What Thermo does

Thermo (also doing business as Thermo Solutions Group) is a Costa Rican privately held company founded in 1990 that designs, distributes, and installs water heating and water purification solutions, and operates as a member and distributor of Japan's Rinnai Corporation in Costa Rica. The company entered the market in the early 1990s with thermal solar systems, subsequently broadened into photovoltaic solar systems, and more recently expanded into water purification. Its principal product categories are electric tankless water heaters (proprietary lines Thermo Master, Thermo Master Pro, Thermo MAX, and Thermo Plus), gas tankless and condensing water heaters distributed from Rinnai (CXP199iN, CXP160iN, RE199iP, RE160iP, REU 11P, REU 16P), storage water heaters, solar water heaters, instant showers, pool tankless heaters (Minimasster Pro), portable pet-bathing heaters (Thermo Pet), water purification filters, and ancillary products such as gas cooktops.

Revenue is generated through one-time product sales across house brands and distributed Rinnai products, complemented by professional installation services and direct-to-consumer e-commerce via the thermoenlinea.com online store. Pricing is quote-based and not publicly disclosed. The company serves three customer segments: residential (homeowners and families seeking instant hot water and energy-efficient retrofits, including homes without existing hot water piping), institutional (hotels, hospitals, schools, and large commercial facilities requiring high-volume and reliable hot water), and projects (large construction and development clients requiring integrated sustainable water heating). Distribution is omnichannel: four company-owned physical branches in Costa Rica (Santa Ana, Zapote/Curridabat, Heredia, and Liberia), the e-commerce storefront, social media engagement on Facebook, Instagram, YouTube, and TikTok, and a technical installation service delivered by an in-house Centro de Servicio.

Thermo employs 51–100 people and operates exclusively out of Costa Rica, with named export contacts (Ing. Gustavo Vega, Ing. Kevin Campos) signaling intent to engage neighboring Central American markets. The firm holds no public ownership, no institutional investment, and no disclosed revenue figures, but is structurally backed by Rinnai as its strategic parent.

Name

Thermo

Legal name

Thermo

Website

https://thermosolutionsgroup.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

51–100 employees

Short description

Thermo is a Costa Rican water heating and purification company, founded in 1990 and operating as a member of Japan's Rinnai Corporation. It designs and distributes electric, gas, and solar water heaters plus water filters for residential, institutional, and large-project customers across Costa Rica through four branches and an online store.

Ownership category

akta.pro rank

Product category

Water Heating Solutions

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers (42372)

SIC

Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures (3430), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Water Heating & Treatment Appliance Retail (Water Heaters, Water Softeners, Filtration Systems) (CRACACAF)

akta.pro secondary industry

Tankless Water Heater Installation & Service (HSAOACAB)

Keywords

• Water heating solutions
• Tankless water heaters
• Solar water heating
• Water purification systems
• Gas water heaters

Headquarters

HQ city

San José

HQ country

Costa Rica

HQ region

Latin America

Offices4 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Water Heater Sales: Sale of water heating equipment including tankless, storage, solar, and electric water heaters under Thermo brand as well as Rinnai products.
2. Water Purification Products: Sale of water filters and purification systems for residential and commercial use.
3. Technical Installation Services: Professional installation services for water heating systems, providing an additional service revenue stream alongside product sales.
4. Online Store Sales: Direct-to-consumer sales through the company's e-commerce platform thermoenlinea.com.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Thermo manufactures and distributes electric, gas, and solar water heaters (tankless, storage, and instant shower types), water purification filters, pool heaters, and portable pet bathing heaters under its own brand. The company also serves as the exclusive distributor of Rinnai gas water heating products in Costa Rica and provides professional technical installation services through dedicated service channels.

Product overview

Thermo is a Costa Rican company and member of Rinnai that offers a comprehensive portfolio of water heating and purification solutions. Their product lineup includes electric tankless water heaters (Thermo Master, Thermo MAX, Thermo Plus), gas tankless water heaters (Rinnai REU series, Rinnai CXP series, Rinnai RE series), storage water heaters, solar water heaters, instant showers, pool heaters (Minimasster Pro), pet bathing heaters (Thermo Pet), water filters for purification, and gas cooktops. The company also distributes the full Rinnai product range and provides technical installation services. Their products serve both residential and institutional markets, with operations dating back to the 1990s when they entered the solar energy sector.

Differentiator

Problem solved

Functional benefit

Brands

• Thermo Plus: Electric tankless water heater ideal for homes without hot water piping infrastructure.
• Thermo MAX
• Thermo Master
• Thermo Master Pro
• Thermo Pet
• Thermo Kit
• Thermo Ducha
• Thermosifón
• Minimasster Pro
• Travomatic
• Westomatic
• Zenit
• Titan Plus

Products and services

• Thermo Master

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Rinnai CorporationcoreStrategic or Co-development PartnerThermo is a member of Rinnai Corporation, a global leader in water heating technology. This partnership provides Thermo with access to Rinnai's global technology, brand recognition, and manufacturing expertise while allowing Thermo to serve as the exclusive distributor for Rinnai products in Costa Rica.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• AO Smith: Global water heater and treatment manufacturer with broad presence across gas, electric, and tankless categories. Comparable as a multinational incumbent competing for institutional and residential water heating share, including in Latin America.
• Bosch Thermotechnology: Division of Bosch producing tankless and storage water heaters, heat pumps, and solar thermal products. Comparable as a premium-tier multinational offering overlapping electric and gas tankless SKUs to residential and commercial buyers.
• Bradford White: U.S. manufacturer of residential and commercial water heaters (gas, electric, tankless, solar). Comparable as an incumbent competing on storage and tankless categories with established brand and installer relationships.
• Whirlpool: Global appliance major whose water heater portfolio (gas, electric, tankless) targets residential consumers through retail and dealer channels. Comparable as a broad appliance incumbent overlapping retail water-heater SKUs in Latin America.
• Rheem: Large U.S.-headquartered manufacturer of water heating, HVAC, and solar thermal systems. Comparable as a multinational incumbent present across residential, commercial, and solar water heating segments.

Regional players

• Calorex: Mexican water-heating specialist offering solar, gas, and electric water heaters across Latin America. Comparable as a Latin American regional brand selling residential and institutional water heating through distributor/install networks.
• Haceb: Colombian/Latin American appliance manufacturer with water heater and major appliance lines distributed across the Andean and Central American region. Comparable as a LatAm regional appliance peer with overlapping residential water-heating distribution model.
• Mabe: Latin American appliance manufacturer (Mexico/LatAm) producing water heaters alongside major home appliances. Comparable as a regional appliance brand selling through retail and installer channels in overlapping Latin American geographies.

Direct peers

• Stiebel Eltron: German manufacturer specializing in electric tankless water heaters, heat pumps, and solar water heating. Closely comparable to Thermo's own Thermo Master/Max/Plus line on technology positioning (electric tankless) and premium residential/institutional target.
• Rinnai Corporation: Parent company and strategic partner; Rinnai manufactures and globalizes the gas tankless and condensing water heaters (CXP/RE/REU series) that Thermo distributes in Costa Rica, overlapping 100% on product category and target customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@ThermoSolutions
• Facebookfacebook.com/thermocr
• Instagraminstagram.com/thermo_solutions/?hl=es
• TikToktiktok.com/@thermo_costarica
• LinkedInlinkedin.com/company/thermocr

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Thermo