Energia Naturalis

What Energia Naturalis does

Energia Naturalis (ENNA Group) is a privately held Croatian holding company headquartered in Vukovar with a primary operating office in Zagreb, founded in 2005 and operating through more than 30 subsidiaries across energy and logistics divisions. The energy division encompasses ENNA Next (electricity and gas supply to Croatian business customers, including virtual power plant aggregation and aFRR+ frequency regulation), ENNA Solar (solar and wind project development), ENNA Geo (geothermal development including the 20 MW GTE Zagocha ORC plant, the largest such facility planned in the EU), ENNA Power (battery energy storage systems), ENNA ESCO (energy performance contracting), and ENNA Charge (a growing network of 400 kW ultrafast EV hyperchargers at retail parking locations). The logistics division includes ENNA Transport (Croatia's first private rail freight carrier with over 20% national market share and a fleet of Siemens Vectron locomotives certified across 11 European countries), ENNA Logic (multimodal logistics solutions and co-owner of the Rijeka Gateway container terminal with APM Terminals/Maersk), a 43.49% strategic stake in Luka Ploče (Port of Ploče, processing 3M+ tonnes annually), and regional subsidiaries in Slovenia and Hungary.

ENNA's underlying technology stack centers on industrial digitalization and integrated energy management: the Rijeka Gateway terminal operates a private 5G network with fully electrified, remote-operated STS/RTG/RMG cranes under a unified control center; ENNA Transport uses GPS-tracked locomotives and wagons; the ENNA Next smart energy hub integrates electricity/gas supply with solar, BESS, virtual power plants, and aggregation services; and the planned GTE Zagocha facility will use Organic Rankine Cycle technology for 24/7/365 baseload generation. The Group is currently deploying a Microsoft Dynamics 365 Business Central ERP system across its 30+ entities (live in Croatia from January 2026).

ENNA's revenue model is diversified across subscription-based energy supply contracts, transaction-based freight and port handling fees, ESCO project financing, usage-based EV charging, and electricity sales from renewable assets. ENNA Next alone generated EUR 190.9M in revenue and EUR 14.9M in profit in 2024 and was awarded Zlatna bilanca 2024 in the electricity/gas supply category. The Group serves Croatian business energy customers, industrial shippers and commodity traders across Central and Eastern Europe, residential solar customers (~100 household installations per month), EV drivers in Croatia, and infrastructure partners including APM Terminals/Maersk and VTTI. Forward capital commitments exceed EUR 700M across the Rijeka Gateway terminal, the Mihailesti solar+BESS project in Romania, the GTE Zagocha geothermal plant, and a EUR 330M 10-year renewable investment pipeline.

Name

Energia Naturalis

Legal name

Energia naturalis d.o.o.

Website

https://enna.hr

Company type

Private

Founded year

2005

Operating status

Operating

Short description

Energia Naturalis (ENNA Group) is a privately held Croatian holding company operating through 30+ subsidiaries in renewable energy generation, energy supply and storage, and multimodal logistics including rail freight and Adriatic port infrastructure across Croatia, Slovenia, Hungary, and Romania.

Ownership category

akta.pro rank

Product category

Diversified Energy and Logistics Holding

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Steam and Air-Conditioning Supply (221330)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

EMS / SCADA / DERMS Controls Integration for Storage (EUAEAEAG)

akta.pro secondary industries

Substation & Interconnection EPC (Collector/POI Substations, Switchyards) (EUAEADAC), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK), SCADA, Controls & Communications Integration (RTU, Fiber, Networking) (EUAEADAD)

Keywords

• Renewable energy supply
• Rail freight logistics
• Solar power generation
• EV charging infrastructure
• Energy storage systems

Headquarters

HQ city

Vukovar

HQ country

Croatia

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Energy Supply (Electricity and Gas): ENNA Next supplies electricity and natural gas to business customers across Croatia. The company trades energy on wholesale markets, sources renewable energy (80% of traded electricity from renewables), and offers procurement of guarantees of origin. Revenue is generated through energy supply contracts with pricing tied to market rates. In 2024, ENNA Next achieved revenues of EUR 190.9 million and profit of EUR 14.9 million.
2. Rail Freight and Logistics Services: ENNA Transport operates as the first Croatian private railway cargo carrier with over 20% market share in Croatia. ENNA Logic provides comprehensive multimodal logistics services. Revenue is generated through freight transport contracts, with pricing based on cargo volume, distance, and route complexity.
3. Port Operations and Terminal Management: ENNA holds 43.49% stake in Luka Ploče (Port of Ploče) and co-owns the Rijeka Gateway container terminal (with APM Terminals/Maersk). Revenue streams include port handling fees, terminal concessions, and throughput volumes from cargo processing.
4. Renewable Energy Project Development: ENNA develops, builds, and operates renewable energy assets including solar plants, geothermal power plants, and battery storage systems. Revenue is generated from electricity sales to the grid, capacity payments, flexibility services, and renewable energy certificates. In 2025, three solar plants (24.9 MWp) were completed in Croatia and a 87.5 MWp solar plant with 70 MW/140 MWh battery was under construction in Romania.
5. ESCO (Energy Service Company) Projects: ENNA ESCO finances, develops, constructs, and maintains energy production facilities for customers under the ESCO model, managing projects through all phases. Revenue is generated through energy savings contracts and project implementation fees.
6. EV Charging Network: ENNA Charge operates an ultrafast EV charging network (400 kW hyperchargers) at high-traffic retail parking locations in Croatia. Revenue is generated from charging fees paid by EV drivers.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

Energia Naturalis (ENNA Group) is a Croatian private holding company operating a portfolio of more than 30 companies across two main divisions: Energy and Logistics. The Energy division supplies electricity and natural gas to business customers (ENNA Next), develops and operates solar and geothermal power plants (ENNA Solar, ENNA Geo), finances energy production facilities under the ESCO model (ENNA ESCO), operates an ultrafast EV charging network (ENNA Charge), and develops battery storage projects (ENNA Power). The Logistics division operates the first Croatian private rail freight carrier (ENNA Transport) with over 20% market share, provides multimodal logistics services (ENNA Logic), and co-manages the Rijeka Gateway container terminal with APM Terminals/Maersk.

Differentiator

Problem solved

Functional benefit

Brands

• ENNA Next: Energy supply company offering smart and economical solutions combining electricity, gas, and renewable energy for end customers. Founded 2021 as Enna Opskrba, renamed to Enna Next in 2024. First smart energy hub in Croatia.
• ENNA Solar
• ENNA Geo
• ENNA ESCO
• ENNA Charge
• ENNA Power
• ENNA Logic
• ENNA Transport
• ENNA GO!

Products and services

• ENNA Next Electricity and Gas Supply Supply of electricity and natural gas to business customers across Croatia, with 80% of traded electricity sourced from renewables. Includes procurement of guarantees of origin, solar installation, battery storage, virtual power plants, aggregation, and aFRR+ frequency regulation services. Achieved EUR 190.9 million revenue and EUR 14.9 million profit in 2024. Also installs approximately 100 residential solar power plants per month with 10-year insurance.
• ENNA Transport Rail Freight Services Rail freight transport services operating the first Croatian private railway cargo carrier with over 20% market share in Croatian rail freight. Uses Siemens Vectron multi-system locomotives homologated for 11 European countries, enabling cross-border rail freight without locomotive changes. Provides real-time GPS tracking of wagons and locomotives.
• ENNA Logic Multimodal Logistics Comprehensive multimodal logistics services providing customized solutions accounting for cargo type, volume, and destination, with smart routing for fastest, most efficient, and most economical path. Co-owner of Rijeka Gateway container terminal with APM Terminals/Maersk. Achieved 22% revenue growth in 2024.
• Geothermal Power Plant Development (GTE Zagocha) Planned 20 MW geothermal power plant using Organic Rankine Cycle (ORC) technology, the largest ORC plant planned in the EU. Produces continuous baseload power 24/7/365 and can ramp from 100% to 30% capacity in near real-time for grid balancing. EUR 140+ million planned investment. ENNA holds a 25-year exploitation license (with extension option).
• Solar Power Plant Development (ENNA Solar) Development, construction, and operation of solar power plants including the 87.5 MWp Giurgiu plant in Romania with 70 MW/140 MWh battery storage, plus three 24.9 MWp plants completed in Croatia in 2025. EUR 70 million invested in the Romanian project, with EUR 330 million planned over 10 years for solar parks in Croatia and internationally.
• ENNA ESCO Energy Performance Contracting

Quantifiable outcome

• 90% revenue growth in Energy Division in 2023
• +7 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered core, minor and secondary.

• Siemens MobilitycoreTechnology or Integration · 10 June 2026ENNA Logic ordered five Siemens Vectron multi-system locomotives from Siemens Mobility, with a comprehensive maintenance contract lasting up to 30 years. First deliveries scheduled for spring 2027. Locomotives will be certified for operation in 11 European countries. Siemens Mobility has sold nearly 3,000 Vectron locomotives to more than 115 customers globally.
• Privredna banka Zagreb (PBZ / Intesa Sanpaolo Group)minorStrategic or Co-development Partner · 20 May 2026ENNA Group participated in a business event organized by Privredna banka Zagreb (part of Intesa Sanpaolo Group) and SRM Centro Studi e Ricerche, presenting on the strategic significance of the 'blue economy' and Croatia's role as a logistics hub connecting the Mediterranean with Central and Eastern Europe.
• Span EvolvecoreImplementation/ SI/ Consulting Partner · 27 May 2025ENNA Group and Span Evolve collaborated on the implementation of Microsoft Dynamics 365 Business Central ERP system across ENNA Group's more than 30 companies. The system was implemented on January 1, 2026 in Croatian companies, supporting Fiscalisation 2.0, with gradual rollout to other countries. Span Evolve was recognized as both a system implementer and business advisor understanding ENNA's complex ecosystem.
• ENEVO GroupcoreImplementation/ SI/ Consulting Partner · 1 January 2025ENEVO Group (Romanian engineering and technology company specializing in energy solutions, automation, and renewables) signed an EPC contract with PVP Cepheus (owned by ENNA Solar) to design, procure, and construct the 87.516 MWp Giurgiu solar power plant in Romania. ENEVO delivers projects on a turnkey basis across multiple countries.
• Bureau VeritassecondaryImplementation/ SI/ Consulting Partner · 1 January 2025Bureau Veritas was contracted to provide construction supervision services for the Giurgiu solar power plant project in Romania, in accordance with FIDIC standards. Responsibilities include inspection supervision of equipment manufacturing and installation, quality control during all project phases, and during the warranty period.
• XEnergy NetworksecondaryGTM or Marketing Partner · 1 January 2025XEnergy, a network for promoting women in the energy transition, partnered with ENNA Group to launch the XEnergy Internship Program at ENNA Next. Eight female students from various faculties (including Technical College Zagreb, Faculty of Mining, Geology and Petroleum Engineering, and RIT) participated in a 4-week practical program with experienced mentors from ENNA Next.
• APM Terminals (Maersk Group)coreStrategic or Co-development Partner · 1 January 2021ENNA Logic and APM Terminals (part of Danish Maersk Group) co-founded Rijeka Gateway in 2021 as a joint venture to develop, build, and operate the most technologically advanced container terminal in this part of Europe. Total investment exceeds EUR 380 million. Terminal began operations in September 2025. The partnership connects Mediterranean logistics routes with Central and Eastern European rail corridors.
• INAminorStrategic or Co-development Partner · 1 January 2017PPD (in partnership with INA) became the majority owner of Petrokemija in 2017. PPD later exited Petrokemija ownership through the sale of Terra Mineralna Gnojiva in 2021. This was a historical strategic partnership in the fertilizer/petrochemical sector.
• VTTIcoreStrategic or Co-development Partner · 1 January 2015ENNA and VTTI (one of the world's largest operators and owners of oil product storage terminals) are joint owners of ATT, the storage and transshipment terminal for oil products at Port of Ploče. VTTI's global terminal network complements ENNA's Adriatic port strategy.

Scale indicators22 records

Recent moves22 records

Expansion highlights8 records

Broad incumbents

• CEZ Group: Large Czech integrated utility with a growing renewables portfolio (solar, wind) across Central Europe. Directly comparable to ENNA in combining regulated generation, supply, storage, and energy services; CEZ represents the regional scale ENNA aspires to as it expands into Romania and Hungary.
• Verbund AG: Austrian-listed renewable energy utility focused on hydropower and increasingly wind/solar with major flexibility/pump-storage assets. Comparable to ENNA's strategy of combining 24/7 baseload renewable generation with grid balancing and energy supply services in a vertically integrated model.
• Enel SpA: Major Italian-listed European utility with a leading position in renewables including geothermal (Italy). Directly comparable to ENNA on the ORC geothermal/geothermal baseload thesis (ENNA Zagocha mirrors Enel's historic geothermal playbook), grid services, and pan-European energy supply.
• HHLA (Hamburger Hafen und Logistik): Listed German port and logistics operator running container terminals, intermodal hubs, and logistics services across Europe. Comparable to ENNA's combined port (Luka Ploce), terminal (Rijeka Gateway JV), and logistics (ENNA Logic) operations at greater European scale.
• INA - Industrija nafte d.d. Major Croatian/MOL-controlled integrated oil and gas company, historic JV partner of PPD (former ENNA subsidiary) in Petrokemija, and broader Croatian energy incumbent with downstream supply and renewable ambitions. Comparable national-scale integrated energy operator in the same geography.
• Končar - Elektroindustrija d.d. Listed Croatian electrical engineering company supplying transformers, generators, and power plant equipment across the region. Adjacent peer in the energy infrastructure value chain where ENNA develops, builds, and integrates renewable assets.

Direct peers

• HEP (Hrvatska elektroprivreda): State-owned Croatian integrated electricity utility covering generation, transmission, distribution, and supply. Direct competitor to ENNA Next for Croatian business energy supply customers and Croatian renewable generation development, with overlapping portfolios in hydro and solar.
• HŽ Cargo: Croatian state-owned rail freight operator and the dominant incumbent in the same market where ENNA Transport holds >20% market share as the first private Croatian rail cargo carrier. Directly competes for rail freight contracts and network capacity on the same corridors.
• Luka Rijeka d.d. Listed Croatian Adriatic port operator competing head-to-head with Luka Ploce (43.49%-owned by ENNA) and the newly opened Rijeka Gateway JV for Adriatic container, bulk, and general cargo throughput. Direct port-terminal peer operating in the same Croatian logistics corridor.

Regional players

• PKP Cargo: Largest CEE rail freight operator (Polish, listed). Directly comparable in business model and asset profile to ENNA Transport, and operates on adjacent regional corridors as ENNA expands its multi-system Vectron fleet across Central/Eastern Europe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries19 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 Energia Naturalis