Rafako

What Rafako does

Rafako (legal name: RAFAKO S.A.) is a Polish EPC (Engineering, Procurement, Construction) contractor headquartered in Racibórz that designs, manufactures, and constructs industrial equipment for the energy, district heating, and oil & gas sectors. The company operates its own Boiler Production Plant producing membrane walls, superheaters, steam drums, heat exchangers, pressure vessels, and air heaters, and assembles complete power units (coal-fired and CHP) at large structural scale. Its product portfolio also includes flue gas desulfurization (FGD), denitrification (DeNOx), and dust removal installations for industrial emission control, as well as waste-to-energy boiler systems and boiler modernization/retrofit services. The proprietary 'Metoda 200+ wg RAFAKO' targets efficiency and flexibility improvements for coal-based power blocks, developed with partner ENERGOTHERM.

Revenue is generated primarily through large, project-based EPC contracts with utility and industrial clients in Poland and selected international markets (Serbia, Bosnia). Distribution is direct enterprise sales with no disclosed pricing details. The company's website and press center, plus EU/NCBiR co-financed R&D references, serve as its principal marketing channels.

RAFAKO S.A. was listed on the Warsaw Stock Exchange (ticker RAF/RAFON) and conducted share emissions in 2015, 2017, and 2022. Following a deteriorating financial trajectory — negative EBITDA across 2020–2024, a major contract dispute with JSW KOKS S.A., and the August 2024 bankruptcy of subsidiary RAFAKO Engineering Sp. z o.o. — the parent filed for bankruptcy in September 2024 and the court declared bankruptcy on December 19, 2024, with a Creditors' Council appointed in May 2025. The firm is currently in insolvency proceedings and operationally closed.

Name

Rafako

Legal name

RAFAKO S.A.

Website

https://rafako.com.pl

Company type

Public

Founded year

1954

Operating status

Closed

Headcount range

501–1,000 employees

Short description

Rafako is a Polish EPC contractor that designs, manufactures, and constructs boilers, complete power units, and environmental protection installations for the energy, district heating, and oil & gas sectors; the company declared bankruptcy in December 2024.

Ownership category

akta.pro rank

Product category

Industrial Power Generation Equipment

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Engine, Turbine, and Power Transmission Equipment Manufacturing (3336)

SIC

Construction Machinery & Equip (3531), Misc Industrial & Commercial Machinery & Equipment (3590)

akta.pro primary industry

Balance-of-Plant (BOP) & Civil Works for Power Plants (EUAEAAAL)

akta.pro secondary industries

Structural & Mechanical BOP Construction (Racking/Trackers, Turbine Erection Support, Mounting Structures) (EUAMAFAC), Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM)

Keywords

• Boiler manufacturing
• Power generation equipment
• EPC contracting
• Environmental protection systems
• Oil gas equipment

Headquarters

HQ city

Racibórz

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. EPC Contracts: Engineering, procurement, and construction services for power blocks, boilers, and environmental installations. Revenue generated through large-scale industrial construction projects for energy sector clients.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Rafako is an EPC (Engineering, Procurement, Construction) contractor that designs, manufactures, and constructs complete power generation units, industrial boilers, environmental protection installations (FGD, DeNOx, dust removal), and oil & gas process equipment. It sells turnkey power blocks, individual boilers and components, boiler modernization services, and thermal waste utilization systems to utilities, district heating operators, and industrial customers. The company also operates an in-house Boiler Production Plant producing membrane walls, superheaters, steam drums, heat exchangers, and pressure vessels.

Product overview

RAFAKO S.A. is a Polish EPC (Engineering, Procurement, Construction) company providing specialized solutions for the energy, district heating, and oil & gas sectors with over 70 years of experience. The company's product portfolio centers on complete power generation units (Kompletne bloki energetyczne) and boiler production (Zakład Produkcji Kotłów), complemented by environmental protection installations (Instalacje ochrony środowiska) for flue gas desulfurization and denitrification, boiler modernization services, and thermal waste utilization systems. The company also offers proprietary technology solutions including the Metoda 200+ efficiency enhancement method developed with ENERGOTHERM. RAFAKO operates its own boiler manufacturing facility producing components including membrane walls, superheaters, steam drums, and air heaters.

Differentiator

Problem solved

Functional benefit

Products and services

• Complete Power Units (Kompletne bloki energetyczne) Turnkey EPC solutions for the construction of complete power generation units, including combined heat and power (CHP) and coal-fired power blocks, designed for utility and industrial customers.
• Boiler Production Plant (Zakład Produkcji Kotłów) Manufacturing facility delivering high-quality boilers and boiler components — membrane walls, superheaters, steam drums, heat exchangers, pressure vessels, pipelines, chambers, rotary air preheaters — and performing block assemblies of large structural elements for power generation and industrial customers.
• Industrial Boilers (Kotły) Industrial boilers for power generation including fluidized bed boilers and waste-to-energy boilers, supplied to power plants and industrial operators.
• Environmental Protection Installations (Instalacje ochrony środowiska) Flue gas desulfurization (FGD), denitrification (DeNOx), and dust removal systems engineered for industrial emission control at power plants and industrial sites.
• Thermal Waste Utilization (Termiczna utylizacja odpadów)

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core and minor.

• ENERGOTHERMcoreTechnology or Integration · 11 April 2024RAFAKO and ENERGOTHERM are working together to introduce new technology to increase the flexibility of coal-based power blocks. This partnership focuses on developing solutions for existing coal-fired power plants to operate more flexibly in response to renewable energy fluctuations.
• NCBiR (National Centre for Research and Development)minorOthersRAFAKO projects are co-financed from EU funds through NCBiR. The company conducts R&D activities supported by national research funding programs.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Direct peers

• Mitsubishi Power: Supplies steam turbines, boilers, and flue-gas treatment systems, including air-quality control systems (AQCS) comparable to Rafako's FGD/DeNOx offerings. Competes for the same utility-scale EPC mandates.
• Andritz: Supplies fluidized-bed boilers, biomass and waste-to-energy boiler plants, and flue-gas cleaning systems — all categories where Rafako competes directly, especially in European pulp-and-power and waste-to-energy projects.
• Foster Wheeler (Wood Group): Heritage boiler OEM and EPC contractor absorbed into Wood, with comparable circulating fluidized-bed boilers and power-plant services portfolio overlapping Rafako's offerings.
• Babcock & Wilcox: Long-standing boiler OEM and power-plant services provider. Closely matches Rafako's industrial and utility boiler manufacturing, environmental equipment, and boiler modernization services.
• Doosan Enerbility (formerly Doosan Heavy Industries): Korean EPC contractor delivering coal-fired and combined-cycle power blocks, boilers, and environmental systems. Competes with Rafako in international tenders and on European projects.
• Alstom (GE Steam Power / GE Vernova): Global OEM of steam turbines, boilers, and turnkey power-plant EPC. Direct competitor to Rafako in coal-fired and CHP power-block delivery, environmental installations, and boiler retrofits across Europe.

Broad incumbents

• Hitachi Energy: Supplies power-plant electrical systems, substation, and grid-interconnection solutions. Overlaps with the BOP/electrical scope of Rafako's power-block EPC work.
• Sumitomo Heavy Industries: Diversified industrial manufacturer producing power-generation boilers and pressure vessels among other lines. Competes in select boiler and EPC segments adjacent to Rafako's core.

Regional players

• ENERGOTHERM: Polish technology partner of Rafako on the Metoda 200+ coal-block flexibility initiative. Comparable as a regional Polish supplier of power-plant technology and modernization solutions.

Emerging players

• China Harbin Electric International: Emerging EPC contractor delivering coal-fired power blocks internationally at competitive pricing. Competes with Rafako for utility-scale power projects in Central and Eastern Europe.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/spolka_rafako

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 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 Rafako