Nuhma
Nuhma is a Belgian cooperative holding owned by 39 municipalities that invests in renewable energy production (wind, biomass, solar), smart-grid and smart-city services, and citizen cooperatives to drive Limburg's CO₂-neutral transition.
- Company typePrivate
- Founded2000
- HeadquartersHasselt, Belgium
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Nuhma does
Nuhma cv (legal name; formerly Nutsbedrijven Houdstermaatschappij), branded as Het Limburgs klimaatbedrijf, is a Belgian cooperative investment holding founded in 2000 and headquartered at Herkenrodesingel 14, Hasselt. It is owned by 38 Limburg municipalities plus Laakdal (39 shareholders in total), with a 9-member board of directors and 12 staff managing participations rather than operating assets directly. The company operates two internal divisions — Nuhma AC for sustainable energy production and transport, and Nuhma DC for smart-grid services and applications — and reports €662.8M of single equity at end-2025 with a €26.3M net profit and a €25.5M dividend payout for FY2025 (against a €150M five-year dividend commitment to municipalities).
Its core activity is investing in renewable energy production and enabling technology. The energy portfolio spans 752 installations including participations in 5 of 9 Belgian North Sea offshore wind farms (C-Power 325 MW, Northwind 216 MW, Rentel 309 MW, SeaMade 487 MW, consolidated via Z-Kracht at 1,121 MW across 154 turbines), 263 onshore wind turbines in Belgium, four biomass/composting sites via Bionerga (notably Biostoom Beringen processing 200,000 tonnes of non-recyclable waste annually), solar, and water power. Newer additions include the Aspiravi 25 MW/100 MWh battery park at Brecht (operational January 2026) and participation in Belgium's first large-scale green hydrogen unit via Hyoffwind in Zeebrugge. The portfolio covers 91% of Limburg household electricity consumption, serves 388,512 households, and saves an estimated 251,287 tonnes of CO₂ annually.
On the smart-services side, Nuhma holds stakes in s-Lim (central purchasing organization distributing MyCSN GEO at ~€1 per inhabitant/year, the AI-chatbot-powered Mijn Stadsapp adopted by ~20 municipalities, and the Sluikstort illegal-dumping dashboard), MyCSN (data hub and 3-30-300 rule tree analytics over aerial imagery and LIDAR), Rematics (computer vision for waste-sorting detection via Daisy4Trucks), Soltech (building-integrated PV), SOLiTHOR (solid-state batteries), Citymesh (4G/5G networks), and EnergyVille (KU Leuven/VITO/imec/UHasselt research collaboration). Citizen participation is structured through three cooperatives — ECO2050, Limburg Wind, and Aspiravi Samen — collectively raising €41.9M from 12,634 cooperants with annual dividends of 3–3.5%. Industrial customers access green process heat via the Biostoom Beringen local heat network (Unilin, GRL Glass Recycling, Borealis, FROMTO, Aquafin). Revenue is generated through dividend income from energy participations, subscription fees for smart-city services, and cooperative capital raised for renewable projects; international exposure includes NuKoraal (Curaçao) and Scotland wind farms plus an indirect stake in German-listed 7C Solarparken via Vlaamse Energie Holding.
Nuhma firmographics
Firmographics- Name
- Nuhma
- Legal name
- Nuhma cv
- Website
- https://nuhma.be
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Nuhma is a Belgian cooperative holding owned by 39 municipalities that invests in renewable energy production (wind, biomass, solar), smart-grid and smart-city services, and citizen cooperatives to drive Limburg's CO₂-neutral transition.
- Ownership category
- akta.pro rank
Nuhma industry classification
Industry- Product category
- Renewable Energy Investment Holding
- NAICS
- Management of Companies and Enterprises (55111)
- SIC
- Cogeneration Services & Small Power Producers (4991), Refuse Systems (4953)
- akta.pro primary industry
- Renewable Energy Infrastructure (FSAAAKAG)
Keywords
Where Nuhma is headquartered
LocationHeadquarters
- HQ city
- Hasselt
- HQ country
- Belgium
- HQ region
- Europe
Offices1 record
Markets served
Nuhma business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Dividend Income from Energy Participations: Nuhma generates annual dividends from its participations in renewable energy companies (Aspiravi, C-Power, Northwind, Rentel, SeaMade, Z-Kracht, Bionerga, and others). These companies produce and sell electricity from wind, biomass, and solar installations. The portfolio generated €26.3 million single net profit in 2025 and €187 million total dividends since inception.
- Smart Technology Services: Revenue from smart city solutions offered to municipalities through subsidiaries like s-Lim, including data platforms (MyCSN GEO), Mijn Stadsapp citizen applications, and energy management services. Products are offered at approximately €1 per inhabitant per year for the full MyCSN GEO package.
- Citizen Cooperative Capital: Three cooperatives (ECO2050, Limburg Wind, Aspiravi Samen) raise capital from citizens for investment in renewable energy projects. ECO2050 raised €10 million in 2019 and an additional €5 million in 2024. Total cooperative capital across all three is €41.9 million.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | MyCSN GEO full package for local governments |
| One time/ perpetual license | Pay-as-you-go | Limburg Wind participation certificates (deelbewijzen) |
| One time/ perpetual license | Pay-as-you-go | ECO2050 cooperative shares for offshore wind participation |
| Subscription | Annual | Dividend commitment to municipalities |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Nuhma product offering
Product offeringCore offering
Nuhma is a cooperative investment holding company owned by 38 Limburg municipalities and the municipality of Laakdal. It invests on behalf of these shareholders in renewable energy production (offshore and onshore wind, biomass, solar), smart-grid and smart-city technologies, and citizen energy cooperatives. The company's core offering is the deployment of municipal capital into energy transition assets and platforms that generate annual dividends for the shareholder municipalities while supporting the region's CO2-neutrality goals.
Product overview
Nuhma is a cooperative investment company ('Het Limburgs klimaatbedrijf') owned by 38 Limburg municipalities and Laakdal, founded in 2000. It operates as a holding company with two internal investment divisions — Nuhma AC (investing in sustainable energy production and transport) and Nuhma DC (investing in smart services and smart grid technologies). Nuhma's portfolio spans 752 renewable energy installations across wind offshore (5 of 9 Belgian North Sea wind farms, including C-Power, Northwind, Rentel, SeaMade, and via Z-Kracht), wind onshore (263 turbines including Aspiravi, Limburg Wind), biomass (4 plants including Biostoom Beringen and Biostoom Oostende via Bionerga), solar (257 installations), and battery storage (36,675 MWh). It also holds stakes in enabling technology companies: s-Lim (smart city applications including Mijn Stadsapp, MyCSN GEO, and the Sluikstort Dashboard), MyCSN (data hub and AI-driven tree inventory), Rematics (AI computer vision for waste sorting), Soltech (building-integrated PV), SOLiTHOR (solid-state batteries), Citymesh (5G/smart city networks), Aspiravi Energy (green electricity supplier), Aspiravi Samen and Limburg Wind (citizen cooperative investment platforms), ECO2050 (offshore wind citizen participation), and others. The company also participates in international projects including wind farms in Curaçao and green hydrogen via Hyoffwind. At its circular hub in Beringen, residual heat from Biostoom is shared with GRL Glass Recycling, FROMTO, and Aquafin. Nuhma's mission is to make Limburg CO2-neutral.
Differentiator
Problem solved
Functional benefit
Products and services
- MyCSN GEO
- Mijn Stadsapp
- Sluikstort Dashboard
Quantifiable outcome
- 91% of Limburg household electricity consumption covered by Nuhma's green energy
- +5 more outcomes
Companies that use Nuhma
Customer profileNamed customers9 records
Segments3 records
Ideal customer profiles3 records
Nuhma technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability10 records
Feature3 records
Nuhma partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered core and minor.
- AspiravicoreMajor participation where Aspiravi manages wind turbines (433 total), including 45 wind turbines in Limburg via Limburg Win(d)t joint venture with LRM. Aspiravi also develops projects in Spain and Curaçao. Nuhma holds significant ownership stake in Aspiravi Group.
- BionergacoreSubsidiary managing circular waste processing at Biostoom Beringen and Biostoom Oostende, plus four composting installations. Converts non-recyclable waste to energy and supplies residual heat to industrial partners.
- CitymeshcoreNuhma holds minority stake in Citymesh, a Belgian telecom operator with 4G and 5G licenses. Citymesh is deploying 5G networks in Belgium including through DIGI Belgium partnership, crucial for smart grid development.
- ECO2050coreCooperative founded by Nuhma in 2019 enabling citizens to invest in offshore wind projects. Raised €10 million initially and €5 million additional in 2024. Per end 2025: 1,232 cooperants, €9.6 million capital, with 1/3 of investments from Limburg.
- C-PowercoreProject developer of first offshore wind park at Thorntonbank. Manages 54 turbines (325.2 MW) providing green electricity to 300,000 households and reducing 415,000 tonnes CO2 annually. Nuhma participates through Z-Kracht.
- NorthwindcoreOffshore wind park on Lodewijkbank, 37km from Belgian coast. 72 turbines of 3MW each totaling 216 MW, operational since May 2014, providing electricity to 230,000 households and saving 367,885 tonnes CO2 annually.
- RentelcoreOffshore wind park operational since September 2018 with 42 turbines of 7.35 MW each (nearly 200m tall). Total 309 MW capacity producing CO2-friendly electricity for ~300,000 households.
- SeaMadecoreOffshore wind park in Belgian North Sea with 58 turbines totaling 487 MW, operational since November 2020, providing electricity to ~500,000 households.
- Z-KrachtcoreInvestment vehicle in offshore wind parks C-Power, Rentel, and SeaMade. Involved in 154 wind turbines in the North Sea with 1,121 MW total capacity, providing CO2-friendly electricity to over 1 million households.
- Otary RScoreBelgian consortium (with Aspiravi and Z-Kracht) preparing for Princess Elisabeth Zone tender. ECO2050 provides capital through subordinated loans to Otary for offshore wind development.
- Limburg WindcoreCooperative raising capital for wind farm investments. 7,450 citizens invest in projects in Beringen, Halen, Lommel, Hasselt, and Genk, receiving annual dividends. Part of Copias federation.
- Aspiravi SamencoreCooperative raising cooperative capital for renewable energy investments. Over 4,000 cooperants with nearly €11.2 million capital raised. 3% dividend paid in 2024. Enables citizens to invest alongside Aspiravi nv projects.
- EnergyVillecoreResearch collaboration between KU Leuven, VITO, imec, and UHasselt for sustainable energy and intelligent energy systems research. Campus EnergyVille in Genk conducts energy storage and smart grid innovation research.
- s-LimcoreRegional organization uniting Limburg municipalities to develop smart region through technology and software applications. Offers MyCSN GEO, Mijn Stadsapp, and energy solutions. Nuhma supports as shareholder.
- MyCSNcoreBuilds and manages data hub for s-Lim with AI analysis of aerial imagery and LIDAR. Counts 11,159,836 trees in Limburg (1,030,356 tonnes CO2 absorbed). Offers GEO data solutions for local governments.
- LRMminorLimburg Investment Company. Partner in Limburg Win(d)t joint venture managing 45 wind turbines in Limburg. LRM contributed capital in 2001 during Nuhma's formation.
- AquafinminorBuilding eco-friendly sludge dryer at Biostoom Beringen using residual heat instead of fossil fuels. €110+ million investment for both Beringen and Roeselare locations. Operational expected 2026.
- HyoffwindminorConsortium building Belgium's first large green hydrogen production facility in Zeebrugge. 25 MW capacity producing 3,750 tonnes green hydrogen annually. Nuhma participates via Vlaamse Energie Holding.
Scale indicators18 records
Recent moves11 records
Expansion highlights6 records
Nuhma competitors and assessment
Company assessmentMarket position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Nuhma social profiles
Digital presenceNuhma financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nuhma leadership team
Management profileNumber of profiles
Profiles13 records
Nuhma subsidiaries and ownership
Company hierarchySubsidiaries23 records
Nuhma funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nuhma M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nuhma
What does Nuhma do?
Nuhma is a cooperative investment holding company owned by 38 Limburg municipalities and the municipality of Laakdal. It invests on behalf of these shareholders in renewable energy production (offshore and onshore wind, biomass, solar), smart-grid and smart-city technologies, and citizen energy cooperatives. The company's core offering is the deployment of municipal capital into energy transition assets and platforms that generate annual dividends for the shareholder municipalities while supporting the region's CO2-neutrality goals.
Is Nuhma a public or private company?
Nuhma is a private company. It is classified as state government owned and is currently operating.
When was Nuhma founded?
Nuhma was founded in 2000. It employs 1 to 10 people.
Where is Nuhma based?
Nuhma is headquartered in Hasselt, Belgium, in the Europe region.
How does Nuhma make money?
Three revenue lines are on record. Dividend Income from Energy Participations are the primary driver. The others are smart Technology Services and citizen Cooperative Capital.
Does Nuhma have an API?
No public API is recorded for Nuhma.
What industry is Nuhma in?
Nuhma's product category is Renewable Energy Investment Holding. Its primary akta.pro industry code is FSAAAKAG, Renewable Energy Infrastructure. Its NAICS code is 55111 and its SIC code is 4991.