Novenco

What Novenco does

Novenco Marine & Offshore A/S is a Danish privately-held engineering and manufacturing company founded in 1947 that develops and produces HVAC&R (Heating, Ventilation, Air-Conditioning, and Refrigeration) systems for marine and offshore applications. Its core products include the ZerAx high-efficiency axial flow fan (reportedly ~90% efficient with a 20+ year design life), the QCM-series marine screw-compressor chiller (30-1500 kW cooling capacity with Siemens PLC controls), air handling units, VAV systems, heat pump and absorption chiller systems, dampers, fan coil units, and HVAC control/SCADA solutions. The NovenCloud platform, co-developed with Siemens Climatix IC, adds remote monitoring for both HVAC and refrigeration plants. The company holds granted patents on ZerAx manufacturing processes and designs across Brazil, Canada, China, the EU, India, South Korea, the UK, and the US, and operates its own manufacturing facilities in Denmark, Norway, and China (13,200 m² in Wuxi alone after a November 2025 expansion), with additional manufacturing partners in South Korea.

Novenco generates revenue primarily through project-based sales of engineered HVAC&R packages to shipyards and vessel owners, complemented by an aftermarket service, spare parts, and commissioning stream. It organizes sales around seven vertical departments — Cruise & Ferries, Merchant Vessels, Navy, Offshore, Special Vessels, Renewables, and Aftermarket — supported by an enterprise field-sales motion, an agent network in 20 countries, and active participation in major maritime trade shows (SMM, Marintec, Seatrade Cruise Global, Euronaval, Nor-Shipping, Posidonia, OSEA, Monaco Yacht Show). The company is privately held under Korean parent Hi Air Korea (which acquired a majority stake in July 2013) and reports approximately €70 million in annual revenue across a customer base that includes Wallenius Wilhelmsen, Bollinger Shipyards / U.S. Coast Guard, Finnlines, VARD, AIDA Cruises, DFDS, Viking Line, and Total.

Name

Novenco

Legal name

Novenco Marine & Offshore A/S

Website

https://novenco-marine.com

Company type

Private

Founded year

1947

Operating status

Operating

Headcount range

101–250 employees

Short description

Novenco Marine & Offshore designs and manufactures HVAC&R systems — including chillers, air handling units, and the patented ZerAx fan — for shipyards, vessel operators, and offshore platforms worldwide, with ~€70M revenue and ~200 employees across Denmark, Norway, and China.

Ownership category

akta.pro rank

Product category

Marine HVAC&R Equipment Manufacturing

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Ship Building and Repairing (336611), Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Ship & Boat Building & Repairing (3730), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Marine HVAC, Refrigeration & Ventilation Systems (IMAJAIAE)

akta.pro secondary industries

Interior, HVAC & Accommodation Refurbishment (IMAJAFAI), Piping, HVAC & Auxiliary Systems Repair (TLAKAKAH), Piping, HVAC & Fluid Systems (Fuel, Ballast, Firemain, Refrigeration) (TLAHAMAF), Offshore Wind & Renewable Support Vessel Construction (SOV, CTV, WTIV) (IMAJACAG)

Keywords

• Marine HVAC systems
• Offshore ventilation equipment
• Marine chillers
• Axial flow fans
• Naval air conditioning

Headquarters

HQ city

Køge

HQ country

Denmark

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. HVAC&R Equipment Sales: Sale of heating, ventilation, air conditioning and refrigeration systems, components, and packages for marine and offshore vessels. Products include chillers, air handling units, fans, VAV systems, heat recovery units, and dampers. Typically project-based with long sales cycles targeting shipyards and vessel operators.
2. After-Market Service, Spare Parts & Commissioning: Comprehensive after-sales service including spare parts supply, commissioning, operator training, inspection, maintenance, repairs, and warranty services. After-market division staffed with experienced engineers and technicians. 24/7 support capability implied by operational demands of marine industry.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Novenco Marine & Offshore develops and manufactures high-quality HVAC&R (Heating, Ventilation, Air-Conditioning, and Refrigeration) solutions for marine and offshore applications. The portfolio spans integrated HVAC&R systems, marine chillers (QCM series, 30-1500kW), air handling units, ZerAx high-efficiency axial flow fans, absorption chillers, heat pumps, VAV systems, dampers, and HVAC control/SCADA solutions, complemented by NovenCloud remote monitoring developed with Siemens. Products are engineered and custom-built for each vessel project, serving shipyards, vessel operators, navies, and offshore platforms across cruise & ferries, merchant vessels, navy, offshore, special vessels, and renewables segments.

Product overview

Novenco Marine & Offshore develops and manufactures high-quality HVAC&R (Heating, Ventilation, Air-Conditioning, and Refrigeration) solutions for marine and offshore applications. The company offers a comprehensive portfolio of integrated products including marine chillers (QCM series), air handling units, ZerAx high-efficiency axial flow fans, absorption chillers, heat pump systems, VAV systems, and advanced HVAC control/SCADA solutions. The product line includes fully integrated HVAC&R systems with components such as refrigeration systems, fans, cabin units, fan coil units, and dampers. NovenCloud provides cloud-based monitoring and management capabilities developed in partnership with Siemens. The company serves diverse vessel segments including cruise & ferries, merchant vessels, offshore platforms, navy, special vessels, and renewables. With HVAC experience since 1947, Novenco has equipped over 20,000 vessels and offshore platforms worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Event: Registered trademark of Novenco Marine & Offshore A/S for HVAC products.
• Event by Novenco
• Hi-Pres
• ZerAx
• AirBox
• NoVa
• NovAx
• NovenCloud

Products and services

• QCM-S-(S/T)-ST Marine Chiller Compact marine chiller with screw compressor, cooling capacity 30-1500kW, featuring a specially developed Novenco control system with SIEMENS PLC and touch-screen interface; available in single and twin versions and connectable for 1-6 chillers in sequence. Designed for marine and offshore newbuild and retrofit applications.
• ZerAx Axial Flow Fan Ultra-high-efficiency axial flow fan for marine air handling units with zero maintenance requirements, ultra-low sound level, +20-year product lifetime, and up to 50% energy savings compared to conventional fans; on average 90% energy-efficient. Sold worldwide and used across new and retrofit marine HVAC&R installations.
• HVAC&R Solutions (Integrated Systems) Fully integrated HVAC&R systems for marine and offshore applications, combining refrigeration systems, air handling units, fans, cabin units, fan coil units, dampers, absorption chillers, heat pump systems, VAV systems, and HVAC control/SCADA solutions into a single custom-engineered package per vessel.
• NovenCloud (Novenco Cloud Solution) Cloud-based solution co-developed with Siemens (Climatix IC) for remote monitoring and control of marine HVAC systems and refrigeration plants, enabling daily operation oversight and remote diagnostics from shore.
• Absorption Chillers and Heat Pump Systems High-efficiency absorption chillers and heat pump systems supplied as components of fully integrated marine HVAC&R solutions, particularly for cruise and ferry applications where thermal-energy recovery adds to overall efficiency.
• VAV (Variable Air Volume) Systems Variable Air Volume systems supplied as part of integrated HVAC&R solutions for cruise and ferry applications, enabling zone-level airflow control and efficiency gains across large passenger spaces.
• HVAC Control / SCADA Solutions Advanced HVAC control systems and SCADA-based supervisory control solutions for marine and offshore installations, providing operators with system-wide visibility and automation of HVAC&R plant operations.
• Naval HVAC&R Packages (Shock-rated, NBC-protected) Fully integrated HVAC&R solutions engineered for naval and coast guard vessels, including refrigeration systems, air handling units, fans, cabin units, fan coil units, and dampers designed for shock, NBC protection, ultra-low noise, compact and lightweight packaging, and information security compliance.
• After Market, Service & Parts Comprehensive aftermarket offering including spare parts supply, commissioning, operator training, inspection, maintenance, repairs, and warranty services for Novenco-installed HVAC&R systems worldwide, backed by 75+ years of experience.
• Novenco Marine Chillers (project deliveries) Marine chillers delivered as part of specific newbuild contracts, such as the order for 10 Novenco marine chillers plus commissioning services for 5 walk-to-work vessels at Vard Vung Tau (Vietnam).

Quantifiable outcome

• Energy savings up to 50% with ZerAx fan replacement in existing HVAC&R installations
• +4 more outcomes

Named customers11 records

Segments7 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

Eight partnerships are on record, tiered core and supporting.

• OceankingcoreChannel Partner/ Reseller/ Distributor · 11 June 2025Formal agency agreement signed in June 2025. Oceanking serves as the company's official agent in Greece, strengthening presence in the Mediterranean maritime market.
• Thornton Tomasetti Defence Ltd.supportingStrategic or Co-development Partner · 25 April 2025Defense specialist invited to Novenco's Oslo office for a workshop focused on shock-rated HVAC&R for navy applications. Demonstrates collaboration on specialized naval defense engineering requirements.
• VentOceancoreChannel Partner/ Reseller/ Distributor · 8 April 2025Partnership announced in April 2025 to expand Novenco's presence in Türkiye across the maritime sector. VentOcean serves as local partner for maritime HVAC&R solutions.
• RAVEN MARINEcoreChannel Partner/ Reseller/ Distributor · 31 January 2025Partnership announced in January 2025. RAVEN MARINE serves as official agent in Turkey specifically for the Navy segment, extending Novenco's naval defense reach in the region.
• Greentech InternationalsupportingChannel Partner/ Reseller/ Distributor · 29 May 2024Agency agreement signed in May 2024. Greentech International contributes to distributing knowledge about Novenco products in their represented markets.
• SimTecsupportingTechnology or IntegrationCFD simulation collaboration for optimizing HVAC ventilation designs. SimTec conducted Computational Fluid Dynamics analysis to map airflow patterns and temperature distribution within engine and generator rooms of large vessels. The simulation validated an optimized ventilation design achieving minimum 10°C temperature reduction across all rooms.
• Nordic SteelsupportingStrategic or Co-development PartnerPartner for offshore air handling unit projects. Completed Novenco type ZNT outdoor Offshore Air Handling Unit in collaboration with Nordic Steel. Indicates strategic co-development for specialized offshore equipment.
• SiemenscoreTechnology or IntegrationCloud solution partnership with Siemens (Climatix IC) for remote HVAC and refrigeration plant monitoring. Resulted in the NovenCloud/Novenco Cloud solution for the marine market. Joint marketing with YouTube video content.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Heinen & Hopman: Heinen & Hopman is a Dutch-based specialist in marine HVAC, refrigeration, and air-handling systems serving cruise, naval, offshore, and merchant segments. Closest direct competitor to Novenco Marine & Offshore given overlapping product portfolio (air handling, chillers, HVAC control) and similar focus on naval and offshore-wind applications.
• Dometic Marine: Dometic's marine division produces HVAC, refrigeration, and sanitation systems for leisure marine, commercial, and superyacht markets. Comparable in producing chillers and integrated climate systems for vessels, with broad product range and global service network analogous to Novenco's installed base.

Broad incumbents

• GEA Group (Marine/Refrigeration): GEA is a global industrial-equipment group with marine applications including compressors, refrigeration, and heat-exchanger technology. Larger and broader portfolio than Novenco, but competes in marine refrigeration, chillers, and HVAC components — particularly on naval and offshore installations.
• Johnson Controls (York Marine): Johnson Controls (York/Hitachi) supplies chillers, air-handling units, and HVAC controls used on cruise ships, offshore platforms, and naval vessels. A broad incumbent with established marine channel; overlaps with Novenco on QCM-class chillers and integrated HVAC.
• Carrier Marine (UTC/CCS): Carrier's marine container HVAC and offshore platform HVAC business produces integrated climate control, refrigeration, and air-handling systems. A broad incumbent offering overlapping capabilities to Navel-cruise and offshore segments that compete with Novenco's HVAC portfolio.
• Alfa Laval: Alfa Laval supplies heat exchangers, separators, pumps, boilers, and marine HVAC-related equipment as part of a broader marine portfolio. While not a direct HVAC competitor, the company overlaps with Novenco on marine fluid-handling, heat-recovery, and offshore/subsea applications — especially with marine decarbonization drives.
• Daikin (Reef – Marine HVAC): Daikin supplies industrial and marine HVAC/R equipment globally, including chillers, heat-pumps, and air-handling systems applicable to passenger vessels. A broad incumbent with size advantages where it overlaps with Novenco's chiller range and the cruising segment.

Emerging players

• Fernstrum (Webasto): Webasto (with Fernstrum) supplies marine HVAC, refrigeration, and seawater-cooling systems for naval and commercial vessels. A growing player in marine HVAC that overlaps with Novenco on air-handling systems, chillers, and ventilation across similar customer segments.

Regional players

• Sperre AS: Sperre is a Norwegian manufacturer of compressed-air and nitrogen systems, marine HVAC, and refrigeration equipment primarily serving shipyards in Norway and Northern Europe. Regionally comparable as a Scandinavian/Northern European marine-systems specialist to Novenco's Norwegian operations.
• RH Marine (Imtech Marine legacy): RH Marine supplies integrated electrical, automation, and HVAC systems for naval and special vessels in the Benelux/Northern-European market. Comparable in delivering HVAC & control/SCADA bundles for naval and special-purpose vessels similar to Novenco's naval-segment offer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance3 records

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 Novenco