What Hoval Aktiengesellschaft does

Hoval Aktiengesellschaft is a privately held, family-controlled indoor climate control company headquartered in Vaduz, Liechtenstein, with roots dating to an 1897 metalworking shop and the Hoval brand registered in 1945. The company designs, manufactures, and services integrated heating, cooling, and ventilation systems for residential, commercial, industrial, district heating, and data centre end-markets across approximately 50 countries. Core products include the UltraGas 2 gas condensing boiler with the patented TurboFer and aluFer heat exchangers, the Belaria heat pump family (with natural refrigerants), UltraOil condensing units, BioLyt biomass boilers, YADOS district heating transfer stations, HomeVent comfort ventilation, TopTronic E controls, and the ServeLine data centre cooling line. Manufacturing is concentrated in Liechtenstein, Slovakia, Sweden, and China, supplemented by wholly-owned sales and service subsidiaries in major European markets plus Beijing.

Hoval's underlying technology platform combines proprietary heat exchanger designs (aluFer aluminum microstructure, TurboFer, sorption-coated thermal wheels for humidity transfer) with microprocessor-based control systems. The TopTronic E control platform, introduced in 2015, and the HovalConnect IoT platform, introduced in 2021, enable online communication and weather-based optimization of Hoval heat generators, with the HovalSupervisor cloud offering remote monitoring as a SaaS product. Revenue is generated through one-time equipment sales (heat pumps, boilers, ventilation units, transfer stations), recurring service and maintenance contracts, spare parts, pre-sale consulting and system design, and subscription SaaS. The company sells primarily through a direct field sales model with embedded technical sales consultants and regional service technician networks in each operating country, complemented by approximately 50 distribution partners in non-core geographies.

The company holds an extensive patent portfolio, multi-site ISO 9001 and ISO 14001 certifications, Eurovent, PED (TÜV SÜD), ASME, and IQNet certifications, and operates a trade partner training program to support its specification-led sales motion. Notable inorganic moves include the 2014 acquisition of Sweden's Enventus AB (energy recovery) and the 2016 acquisition of Germany's YADOS GmbH (district heating). Leadership consists of co-CEOs Peter Gerner and Fabian Frick, CFO Remo Bretscher, and CTO Richard Hirschmann (joined 2026), with Richard Senti serving as Chairman of the Board.

Name

Hoval Aktiengesellschaft

Legal name

Hoval Aktiengesellschaft

Website

https://hoval.com

Company type

Private

Founded year

1897

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hoval Aktiengesellschaft is a Liechtenstein-based, family-owned manufacturer of integrated indoor climate control systems — heating, cooling, and ventilation — serving residential, commercial, industrial, district heating, and data centre customers across approximately 50 countries via wholly-owned subsidiaries and distribution partners.

Ownership category

akta.pro rank

Product category

Indoor Climate Control Systems

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Auto Controls For Regulating Residential & Comml Environments (3822)

akta.pro primary industry

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB)

akta.pro secondary industries

Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Controls, Thermostats, Sensors & Building Automation (HVAC Controls) (IMADANAH), HVAC Controls & Optimization (Smart Thermostats, VAV, Chillers/Boilers Controls) (BPABAGAB), Refrigeration Components & Controls (Compressors, Valves, Sensors) (IMAHAKAH)

Keywords

• Indoor climate solutions
• Heating technology systems
• Ventilation equipment
• Heat recovery systems
• Energy efficient HVAC

Headquarters

HQ city

Vaduz

HQ country

Liechtenstein

HQ region

Europe

Offices19 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Product Sales: Sale of heating, cooling, and ventilation equipment including heat pumps, gas/oil boilers, biomass systems, district heating transfer stations, comfort ventilation systems, indoor climate systems, and data centre cooling solutions.
2. Service and Maintenance: After-sales service, technical support, maintenance contracts, and commissioning services. Extensive network of service technicians across all operating countries.
3. Spare Parts: Replacement parts and components for Hoval equipment.
4. Technical Consulting and Design: Pre-sale consulting and design services for system solutions, including detailed planning and ongoing service support.
5. SaaS - HovalSupervisor Cloud: Software-as-a-service solution for monitoring and controlling Hoval systems. Terms of use documented for multiple countries (Germany, Austria, Switzerland, UK, Italy, Czech Republic, Bulgaria, Croatia, Poland, Romania, Slovakia).

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Hoval Aktiengesellschaft manufactures and sells indoor climate control systems combining heating, cooling and ventilation technologies. Its portfolio spans heat pumps, gas and oil condensing boilers, biomass boilers, district heating transfer stations, combined heat and power plants, comfort ventilation, industrial hall climate systems and data centre cooling, supported by proprietary controls (TopTronic E) and an IoT platform (HovalConnect). The company delivers complete system solutions to residential, commercial, industrial and district-heating customers across approximately 50 countries through its own sales subsidiaries and partners.

Product overview

Hoval Aktiengesellschaft is a Liechtenstein-based company providing technologically superior indoor climate control solutions. The product portfolio is organized as a comprehensive system approach combining heating, cooling, and ventilation technologies. Core products include: heat pumps (Belaria series with natural refrigerants), gas systems (UltraGas 2 with TurboFer and aluFer technology), oil heating (UltraOil, MultiJet), biomass solutions (BioLyt pellet boilers), district heating transfer stations (YADOS brand), and industrial indoor climate systems. The controls ecosystem centers on the TopTronic E platform with IoT connectivity via HovalConnect. Complementary products include comfort ventilation (HomeVent), storage tanks, cogeneration units, data centre cooling (ServeLine), and energy recovery systems (Enventus brand). The company operates a SaaS product (HovalSupervisor cloud) for remote monitoring. Products are delivered through a network of wholly-owned subsidiaries across Europe and China, with production facilities in Liechtenstein, Slovakia, Sweden, and China.

Differentiator

Problem solved

Functional benefit

Brands

• HovalSupervisor cloud: Software-as-a-service solution for monitoring and controlling Hoval heating and climate systems.
• HovalConnect
• TopTronic E

Products and services

• Heat pumps Air-source and ground-source heat pumps for residential and commercial heating, using natural refrigerants and modern inverter technology. Sold through Hoval's direct sales companies and trade partners across Europe and Asia.
• Gas / Flue gas line (UltraGas 2) Gas condensing boilers (UltraGas 2 generation) featuring aluFer and TurboFer heat exchanger technology for high efficiency residential and commercial heating. Distributed via Hoval sales companies and trade partners.
• Oil / Flue gas line (UltraOil) Oil condensing boilers (UltraOil) with aluFer heat exchanger for power outputs between 16 and 600 kilowatts, serving residential and commercial oil heating customers in markets where oil heating remains prevalent.
• Biomass boilers (BioLyt) Wood gasification boilers and pellet heating systems (BioLyt series) using horizontal tube burner technology for efficient biomass-to-heat conversion. Targeted at residential and commercial customers seeking renewable fuel heating.
• District heating transfer stations (YADOS) Heat transfer stations and district heating substation technology connecting buildings to district heating networks, supplied under the YADOS brand acquired by Hoval in 2016. Sold to district heating utilities, building operators and heating network planners.
• Comfort ventilation (HomeVent) HomeVent controlled home ventilation systems with sorption coating thermal wheels for simultaneous heat and humidity transfer. Marketed to residential and small commercial customers for indoor air quality and energy recovery.
• TopTronic E control platform Digital control platform enabling online communication of Hoval heat generators and weather-forecast-based adjustment. Sold as the central control system across Hoval heating and climate product families for residential, commercial and industrial installations.
• Cogeneration of heat and power (CHP) Combined heat and power (CHP) plants such as PowerBloc for simultaneous generation of electricity and useful heat. Sold to commercial and industrial customers seeking on-site generation and energy efficiency.

Quantifiable outcome

• Decentralised device for ventilating industrial halls with heat recovery reduces heating energy needs by up to 60 percent

Segments5 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

One partnership is on record.

• Enventus ABcoreStrategic or Co-development Partner · 1 January 2014Swedish company acquired in 2014 to strengthen Hoval's energy recovery business. This acquisition added capabilities in energy recovery technology for climate control and ventilation systems.

Scale indicators5 records

Recent moves13 records

Expansion highlights6 records

Broad incumbents

• Bosch Thermotechnology: Division of Bosch offering heating, hot water, air conditioning and building automation (Buderus, Worcester, Junkers brands). Larger, broader incumbent that overlaps directly with Hoval's heating and controls portfolio but at materially greater scale.
• Carrier Global: Global HVAC, refrigeration and building-controls company that acquired Viessmann Climate Solutions in 2024. Competes with Hoval across commercial HVAC, residential heating, and digital building services in Europe.
• Daikin: Global HVAC and refrigeration leader with strong European heat-pump and air-conditioning presence. Larger incumbent competing with Hoval on heat pumps, commercial HVAC, and refrigerant technology roadmaps.
• Mitsubishi Electric (Living Environment Systems): Global HVAC and heat-pump manufacturer with established European sales and installer network. Comparable to Hoval on heat-pump and air-conditioning systems for residential and commercial buildings.
• Buderus (Bosch): Bosch-owned German heating and hot-water brand with strong installer footprint in DACH. Direct overlap with Hoval's gas/oil condensing boilers, heat pumps, and controls in Central Europe.

Direct peers

• Vaillant Group: European family-owned heating, hot-water and heat-pump manufacturer (Vaillant, Saunier Duval, Bulex brands). Comparable to Hoval on residential and commercial heating/heat-pump portfolio and multi-country European sales-and-service model.
• Weishaupt: Swiss-family-owned burner, heating, heat pump and cogeneration manufacturer. Comparable to Hoval on combined heating + cogeneration offering, mid-sized European footprint, and engineering-led premium positioning.
• Stiebel Eltron: German family-owned manufacturer of heat pumps, ventilation, hot water and heating technology. Closely comparable on heat-pump focus, European direct-sales model, and premium positioning against gas incumbents.
• Viessmann (now part of Carrier): German-headquartered manufacturer of heating, industrial and refrigeration systems (heat pumps, boilers, ventilation) sold to Carrier in 2024. Closest one-to-one comparable to Hoval on product breadth, European footprint, and family-to-institutional ownership transition.

Others

• Danfoss: Danish-headquartered supplier of HVAC components, controls, variable-speed compressors and district-energy solutions. Comparable to Hoval on district-heating transfer stations, HVAC controls, and heat-pump components rather than as a finished-system competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCxN3K2SLnHB9Xh5L0eJ9r5A
• LinkedInlinkedin.com/company/hoval
• Facebookfacebook.com/HovalGroup
• Instagraminstagram.com/hoval_group

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Aktiengesellschaft