Hoval

What Hoval does

Hoval Aktiengesellschaft is a privately held, family-owned European heating and indoor climate solutions provider headquartered in Vaduz, Liechtenstein, with operations tracing back to a metalworking shop founded in 1897 and formal heating system authorization in 1932. The company designs, manufactures, and services a broad portfolio spanning heat pumps (Belaria pro, Belaria fit), gas condensing boilers (TopGas Max, UltraGas 2 with patented TurboFer heat exchanger), oil condensing units (UltraOil, based on aluFer technology), biomass pellet boilers (BioLyt), district heating transfer stations, controlled home ventilation (HomeVent), and energy recovery systems. Core proprietary technology is concentrated in heat exchanger design (aluFer with integrated aluminium microstructure since 1994, TurboFer since 2020) and the self-cleaning thermolytic heating surface (patented 1979), supported by digital controls via the TopTronic E platform and HovalConnect IoT platform introduced in 2015 and 2021 respectively.

Hoval serves commercial, industrial, and residential building sectors through approximately 2,200 employees, 17 wholly-owned Group companies across Europe and Asia, and roughly 50 distribution partners reaching 50+ countries. Manufacturing is anchored in Vaduz (Liechtenstein), Istebné (Slovakia), Jönköping (Sweden via the 2014 Enventus AB acquisition), and Langfang (China), with sales subsidiaries in Switzerland, Austria, Germany, Italy, France, the UK, Croatia, Czech Republic, Slovakia, Poland, Slovenia, Romania, Bulgaria, China, and Singapore. The GTM motion is enterprise field sales via Area Sales Managers in core markets, supplemented by direct subsidiary sales and partner channels; UK case studies include University of Newcastle, Siemens Mobility, Derby County FC, Titanic Belfast, Arsenal FC, and Topland commercial property.

Revenue is generated primarily through hardware sales of heating and climate equipment, with a secondary aftermarket stream from service plans, repairs, and spares supported by dedicated technical, service, and projects departments, plus an emerging recurring layer from TopTronic E Online digital subscriptions and premium features. Pricing is quote-based for commercial and industrial projects and is not publicly disclosed. The company has no external institutional investors or public listing; ownership and Board continuity have been anchored by the Ospelt family and President Peter Frick for over three decades, with current executive leadership comprising co-CEOs Peter Gerner (Sales Europe, Service, Digital Business) and Fabian Frick (Operations, Energy Recovery, Partner Markets, China), CFO Remo Bretscher, and CTO Richard Hirschmann (appointed 2026).

Name

Hoval

Legal name

Hoval Aktiengesellschaft

Website

https://hoval.co.uk

Company type

Private

Founded year

1897

Operating status

Operating

Headcount range

51–100 employees

Short description

Hoval is a privately held, family-owned European manufacturer of heating and indoor climate solutions, offering heat pumps, gas/oil condensing boilers, biomass systems, district heating, and energy recovery products to commercial, industrial, and residential building sectors across 17 Group companies and 50+ partner markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Newark

HQ country

United Kingdom

HQ region

Europe

Offices17 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Heating Equipment Sales: Hoval generates primary revenue through the sale of commercial heating equipment including heat pumps, gas condensing boilers, oil condensing boilers, biomass systems, and related products for commercial, industrial, and residential building applications.
2. Aftermarket Services: Revenue generated from service plans, repairs, spares, and maintenance services for installed heating and climate systems, supporting long-term customer relationships post-installation.
3. Digital Products and IoT Services: Revenue from TopTronic E Online digital services, including basic functionality included with purchase and additional paid functions and updates to mobile/web applications.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Hoval designs, manufactures, and sells heating, hot water, and indoor climate control equipment including heat pumps (Belaria pro, Belaria fit), gas condensing boilers (TopGas Max, UltraGas 2), oil condensing units (UltraOil), biomass pellet boilers (BioLyt), district heating transfer stations, ventilation and indoor climate systems, and energy recovery systems. The portfolio is complemented by digital control platforms (TopTronic E, HovalConnect, HovalDesk) and aftermarket service plans, spares, and repairs, serving commercial, industrial, and residential building applications.

Product overview

Hoval is a heating and indoor climate solutions provider offering a comprehensive portfolio of heating technology and climate technology products. The heating technology portfolio includes multiple product lines: heat pumps (Belaria pro, Belaria fit series), gas condensing solutions (TopGas Max wall-mounted boiler, UltraGas 2), oil condensing units (UltraOil), and biomass solutions (BioLyt pellet boilers). Key enabling technologies include proprietary heat exchangers (aluFer, TurboFer) and the TopTronic E control platform with digital connectivity via HovalDesk portal and mobile apps. The climate technology division covers Indoor Climate Systems (ventilation, heating, cooling), HomeVent controlled ventilation, and Energy Recovery systems. The company operates with approximately 2,200 employees across 17 Group companies, headquartered in Vaduz, Liechtenstein.

Differentiator

Problem solved

Functional benefit

Brands

• Belaria pro: Commercial heat pump product line featuring R290 natural refrigerant, A+++ efficiency ratings, designed for larger-scale residential buildings and commercial sites.
• TopGas Max
• BioLyt
• UltraGas 2
• UltraOil
• TopTronic E
• HovalDesk
• myHoval
• HomeVent

Products and services

• Belaria pro (40, 50) Air-to-water monoblock heat pump for outdoor installation featuring R290 natural refrigerant (GWP under 3), A+++ energy efficiency rating, 210% seasonal efficiency at 35C, flow temperatures up to 70C, and ultra-low noise at 36 dB(A) at 5 metres. Designed for larger residential buildings and commercial sites.
• Belaria fit Series of air-to-water heat pumps designed for residential and commercial heating applications as part of Hoval's heat pump portfolio.
• TopGas Max Wall-mounted gas condensing boiler in 50-150 kW outputs scalable to 500 kW via cascade systems. Delivers up to 108.2% efficiency at part load and 98.2% at full load, with smart modulation from 20% to 100% output, hydrogen-readiness up to 20% H2 blend, and compatibility with natural gas, propane, and biomethane. Hybrid system compatible for up to 80% renewable energy integration when paired with a heat pump.
• UltraGas 2 Gas condensing unit featuring patented TurboFer heat exchanger technology, part of Hoval's high-efficiency gas heating solutions.
• UltraOil Oil condensing unit based on the aluFer heat exchanger, covering power outputs from 16 to 600 kilowatts. First oil condensation unit using the aluFer technology.
• BioLyt Biomass pellet boiler series featuring horizontal tube burner technology for efficient wood-to-heat conversion. Compact, reliable, and comfortable operation.
• Modul-plus High-performance water heater designed to deliver high hot water comfort under fluctuating peak requirements while meeting stringent water hygiene specifications.
• TopTronic E control system Digital control platform that connects Hoval heat generators online and optimises operation based on weather forecasts. Includes the TopTronic E Online Gateway, the HovalDesk web portal, and iOS/Android mobile apps for remote monitoring, alarm management via email, and parameter configuration.
• HovalConnect IoT platform introduced in 2021 for the digital networking and optimization of Hoval heating solutions, enabling data-driven service and remote operation across the installed base.
• District Heating Transfer Stations Heat transfer stations and combined heat and power plant equipment connecting buildings to district heating networks, part of Hoval's heating network solutions strengthened by the YADOS GmbH acquisition.
• HomeVent controlled home ventilation Controlled home ventilation systems with sorption-coated thermal wheels that transfer both heat and humidity, providing constant pleasant indoor climate with cooling or humidity control for superior living comfort.
• Energy Recovery Systems Energy recovery solutions for climate control and ventilation systems, including processing technology applications. Capability strengthened by the 2014 acquisition of Enventus AB.
• Hoval Service Plans, Repairs, Spares and Service Kits Aftermarket services covering service plans, repairs and breakdowns, spares supply, and service kits, delivered through Hoval's UK service, spares, and aftersales departments and supported by a Spare Parts search portal.

Quantifiable outcome

• Up to 108.2% efficiency at part load (TopGas Max gas condensing boiler)
• +6 more outcomes

Named customers7 records

Segments8 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Wärmepumpen GmbH (WPM)coreStrategic or Co-development PartnerIn 2008, Hoval invested in Wärmepumpen GmbH in Matrei, East Tyrol, for the production of heat pumps. This investment strengthened Hoval's heat pump capabilities as part of its expansion into alternative energy technologies.
• YADOS GmbHcoreStrategic or Co-development PartnerIn 2016, Hoval acquired the German company YADOS GmbH to strengthen its district heating/heating networks division. YADOS specializes in district heating technology.
• Enventus ABcoreStrategic or Co-development PartnerIn 2014, Hoval acquired the Swedish company Enventus AB to strengthen its energy recovery business. This acquisition expanded Hoval's capabilities in energy recovery and ventilation systems.
• Friedrich Krupp AG (Historical)minorStrategic or Co-development PartnerA licence agreement with Friedrich Krupp steel company for steel boilers in 1955 generated rapid growth and opened up the German market for Hoval.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Viessmann: German family-owned manufacturer of heating, industrial and refrigeration systems with comparable heat pumps, condensing boilers, biomass, and digital service offerings. Closest direct competitor to Hoval across European commercial and residential heating markets.
• Vaillant Group: European heating, ventilation, and heat pump manufacturer with strong presence in Germany, UK, France, and Eastern Europe — competing directly with Hoval in residential and commercial condensing boilers and emerging heat pump segments.
• BDR Thermea Group: Multinational heating and hot water solutions provider with brands including Baxi, De Dietrich Thermique, and Remeha. Competes with Hoval in European commercial heating, condensing boilers, and increasingly in hybrid heat-pump/boiler solutions.
• Stiebel Eltron: German family-owned manufacturer specializing in heat pumps, hot water, and ventilation technology. Direct competitor to Hoval in European residential and commercial heat pumps with comparable mid-market positioning.
• NIBE Group: Swedish-listed manufacturer of heating, ventilation, and heat pump solutions with strong European presence. Competes directly with Hoval in heat pumps and energy-efficient residential/commercial heating systems.
• Wolf (Bosch subsidiary): German heating brand now part of Bosch Thermotechnology, offering gas condensing boilers, heat pumps, and ventilation. Direct competitor in commercial heating and climate-control across DACH and broader European markets.
• Groupe Atlantic: French family-owned HVAC and heating manufacturer with brands including Atlantic and Ideal Heating. Competes directly with Hoval in European condensing boilers, heat pumps, and domestic hot water solutions.

Broad incumbents

• Bosch Thermotechnology: Division of Robert Bosch GmbH offering heating, hot water, and air-conditioning under brands including Worcester, Buderus, and Nefit. Significantly larger scale than Hoval with overlapping product portfolio across commercial and residential markets.
• Daikin: Global HVAC and refrigerant manufacturer with growing European heat pump presence. Significantly larger R&D and manufacturing scale, increasingly competing with Hoval in commercial heat pumps and VRF/chiller applications.
• Mitsubishi Electric: Global conglomerate with major HVAC division (including Mitsubishi Electric Heating & Cooling) offering commercial and residential heat pumps, chillers, and air handling units — competing with Hoval across commercial climate-control projects.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel
• Facebookfacebook.com/Hoval
• LinkedInlinkedin.com/company/hoval-ltd

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries17 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 Hoval