AICO

What AICO does

AICO S.A. is a Greek engineering, procurement, and construction (EPC) firm founded in 1988 and headquartered in Thessaloniki, with a regional office in Athens. The company delivers three integrated lines of business: (1) turnkey photovoltaic parks and net-metering installations ranging from 10 kW to 10 MW, covering study, permitting, procurement, construction, and grid connection with ΔΕΔΔΗΕ/HEDNO; (2) metal and composite buildings combined with industrial cooling systems, primarily for hotels and industrial operators; and (3) energy-efficiency upgrades and electromechanical renovations for commercial and industrial buildings. The company has completed more than 400 photovoltaic parks and over 25 metal-building projects across Greece, Cyprus, Albania, and Romania.

AICO's core technology stack is conventional industrial — photovoltaic modules, Huawei-certified inverters and balance-of-system components (via the SKEPP partner program), metal fabrication, and HVAC/cooling systems. The company has held renewable-energy certification since 2006. There are no AI, software-platform, or proprietary data assets evident in the offering.

The business model is sales-led and project-based. Engineers conduct on-site evaluations and deliver obligation-free technical studies; pricing is custom-quoted per project, with multi-year contract cadences for turnkey delivery. The company integrates projects with Greek and EU subsidy programs (ESPA, Development Law). GTM combines direct field sales, trade-show participation (Verde.Tec 2025, Energy Expo Forum 2022), social media presence (Facebook, YouTube, LinkedIn), and a project-portfolio showcase on its website. Customer segments span hospitality, industrial and manufacturing, agriculture, retail chains, and energy communities — with named enterprise clients including Masoutis S.A., ALUMIL, EVEREST, Malamatina, MakiOS, and Venus Growers. Headcount is reported at 11–50 employees and revenue is not publicly disclosed.

Name

AICO

Legal name

AICO S.A.

Website

https://aico.gr

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

AICO S.A. is a Thessaloniki-based Greek EPC firm, founded in 1988, delivering turnkey photovoltaic parks (10kW–10MW), metal buildings with industrial cooling, and energy-efficiency upgrades to enterprise and industrial customers across Greece, Cyprus, Albania, and Romania.

Ownership category

akta.pro rank

Product category

Renewable Energy Construction Services

NAICS

Solar Electric Power Generation (221114), Industrial Building Construction (23621), Electric Power Generation (22111), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334)

SIC

Cogeneration Services & Small Power Producers (4991), Prefabricated Metal Buildings & Components (3448), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Electrical Industrial Apparatus (3620)

akta.pro primary industry

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

akta.pro secondary industries

Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK), Renewable Energy Industrial Facilities Construction (Solar, Wind, Storage) (IMAFADAD), Site Preparation & Civil Works (Clearing, Grading, Earthworks, Roads) (EUAMAFAA)

Keywords

• Industrial cooling systems
• Photovoltaic park construction
• Metal building construction
• Energy efficiency upgrades
• Net metering solutions

Headquarters

HQ city

Thessaloníki

HQ country

Greece

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Turnkey Construction Projects: Full photovoltaic construction projects delivered from study stage through production license to complete construction and grid connection. Revenue generated through project-based fees for design, procurement, construction, and commissioning services.
2. Engineering and Technical Studies: Customized technical studies and evaluations performed by experienced engineers, often provided without obligation as part of the sales process.
3. Metal Building Construction: Design and construction of metal and composite buildings, including industrial cooling systems for agricultural and industrial applications.
4. Energy Efficiency Upgrades: Energy renovation services for buildings including electromechanical installations and environmentally friendly systems.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

AICO designs, studies, and delivers turnkey photovoltaic park construction projects (10kW to 10MW) including net metering integration, production license acquisition, and grid connection with ΔΕΔΔΗΕ. The company also designs and constructs metal and composite buildings with integrated industrial cooling systems for hotels and industrial clients, and performs energy efficiency upgrades for existing buildings through environmentally friendly electromechanical installations. All offerings are delivered as full turnkey projects with guaranteed system performance, supported by in-house engineering (civil, mechanical, electrical) and integration with ESPA and Greek Development Law investment programs.

Product overview

AICO is a specialized energy applications and metal buildings company operating since 1988 (30 years of experience). The company operates as a unified offering combining three core business activities: (1) Solar Parks & Net Metering - turnkey photovoltaic construction from 10kW to 10MW, with over 250 parks completed across Greece, Cyprus, Albania, and Romania; (2) Metal Buildings – Industrial Cooling - design and construction of metal structures with industrial cooling systems; (3) Energy Building Upgrading - energy efficiency renovations for buildings. The company offers complete project delivery 'key in hand', including feasibility assessment, technical study, permit acquisition, materials procurement, construction, grid connection, and post-construction technical support. AICO is a certified renewable energy company since 2006.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Parks & Net Metering Turnkey photovoltaic park construction services ranging from 10kW to 10MW, including project feasibility study, production license acquisition, materials procurement, complete construction, grid connection with ΔΕΔΔΗΕ (HEDNO), and delivery with guaranteed system performance. Serves enterprises seeking self-consumption, net metering, virtual net metering, or grid sale of solar electricity.
• Metal Buildings – Industrial Cooling Design, study, and construction of metal and composite buildings integrated with industrial cooling systems, primarily serving the hotel, agricultural, and industrial sectors. Used for storage facilities, processing plants, and pre-cooling applications (e.g., grapes, poultry).
• Energy Building Upgrading Comprehensive energy renovation solutions for existing buildings, including design, study, and construction of environmentally friendly electromechanical installations for energy savings. Targets hotels, industrial, and commercial buildings seeking reduced operating costs.
• Residential Photovoltaics Residential photovoltaic system installations for individual homeowners, with support for integration into ESPA (NSRF) and Development Law investment programs to leverage available government subsidies.

Quantifiable outcome

• Projects ranging from 10kW to 10MW capacity
• +2 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Huawei (SKE Partner Program - SKEPP)coreTechnology or Integration · 15 July 2022AICO engineers Georgios Tsartsaris and Demosthenis Kirykos successfully completed Huawei's SKE Partner Program (SKEPP) training seminar. This partnership provides significant advantages including European-standard specifications and professional certification that enhances AICO's technical capabilities in photovoltaic system design and installation.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Enel Green Power Greece: Greek subsidiary of Enel's global renewable business operating utility-scale solar and wind in Greece. Broad incumbent in the same Greek renewable EPC market with substantially greater scale and project capabilities.
• Acciona Energía: Global renewable energy developer and EPC with significant Mediterranean presence. Broad incumbent in wind and solar EPC with project development scale far exceeding AICO.
• Voltalia: French renewable energy developer and EPC with operations across Europe, Latin America, Africa, and Asia. Comparable solar PV EPC services with multi-region presence and broader scale than AICO.

Regional players

• Solarig: Spanish solar EPC and IPP operating across Europe and Latin America. Comparable solar PV EPC services and commercial/industrial customer focus, primarily serving Iberia and other Mediterranean markets.
• Greenvolt Energias Renováveis: Portuguese renewable energy company with operations across Europe, Latin America, and Africa. Comparable solar PV EPC and distributed generation focus with Iberian and Mediterranean market presence.

Others

• Sungrow: Chinese solar inverter and energy storage manufacturer with strong European presence. Comparable as a major PV inverter supplier in the Greek and European markets, playing a similar role to AICO's Huawei partnership.
• Huawei Digital Power: Huawei's smart PV and energy storage business. AICO's technology partner providing inverters and components; comparable as a major smart PV solution provider in the European market.

Direct peers

• Terna Energy: Leading Greek renewable energy developer operating wind, solar, and storage projects. Direct competitor in Greek renewable EPC and IPP space, with stronger balance sheet and larger project portfolio.
• MYTILINEOS (METKA): Greek industrial conglomerate with major EPC and renewable energy operations through METKA. Direct competitor in Greek industrial construction and solar EPC, with broader scale and engineering capacity than AICO.

Emerging players

• Sunlight Group: Greek energy storage and battery systems company serving industrial customers. Comparable in targeting Greek industrial energy buyers, but focused on energy storage rather than PV generation EPC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCLsl_W4fqr2jvsRPYUcDXMw
• Facebookfacebook.com/AICO-537173356354564
• LinkedInlinkedin.com/company/aico-s-a

Revenue estimate

Valuation estimate

Number of profiles

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 AICO