Thermona

What Thermona does

Thermona Handelsgesellschaft mbH is a private German e-commerce retailer of heating, hot-water, and renewable-energy equipment, headquartered in Mühlhausen, Thuringia, and operating the consumer storefront thermona-shop.de. The portfolio spans Thermona-branded gas condensing boilers (THERM 18 KDC and 24 KDCN series with Bluejet burner technology, NOx Class 6 emissions, and up to ~107% condensing efficiency), Defro Firewood Plus solid-fuel central heating boilers, air-to-water and DHW heat pumps, a wide Thermex electric water heater line ranging from classic mechanical units to Wi-Fi/app-enabled premium models (Eagle, Hawk, ID Shadow, IF Comfort), and a co-branded ASGOFT balcony battery for residential PV storage. Distribution is direct-to-consumer e-commerce with GLS/UPS shipping primarily to Germany and Austria, supplemented by a network of 40+ independent service partners and a dedicated service subsidiary, Thermona Service Nürnberg GmbH in Nuremberg, providing installation and maintenance.

The business operates on a one-time unit-sale revenue model across hardware price points from roughly €95 for compact water heaters up to €2,600+ for firewood boilers and balcony battery systems, with secondary revenue from installation/maintenance services. Go-to-market is hybrid: a self-serve e-commerce platform for private homeowners and small trade buyers, backed by phone/email consultation, plus a trade channel targeting heating installers, plumbers, and service companies who source equipment and access the service-partner network. The company, managed by Geschäftsführer Mario Goldberg, claims 30+ years of heating technology experience and is structured as a privately held GmbH with no disclosed external funding, institutional shareholders, or M&A activity.

Customer concentration risk is low because revenue is derived from a long tail of individual end customers and small trade buyers with no disclosed anchor accounts, while growth signals are moderate and primarily driven by category expansion (heat pumps, AC, PV storage) and geographic extension into Austria rather than funding-led scaling. AI capability is essentially absent: the "SMART" water-heater feature and Wi-Fi/app control are deterministic connected-device functions, with no disclosed ML models, proprietary training pipelines, or data assets. The overall strategic posture is that of a niche, debt-free German specialty retailer extending its catalog into the heat-transition and energy-independence themes while preserving its core replacement-boiler business.

Name

Thermona

Legal name

Thermona Handelsgesellschaft mbH

Website

https://thermona-shop.de

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Thermona is a private German e-commerce retailer (thermona-shop.de) selling Thermona gas condensing boilers, Thermex electric water heaters, Defro firewood boilers, heat pumps, and balcony PV storage to private homeowners and professional heating installers across Germany and Austria.

Ownership category

akta.pro rank

Product category

Heating Equipment

NAICS

Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Heating Equipment, Except Electric & Warm Air Furnaces (3433), Wholesale-Hardware & Plumbing & Heating Equipment & Supplies (5070)

akta.pro primary industry

Residential HVAC System Installation (Furnace/AC/Heat Pump) (HSAOAGAA)

akta.pro secondary industries

Hydronic/Baseboard Radiant Heating Service (HSAOACAE), Water Heating & Treatment Appliance Retail (Water Heaters, Water Softeners, Filtration Systems) (CRACACAF), Chillers & Cooling Plant Equipment (IMAHAKAE)

Keywords

• Heating equipment retail
• Gas condensing boilers
• Electric water heaters
• Heat pumps
• Balcony battery storage

Headquarters

HQ city

Mühlhausen

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Product Sales (E-commerce): Primary revenue stream from selling heating equipment (gas boilers, heat pumps, electric water heaters), accessories, and spare parts through the online shop. Products sold include Thermona branded gas boilers, Thermex water heaters, Defro firewood boilers, and third-party accessories.
2. Service/Maintenance Revenue: Revenue from maintenance services and service partner network for Thermona heating systems. Company operates own customer service and contracts with independent service technicians across Germany.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Thermona is an online retailer specializing in modern heating and energy solutions, primarily focused on Thermona-branded gas condensing boilers, Thermex electric water heaters, Defro firewood boilers, heat pumps, and balcony battery/PV storage systems. The company sells both its own Thermona brand products and third-party brands, complemented by installation accessories such as thermostats, exhaust components, and magnetic filters. It serves both private end customers (B2C) and professional heating installers (B2B) via its e-commerce platform and a nationwide service partner network.

Product overview

Thermona is an online retailer specializing in modern heating and energy solutions, primarily focused on Thermona gas condensing boilers for efficient heating and hot water. The product portfolio includes: (1) Thermona Gasthermen product line featuring condensing boilers (Brennwert), heat value units, combination units with instantaneous water heaters, storage-connected and integrated hot water storage units ranging 18-65 kW; (2) Thermex electric hot water storage products including smart Wi-Fi-enabled models (Eagle, Hawk, ID Shadow, IF Smart/Comfort) with app control, classic mechanical models (Mara, Harmony, Uno, Buono, Day, H Pro, Vision), and stainless steel models; (3) Heat pumps including DHW heat pumps, air/water heat pumps with inverter technology, pool heat pumps, and air conditioning units; (4) Balkonkraftwerke & Speicher featuring the ASGOFT powered by Thermona balcony battery with 3.8kWh capacity; (5) Wood heating including Firewood Plus log wood central heating boilers; (6) Accessories including buffer storage tanks, Brennwert exhaust accessories, thermostats, sensors, and sludge filters. The company serves both private end customers and trade professionals including heating installers and service companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Therm 18 KDC Gas Condensing Boiler Thermona-branded gas condensing combination boiler with instantaneous water heater providing heating and domestic hot water. Uses Bluejet burner technology (NOx Class 6) and direct heating technology. Power range 1.8-19.0 kW, efficiency up to 107%, with electronic energy-saving pump reducing electricity use by up to 50%. Pricing from €1,291.
• Therm 24 KDCN Gas Condensing Boiler Thermona-branded gas condensing combination boiler for heating and hot water. Heating power range 4.9-20.7 kW, hot water 24 kW, condensing efficiency up to 107%. Features Bluejet burner technology and direct heating. Pricing from €1,355.
• Defro Firewood Plus Naturzugkessel Central heating boiler operating on log wood (Defro brand) with efficiency up to 92%. Available in 12, 15, 19, and 24 kW variants with electronic flue gas controller. Energy Efficiency Class A+. Starting at €2,600 for 12 kW model.
• Thermex Smart Wi-Fi Water Heaters (Eagle, Hawk, ID Shadow, IF Smart, IF Comfort) Range of electric hot water storage tanks with flat design, SMART mode (7-day usage learning), bio-enamel tank coating, touch panel controls, anti-legionella program, and Wi-Fi/app control via Thermex Home application. Pricing from €136 (IF Comfort WiFi) to €213 (Bandini Smart).
• Thermex Classic Water Heaters (Mara, Harmony, Uno, Vision) Classic electric hot water storage units with mechanical temperature control, bio-glazed interior coating, up to 2500W heating power, and universal wall mounting (vertical/horizontal). Suitable for households, workshops, offices, and commercial applications.
• Thermex Compact Water Heaters (Buono, Day, H Pro) Compact undersink or oversink hot water storage units with 10 liter capacity, 1500W/230V heating, Bio-Glas-Porzellan coating, digital LCD temperature display, and quick 20-minute heating time. Pricing from €95 (Thermex Day 7 O).
• DHW Heat Pumps (Brauchwasserwärmepumpen) Heat pumps dedicated to domestic hot water preparation as part of the heating product portfolio.
• Air/Water Heat Pumps (Luft/Wasser Wärmepumpen) Air-to-water heat pumps with latest inverter technology for space heating.
• Pool Heat Pumps (Poolwärmepumpen) Heat pumps designed for pool heating to extend swimming season usability.
• Air Conditioning Units (Klimageräte) Air conditioning systems including space-saving split units for residential and light commercial cooling.
• ASGOFT powered by Thermona Balcony Battery Plug-and-play balcony battery storage system with 3.8kWh base capacity (expandable up to 22.8kWh), 2.4kW power, IP65 protection rating, LiFePO4 cell technology. Designed for installation without electrician. Priced at €1,333.99 (39% discount from €2,199.99).
• Buffer Storage Tanks (Dražice NAD, Bandini) Buffer storage tanks for heat storage in heating systems, including Dražice NAD v1 (120L, 208L) with FCKW-free polyurethane insulation and Bandini buffer storage with 8 connections for excess heat integration from multiple sources.
• Stainless Steel Water Heaters (Edelstahl Warmwasserspeicher) Electric hot water storage units made of high-quality stainless steel with corrosion resistance, 1500W heating element, and adjustable temperature range 35-65°C. Available in 15-80 liter capacities.
• PT 22 Digital Room Thermostat and Heating Controls Digital room thermostat with backlit display, automatic heating control, quick target temperature adjustment, and weekly programming with 6 temperature changes per day. Also includes outside temperature sensors for weather-compensated heating regulation.
• T-MAG Zero Compact Magnetic Filter and Sludge Separator Magnetic filter and sludge separator set with Neodym magnet and stainless steel filtration system designed to protect heating systems from contamination and debris.
• Brennwert Exhaust Accessories (Abgaszubehör) Exhaust gas accessories for condensing boiler systems, including coaxial pipes, bends, roof/wall passages, and connection pieces required for installation.
• Thermona Service Partner Network and Maintenance Services Network of 40+ independent heating technicians and service partners across Germany providing installation, maintenance, and repair for Thermona heating systems. Operated alongside subsidiary Thermona Service Nürnberg GmbH covering southern Germany.

Quantifiable outcome

• Energy savings up to 50% with energy-saving pumps compared to conventional circulation pumps
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Thermona Service Nürnberg GmbHcoreImplementation/ SI/ Consulting PartnerSubsidiary service company providing service operations in southern Germany. Located at Hauseckerstraße 22, 90482 Nürnberg. Contact: Markus Blank, 0152 34576144, [email protected].

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Viessmann: German HVAC OEM and direct-to-consumer seller of condensing boilers, heat pumps, and complete heating systems. Most directly comparable to Thermona's Therm-branded gas boiler lineup and overall heating category focus, but operates at vastly larger scale with proprietary manufacturing.
• Bosch Home Comfort (formerly Bosch Thermotechnik): Major German HVAC OEM selling gas condensing boilers, heat pumps, and water heaters under Bosch and Junkers brands with D2C and installer channels. Competes with Thermona across nearly every category Thermona carries.
• Stiebel Eltron: German manufacturer specializing in heat pumps and electric water heaters with D2C channels. Direct competitor in the hot water storage and heat pump segments where Thermona carries Thermex-branded products.
• Wolf (now part of Bosch): German HVAC OEM (gas boilers, heat pumps, solar thermal) serving residential and commercial markets. Overlaps with Thermona's gas boiler, heat pump, and solar PV storage categories.
• hagebau: German building materials and HVAC retail cooperative serving both prosumer and professional customers with online and physical channels. Adjacent competitor in heating distribution with broader category coverage than Thermona.
• Buderus: German heating OEM offering condensing boilers, heat pumps, and complete system solutions with installer-focused distribution. Overlaps with Thermona's installer-channel strategy and residential heating portfolio.
• Vaillant: German-headquartered HVAC manufacturer offering gas condensing boilers, heat pumps, and water heating solutions. Overlaps directly with Thermona's gas boiler and water heater categories and competes for the same installer network.

Direct peers

• heiz24: German online HVAC retailer selling boilers, water heaters, heat pumps, and accessories directly to installers and end customers. Closest direct peer in business model, catalog scope, and customer mix.
• Effizienzhaus-Online / 1-2-3energiehaus: Online retailer of heating systems, heat pumps, and PV/solar equipment targeting German residential and installer customers. Comparable e-commerce D2C model and product breadth to Thermona.

Others

• Thermex (manufacturer): Manufacturer of electric water heaters sold through Thermona's storefront. Comparable product (the Thermex hot water storage line) but a supplier relationship rather than a direct competitor; also operates its own D2C channel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/thermona-handelsgesellschaft-mbh

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Thermona