What Veco does

Veco S.p.A. designs, manufactures, and sells marine air-conditioning and refrigeration systems for yachts and superyachts. Founded in 1971 in Giussano, Italy, the family-owned company operates from a 5,000 square meter manufacturing facility and serves the marine shipbuilding market through two now-unified brands: Climma (air-conditioning, established 1984) and Frigoboat (refrigeration, established 1978). The product range spans self-contained Compact and Split air-conditioning units (3,500-24,000 BTU), modular and variable-speed DC chillers (16,000-1.5 million BTU), fancoils, air handling units with heat recovery (AERO), extractors, misting systems, and marine refrigeration including 12/24V DC condensing units, refrigerators, freezers, wine coolers, ice makers, and custom cold rooms. The VecoHub centralized control system, launched in 2021, integrates Climma and Frigoboat equipment across the vessel via touchscreen, MFD/chartplotter, or mobile devices.

The technical architecture centers on water-cooled condensers using high-efficiency cupronickel marine-grade heat exchangers, inverter-driven DC brushless compressors that reduce energy consumption by up to 50% versus traditional chillers, and ecological refrigerants. Modular redundancy in higher-capacity chillers targets superyacht reliability, while the Frigomatic Milano line addresses smaller-vessel retrofits with air-cooled, keel-cooled, or pump-cooled options. UV-C disinfection accessories and AERO heat recovery units extend the offering into air-quality and energy-efficiency domains. The company holds DNV certification (since 1996) and UNI EN ISO 9001:2015 quality certification.

Veco's revenue model is project-based and quote-driven, with no public pricing. The business operates through two go-to-market channels: a global network of more than 50 certified dealers and service centers (including Penguin Refrigeration in the UK for 20+ years and SAILTEC for Germany as of January 2025), and direct enterprise relationships with major shipyards including SanLorenzo, Azimut, X-Yachts, Baltic Yachts, Oyster Yachts, DellaPasqua DC, Gulf Craft, and others. Hardware sales dominate the revenue mix, with aftermarket parts and service flowing through the dealer channel. Over 50% of production is exported internationally. The company is led by CEO Carlo Formenti (son of founder Ing. Franco Formenti) and remains under third-generation family ownership with no disclosed external institutional investment.

Name

Veco

Legal name

VECO S.P.A.

Website

https://veco.net

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

11–50 employees

Short description

Veco is an Italian family-owned manufacturer, founded in 1971, that designs and sells marine air-conditioning and refrigeration systems for yachts and superyachts. It serves shipbuilders and boat owners globally through a 50+ dealer network and direct enterprise relationships with yards such as SanLorenzo, Azimut, and X-Yachts.

Ownership category

akta.pro rank

Product category

Marine HVAC and Refrigeration Equipment

NAICS

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

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Marine HVAC, Refrigeration & Ventilation Systems (IMAJAIAE)

akta.pro secondary industry

Marine MRO Parts & Consumables Distribution (TLAKAOAJ)

Keywords

• Marine air conditioning
• Marine refrigeration systems
• Yacht HVAC equipment
• Marine chillers
• Superyacht climate control

Headquarters

HQ city

Giussano

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Marine HVAC Equipment Sales: Direct sales of air-conditioning and refrigeration systems to shipyards during new build and refit projects, including Chilllers (16,000 to 1.5M BTU), fancoils, air handling units, and compact/split AC systems. Revenue generated through project-based orders with long sales cycles.
2. Marine Refrigeration Equipment Sales: Sales of Frigoboat refrigeration products including Frigomatic condensing units (12V/24V DC systems), refrigerators, freezers, wine coolers, ice makers, and cold rooms to boat builders and owners.
3. Aftermarket Parts and Service: Service and support through global dealer network, including spare parts, accessories (thermostats, control panels, water/air distribution accessories), and technical support services.
4. Custom/Project Solutions: Custom-designed HVAC and refrigeration solutions for superyachts and complex marine applications, with bespoke configurations, custom manifolds, and specialized installations.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Veco designs, produces, and sells marine air-conditioning and refrigeration systems for yachts and superyachts under the Climma and Frigoboat sub-brands. Its portfolio includes self-contained and split AC units, modular and variable-speed DC chillers, fancoils, air handling units, heat recovery systems, UV-C disinfection, and 12V/24V DC refrigeration condensing units, complemented by custom engineering and global dealer service. All systems can be integrated through the proprietary VecoHub centralized control platform.

Product overview

Veco is an Italian manufacturer of marine air-conditioning and refrigeration solutions established in 1971. The company operates under two main sub-brands: Climma (air-conditioning) and Frigoboat (refrigeration), which were unified under the Veco brand in 2024. The product portfolio centers on VecoHub, a centralized control system that integrates all on-board systems. Climma products include self-contained Compact and Split air-conditioning units, variable speed DC and modular chillers (DC, Modul, Aquacontrol), fancoils (EV, FC, AirPro series), air handling units with heat recovery (AERO), extractors, and misting systems. Frigoboat products include 12-24V DC refrigeration systems, refrigerators, freezers, wine coolers, ice makers, and custom cold rooms. The offering is complemented by comprehensive accessory lines including air distribution, sea water, and fresh water components, plus control panels and thermostats like the C-Touch touch screen thermostat. Veco manufactures from a 5,000 square meter facility in Giussano, Italy, using advanced technologies like laser cutting and automated work centers.

Differentiator

Problem solved

Functional benefit

Brands

• Climma: Marine air conditioning solutions including self-contained units, centralized systems, fancoils, chillers, air handling units, ventilation systems, misting systems, and control panels.
• Frigoboat
• VecoHub

Products and services

• Climma Air Conditioning Systems Complete marine air-conditioning product line for yachts from compact cabin units to centralized superyacht systems, including self-contained independent units, split systems, modular and variable-speed chillers, fancoils, air handling units, ventilation, and extractors. Designed for shipyards and yacht builders requiring reliable onboard climate control in harsh marine environments.
• Frigoboat Marine Refrigeration Systems Marine refrigeration product line including Frigomatic 12V/24V DC condensing units, standard and custom stainless-steel refrigerators, freezers, wine coolers, ice makers, AC refrigeration systems, and custom cold rooms for vessels of all sizes. Designed for boat builders and owners requiring reliable DC and AC refrigeration on board.
• VecoHub Centralized Control System Proprietary centralized control platform that integrates all Climma air-conditioning and Frigoboat refrigeration systems on board into a single intuitive interface, accessible via dedicated touchscreen, marine chartplotter, or mobile device. Targeted at yacht builders and owners seeking unified management of onboard climate systems.
• Frigomatic Milano Series Condensing Units Self-installable DC condensing units for Frigoboat refrigerators and freezers, available in three cooling variants (air-cooled, keel-cooled, pump water-cooled) and 12V/24V configurations. Designed for boat owners and builders seeking efficient, compact marine refrigeration condensing units.
• Climma AERO Heat Recovery Units High-performance marine heat recovery units with cross-flow air exchangers that maintain cabin air quality while recovering thermal energy, reducing load on chillers. Designed for yacht builders and owners seeking energy-efficient ventilation.
• Climma UV-C Disinfection Systems UV-C radiation-based air disinfection solutions for HVAC systems that can reduce viruses in air ducts by up to 99.9%, available for fresh air makeup systems, fancoils, and Compact units. Targeted at yacht operators seeking enhanced onboard air hygiene.
• Custom / Project HVAC and Refrigeration Solutions Bespoke engineering and custom configurations of marine HVAC and refrigeration systems for superyachts and complex marine applications, including custom manifolds and specialized installations. Targeted at shipyards and superyacht builders requiring project-specific solutions.
• Aftermarket Parts, Accessories and Service Support Spare parts, accessories (thermostats, control panels, water/air distribution components), and technical support services delivered through Veco's global dealer and service center network to yacht owners and operators.

Quantifiable outcome

• Energy consumption reduced by up to 50% with DC variable speed inverter technology compared to traditional systems
• +2 more outcomes

Named customers19 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

Integration5 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• SAILTECcoreChannel Partner/ Reseller/ Distributor · 1 January 2025SAILTEC has been appointed as the new official distributor for Germany, representing Veco's full product range including Climma air conditioning and Frigoboat refrigeration systems in the German market.
• Penguin Refrigeration LtdcoreChannel Partner/ Reseller/ DistributorUK-based Penguin Refrigeration Ltd has been a distribution partner for 20 years, supplying Frigoboat and Climma products and becoming a market leader in the UK marine refrigeration sector.
• ITALNORDICminorChannel Partner/ Reseller/ DistributorITALNORDIC represents Veco products in Nordic markets, hosting Open Yard events for customer engagement.
• DNV (Det Norske Veritas)coreOthersDNV has certified Veco's quality management system since 1996, providing third-party verification of manufacturing quality and compliance with maritime standards.

Scale indicators6 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Mabru Power Systems: Italy-based Mabru Power Systems specializes in marine air conditioning and DC inverter chillers for yachts, directly competing with Veco's Climma DC and Compact product families in the European superyacht market.
• Indel Webasto Marine (Isotherm): Indel Webasto Marine manufactures Isotherm-branded marine refrigeration and climate control products for boats and yachts, directly competing with Veco's Frigoboat refrigeration line on DC and AC systems.
• Webasto: Webasto's marine division produces HVAC, refrigeration, and heating systems for yachts and small craft, overlapping directly with Veco's Climma and Frigoboat product lines across European OEM channels.
• Dometic: Dometic is the largest marine HVAC and refrigeration company globally, owning the legacy Cruisair and Marine Air Systems brands. It directly competes with Veco across self-contained units, chillers, and onboard refrigeration for yachts and commercial marine.
• Frigomar: Frigomar is an Italian manufacturer of marine air-conditioning and refrigeration systems for yachts and commercial marine, with comparable self-contained and centralized product ranges specified on Italian-built boats alongside Veco.
• Marine Air Systems (Dometic brand): Marine Air Systems is another Dometic-owned marine HVAC brand with a strong installed base on US and European yachts, competing head-to-head with Veco on chilled-water and direct-expansion systems.
• Cruisair (Dometic brand): Cruisair is a long-established marine air-conditioning brand now owned by Dometic, with a comparable product range of self-contained units, split systems, and chillers specified on many of the same premium yacht builders as Veco.

Others

• FischerPanda: FischerPanda supplies marine generators that are commonly specified alongside Veco HVAC systems on the same vessels (e.g., C-Catamarans, Comar), making it a complementary technology partner rather than a direct HVAC competitor.
• Climma (legacy brand within Veco): Climma was Veco's legacy marine air-conditioning brand and remains the product family name inside Veco; it is no longer an independent competitor after the 2024 brand unification.

Emerging players

• Heinen & Hopman: Heinen & Hopman designs and supplies HVAC, refrigeration, and ventilation systems for superyachts and naval vessels, with overlapping scope to Veco's integrated chillers, AHUs, and VecoHub-style control offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/VecoSpA
• LinkedInlinkedin.com/company/veco-spa

Compliance2 records

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 Veco