for commercial heating systems.
• VECTRON® L 2-6 Burner Series Burner series for commercial heating systems.
• REMOCON NET Digital Control System Remote monitoring and control application for heating systems. Enables remote system monitoring, early problem detection, and quick assistance; allows users to manage comfort by controlling their heating and hot water settings from anywhere for optimal energy consumption.
• Cascade Configurator Digital tool for combining multiple ELCO products for enhanced performance. Recommends optimal ELCO cascade configuration for specific customer situations via guided questionnaire.

Named customers17 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• ATAG VerwarmingcoreChannel Partner/ Reseller/ DistributorATAG Verwarming is the primary Netherlands distributor and manufacturer for ELCO Heating Solutions. The Lichtenvoorde factory manufactures ELCO CV-ketels under this partnership. ATAG Verwarming also serves as ELCO's Netherlands headquarters and logistics hub.
• ATAG Heating BelgiumcoreChannel Partner/ Reseller/ DistributorATAG Heating Belgium NV/SA handles all ELCO sales, service, and spare parts operations in Belgium. Operates from Vorst headquarters and Kapellen branch, which also houses the ATAG Academy training facility. The company uses the ELCO brand alongside ATAG for the commercial/industrial heating market.
• Ariston GroupcoreOthersELCO is a brand of the Ariston Group, a global leader in heating and hot water comfort for residential, commercial, and industrial buildings. Ariston Group reported €3.092 billion revenue in 2023, with operations in 168 countries, 10,769 employees, and 28 manufacturing sites. Brands under Ariston include Ariston, ATAG, Brink, Chaffoteaux, ELCO, NTI, Racold, and Wolf.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Viessmann: German family-owned manufacturer of heating, industrial and refrigeration systems, with overlapping commercial/industrial boiler, heat pump and burner portfolios directly comparable to ELCO's range. Closest like-for-like competitor in the European high-power HVAC market.
• Bosch Thermotechnology: Bosch's heating division (Buderus, Junkers brands) manufactures commercial gas/oil condensing boilers, heat pumps and burner systems targeting the same commercial and industrial customers as ELCO across Europe. Highly comparable product mix and channel structure.
• Vaillant Group: European heating manufacturer (Vaillant, Saunier Duval, awb brands) offering residential and commercial boilers, heat pumps and HVAC controls. Directly competes with ELCO in commercial condensing boilers and emerging heat pump segments.
• Weishaupt: German family-owned manufacturer of burners, condensing boilers and heat pumps for commercial and industrial heating. Closest direct competitor to ELCO's VECTRON burner and TRIGON high-power boiler lines.
• Riello Burners: Italian manufacturer of burners and combustion systems for residential, commercial and industrial heating. Direct overlap with ELCO's VECTRON burner portfolio and similar European OEM/installer channel model.
• BDR Thermea Group (Baxi): European heating group (Baxi, De Dietrich, Remeha brands) manufacturing commercial boilers, heat pumps and hybrid systems. Comparable product breadth, customer base, and pan-European distribution as ELCO.

Broad incumbents

• Daikin Europe: Global HVAC incumbent with extensive European commercial heating and heat pump portfolio. Competes with ELCO on commercial heat pumps but operates at much broader scale and across residential, commercial, and refrigeration segments.
• Mitsubishi Electric (Heating & Cooling): Large HVAC incumbent with significant European commercial heat pump presence (Ecodan range). Competes with ELCO in commercial electrification but is a broader building systems provider, not a heating specialist.

Regional players

• Wolf GmbH: German heating and ventilation manufacturer also owned by Ariston Group (internal peer). Highly comparable commercial boiler, heat pump and ventilation portfolio, though stronger historical presence in German-speaking markets versus ELCO's broader European footprint.

Emerging players

• NIBE Energy Systems: Swedish heat pump specialist with growing European commercial heat pump presence. Competes with ELCO's AEROTOP line but is more focused and faster-growing on the heat pump side than ELCO's diversified heating portfolio.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ariston-group

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 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 Elco