VAS Group
VAS Group is an Austrian EPC contractor founded in 1989 that designs and builds turnkey biomass and waste wood combustion plants (2-30 MW) for industrial, utility, and municipal customers across Europe using proprietary in-house technology.
- Company typePublic
- Founded1989
- HeadquartersWals, Austria
- Headcount11–50
- GTM typeB2B
- OfferingServices
What VAS Group does
VAS Group, founded in 1989 by engineer Norbert Thurner in Wals-Siezenheim, Austria, is a vertically integrated engineering, procurement, and construction (EPC) contractor specializing in solid fuel combustion plants for biomass and waste wood energy generation. The company designs, engineers, and commissions turnkey plants in the 2-30 MW capacity range, covering hot water/district heating, thermal oil, and high-pressure steam configurations, often integrated with Organic Rankine Cycle (ORC) units or steam turbines for combined heat and power (CHP) generation. Its proprietary "VAS-Technology" platform spans fuel feeding, combustion, heat transfer, multi-stage flue gas treatment (electrostatic precipitators, bag filters, sorbent injection, condensation), ash disposal, and proprietary control software, with all major components developed in-house to eliminate interface risk and support performance claims including 15-110% partial load operation and dust emissions below 5 mg/m3.
The revenue model is anchored by large one-time EPC project contracts — typically valued in single-digit to low-double-digit millions of euros, with the largest single contract to date at approximately EUR 9 million (won in late 2023 by subsidiary VAS Advanced Incineration GmbH). This project revenue is supplemented by recurring service and maintenance income through VAS Service GmbH and, since January 2023, by external software engineering and automation services through VAS Automation GmbH (70% owned). VAS AG has been listed on the Vienna MTF (Direct Market Plus) under ISIN AT0VASGROUP3 since December 2022, with a EUR 3,000,000 share capital across 3,000,000 no-par value shares at a EUR 4.00 reference price. Customers include industrial enterprises (Heathrow Airport, British Sky Broadcasting, Malteurop Poland, Rettenmaier France, Sheffield Biomass), energy utilities (AGRO Energie Rigi), and public-sector district heating operators (Community Bruneck) across at least six European countries.
The group comprises seven legal entities covering holding (VAS Holding GmbH), operating EPC (VAS AG, VAS Advanced Incineration GmbH), service (VAS Service GmbH), automation (VAS Automation GmbH), real estate (NFT Immobilien GmbH), and facility management (NFT Gebäudeservice GmbH) functions. Following founder Norbert Thurner's resignation effective October 31, 2024, his son Lukas Thurner serves as sole Management Board member of VAS AG and Managing Director across the operating subsidiaries, alongside Dean Matijevic at VAS Advanced Incineration and VAS Service, and Christian Linke at VAS Automation. In September 2025 the group experienced a ransomware cyberattack from which systems and data were restored by September 22, 2025, and publication of the 2025 annual report was subsequently delayed due to an ongoing accounting system migration.
VAS Group firmographics
Firmographics- Name
- VAS Group
- Legal name
- VAS AG
- Website
- https://vas.co.at
- Company type
- Public
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- VAS Group is an Austrian EPC contractor founded in 1989 that designs and builds turnkey biomass and waste wood combustion plants (2-30 MW) for industrial, utility, and municipal customers across Europe using proprietary in-house technology.
- Ownership category
- akta.pro rank
VAS Group industry classification
Industry- Product category
- Industrial Biomass Combustion Plants
- NAICS
- Power Boiler and Heat Exchanger Manufacturing (33241), Solid Waste Combustors and Incinerators (562213), Steam and Air-Conditioning Supply (221330), Electric Power Generation (22111)
- SIC
- Cogeneration Services & Small Power Producers (4991), Heating Equipment, Except Electric & Warm Air Furnaces (3433), Industrial Process Furnaces & Ovens (3567)
- akta.pro primary industry
- Biomass Combustion & Boiler Island Technology (Grates, Fluidized Bed, Burners) (EUAAAGAG)
- akta.pro secondary industries
- Combined Cycle & Cogeneration (CHP) EPC (EUAEAAAB), Heat Recovery & Thermal Integration for Biomass Plants (Economizers, ORC, Heat Exchangers) (EUAAAGAL)
Keywords
Where VAS Group is headquartered
LocationHeadquarters
- HQ city
- Wals
- HQ country
- Austria
- HQ region
- Europe
Offices2 records
Markets served
VAS Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure
Revenue model
- EPC Contracts - Plant Construction: VAS designs, engineers, procures, and constructs turnkey solid fuel combustion plants as a general contractor. Revenue is generated from large-scale project contracts typically valued at several million euros. The company handles all technical aspects including combustion systems, flue gas treatment, boilers, turbines, and water/steam circuits without interface risk for the customer.
- Service and Maintenance: VAS Service GmbH provides ongoing maintenance, servicing, troubleshooting, spare parts supply, and optimization services for operational plants. This includes regular maintenance, fault diagnosis, and plant upgrades over the entire plant lifetime.
- Software Engineering and Automation: VAS automation systems GmbH (70% owned) provides software engineering and automation services for internal needs and external market, creating additional revenue streams through automation and control system services.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
VAS Group product offering
Product offeringCore offering
VAS Group designs, engineers, procures, and constructs turnkey solid fuel combustion plants in the 2 to 30 MW capacity range for biomass and waste wood, generating heat and/or electricity for industrial, municipal, and utility customers across Europe. The company operates as a one-stop EPC general contractor, providing plant types including hot water/district heating plants, thermal oil plants, and steam plants, all built on the proprietary VAS-Technology platform covering fuel feeding, combustion, heat transfer, flue gas treatment, ash disposal, and control software. Ongoing service, maintenance, and optimization are provided through subsidiary VAS Service GmbH over the full operational lifetime of each plant.
Product overview
VAS Group is a full-service provider of solid fuel-fired plants for generating heat and electricity, founded in 1989 by Norbert Thurner. The company operates as a one-stop provider offering custom turnkey industrial plants in the 2-30 MW range. Their product portfolio includes three main plant types (hot water/district heating, thermal oil, and steam plants) unified by their proprietary VAS-Technology platform covering fuel conveyance, combustion, heat transfer, flue gas treatment, ash disposal, and control systems. Key components include ORC (Organic Rankine Cycle) units for electricity generation, heat accumulator systems for storage, and advanced ESP/bag filter combinations for emissions control. VAS also provides comprehensive service and support through VAS Service GmbH.
Differentiator
Problem solved
Functional benefit
Products and services
- Hot Water / District Heating Plants Turnkey hot water combustion plants (Warmewasser / Fernwarme) for district heating networks and process heat generation, fired with waste wood and biomass fuels. Designed for maximum efficiency with partial load capability down to 15%, suited for municipal and industrial customers requiring reliable community or process heat supply. Capacity range 2 to 30 MW.
- Thermal Oil Plants Turnkey thermal oil combustion plants for heat and electricity production, typically combined with ORC (Organic Rankine Cycle) units for power generation. Operating temperatures up to 313 degrees C. Used by industrial customers for process heat plus electricity, including high-profile installations at Heathrow Airport (11.5 MW thermal / 1.8 MW electrical), British Sky Broadcasting (6.5 MW thermal / 1.0 MW electrical), and Malteurop Poland (6.5 MW thermal / 1.0 MW electrical).
- Steam Plants High-pressure steam boiler plants fired with waste wood or biomass for combined heat and power generation, including steam turbine integration for electrical output. Includes reference plants such as the 26 MW Kussnacht steam plant (AGRO Energie Rigi, 18 MW thermal + 6.2 MW electrical) and 20 MW Vetroz steam plant in Switzerland (commissioned November 2022).
- VAS Service GmbH (Service & Maintenance) Ongoing maintenance, servicing, troubleshooting, spare parts supply, optimization, and upgrades for VAS combustion plants throughout their operational lifetime. Includes regular maintenance, fault diagnosis, plant upgrades, and compliance support for existing plant operators.
- VAS Automation GmbH (Software Engineering & Automation) Software engineering and automation services for industrial process control and plant automation, delivered to both internal VAS Group operations and external market customers. Supports the proprietary control software layer of VAS plants and provides additional automation engineering revenue streams.
Quantifiable outcome
- Dust emissions below 5mg/m3 achieved at Bruneck plant through condensation unit technology
- +3 more outcomes
Companies that use VAS Group
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles3 records
VAS Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
VAS Group partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- VAS Automation GmbH (VAS automation systems GmbH)coreSoftware engineering and automation subsidiary, 70% owned by VAS AG and 30% by Christian Linke. Created to expand capacity in software engineering and automation technology for internal and external markets.
- VAS Holding GmbHcoreParent holding company controlling VAS AG. VAS Holding GmbH is the majority shareholder of VAS AG and is 100% owned by founder Norbert Thurner.
- VAS Advanced Incineration GmbHcore100% subsidiary of VAS AG, specializing in advanced incineration and combustion technology. Won largest single contract to date for biomass CHP plant with approximately 9 million EUR project volume.
- VAS Service GmbHcoreService subsidiary providing maintenance, servicing, troubleshooting, and spare parts for VAS combustion plants. Located at headquarters in Wals-Siezenheim.
- WALE-Systems GmbHminorSubsidiary company located in Hallwang, Austria. Part of the broader VAS Group corporate structure.
- NFT Immobilien GmbHminorReal estate subsidiary holding company for VAS Group properties at headquarters location in Wals-Siezenheim.
- NFT Gebäudeservice GmbHminorBuilding services subsidiary providing facility management services for VAS Group properties.
- Rosinger RMS GmbHminorCapital market advisor for VAS AG listing on Vienna MTF, represented by Managing Director Dipl.-Ing. Gregory Rosinger.
Scale indicators5 records
Recent moves8 records
Expansion highlights5 records
VAS Group competitors and assessment
Company assessmentDirect peers
- Kraftkonzept Energieanlagen: German engineering firm designing and delivering turnkey biomass power and CHP plants in the 1-10 MW range. Directly comparable to VAS in customer segment (industrial, municipal), technology (biomass combustion, ORC), and EPC delivery model.
- Polytechnik: Austrian-headquartered manufacturer of biomass and waste-fired combustion plants for heat and power in the industrial and district heating segments. Directly comparable to VAS in technology (grate furnaces, ORC integration, multi-MW scale), customer base (European industrial and municipal), and EPC delivery model.
- Fröling: Austrian manufacturer of biomass boiler systems (wood chip, pellet, log) for industrial, commercial, and district heating applications. Comparable technology (biomass combustion, multi-MW scale) and customer geography, though typically smaller project sizes than VAS.
Emerging players
- Schmid Energy Solutions: Swiss/Austrian supplier of biomass boiler plants, ORC units, and flue gas cleaning systems for industrial and district heat customers. Highly comparable product mix (ORC, multi-stage flue gas treatment) and serves an overlapping European customer base.
- Spanner Re²: German manufacturer of biomass CHP plants based on Organic Rankine Cycle (ORC) and wood gasification technology. Overlaps with VAS in biomass CHP and ORC integration but with a different technological approach (gasification vs. grate combustion) and a smaller project scale.
Broad incumbents
- Sumitomo SHI FW (Fortum): Global EPC contractor for circulating fluidized bed (CFB) biomass and waste-to-energy power plants. Competes with VAS in the multi-MW biomass/waste-fired CHP market, though typically at larger utility scale and with broader fuel flexibility.
- Valmet: Finnish global supplier of biomass-fired boiler islands, heat and power generation, and automation for the pulp, paper, and energy industries. Highly comparable technology stack (fluidized bed, grate combustion, flue gas cleaning) and a much larger scale, making it the principal global incumbent that VAS competes against in international tenders.
- ANDRITZ Energy & Environment: Austrian global group supplying biomass-fired power boiler islands, flue gas cleaning, and EPC services across a much wider portfolio (pulp & paper, hydronics, separation). Overlaps with VAS in biomass boiler island technology and EPC delivery but serves a broader customer base and larger project scale.
- Viessmann Industrial Energy: Large German heating and industrial energy systems provider with biomass, heat pump, and CHP offerings. Competes with VAS in industrial and municipal heat supply but as part of a much broader HVAC/heating portfolio rather than as a biomass specialist.
Regional players
- Müller Energiewerkstatt: Swiss provider of biomass energy plants (wood chip, pellet, waste wood) and district heating solutions. Operates in VAS's core Swiss market with comparable technology (multi-MW biomass combustion, district heat) but on a more regional scale and with deeper local roots.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
VAS Group social profiles
Digital presenceVAS Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
VAS Group leadership team
Management profileNumber of profiles
Profiles3 records
VAS Group subsidiaries and ownership
Company hierarchySubsidiaries7 records
VAS Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
VAS Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about VAS Group
What does VAS Group do?
VAS Group designs, engineers, procures, and constructs turnkey solid fuel combustion plants in the 2 to 30 MW capacity range for biomass and waste wood, generating heat and/or electricity for industrial, municipal, and utility customers across Europe. The company operates as a one-stop EPC general contractor, providing plant types including hot water/district heating plants, thermal oil plants, and steam plants, all built on the proprietary VAS-Technology platform covering fuel feeding, combustion, heat transfer, flue gas treatment, ash disposal, and control software. Ongoing service, maintenance, and optimization are provided through subsidiary VAS Service GmbH over the full operational lifetime of each plant.
Is VAS Group a public or private company?
VAS Group is a public company. It is classified as public and is currently operating.
When was VAS Group founded?
VAS Group was founded in 1989. It employs 11 to 50 people.
Where is VAS Group based?
VAS Group is headquartered in Wals, Austria, in the Europe region.
How does VAS Group make money?
Three revenue lines are on record. EPC Contracts - Plant Construction is the primary driver. The others are service and Maintenance and software Engineering and Automation.
Who are VAS Group's main competitors?
Direct peers on record are Kraftkonzept Energieanlagen, Polytechnik and Fröling. Emerging players are Schmid Energy Solutions and Spanner Re². Broad incumbents are Sumitomo SHI FW (Fortum), Valmet, ANDRITZ Energy & Environment and Viessmann Industrial Energy. Müller Energiewerkstatt is listed as a regional player.
Does VAS Group have an API?
No public API is recorded for VAS Group.
What industry is VAS Group in?
VAS Group's product category is Industrial Biomass Combustion Plants. Its primary akta.pro industry code is EUAAAGAG, Biomass Combustion & Boiler Island Technology (Grates, Fluidized Bed, Burners), with a secondary code of EUAEAAAB, Combined Cycle & Cogeneration (CHP) EPC. Its NAICS code is 33241 and its SIC code is 4991.