Hiref Spa

What Hiref Spa does

HiRef S.p.A. is an Italian precision HVAC&R manufacturer founded in 2001 in Tribano (Padua), specializing in custom-engineered air conditioning, cooling, and heat-recovery systems for four end-markets: data centers, telecommunications, industrial processes, and buildings. Its technology base spans direct expansion, chilled water, indirect free-cooling, adiabatic cooling, CO2 (R744) transcritical refrigeration, low-GWP refrigerants (R1234ze, R290, R513A), inverter-driven modulating compressors, and proprietary liquid cooling and heat-pump designs, with an industry-leading emphasis on CO2 and other ultra-low-GWP solutions. Customization is the commercial backbone - 85% of products are non-standard - delivered through a co-design methodology and verified via five proprietary testing laboratories (Low-T, Data Center, Hyper, Acoustic, Data Box) and Factory Acceptance Testing before delivery. The HiNode supervision software provides predictive-logic plant management with cloud integration.

The business model is primarily capital-equipment sales of custom-engineered units (perimeter-mounted units, chillers, heat pumps), supplemented by customization engineering services, FAT testing, after-sales maintenance through Italy-wide Authorized Technical Service Centers (CATs), and managed services via HiNode. Pricing is project-specific with multi-year contract cadence and no public catalog. Go-to-market combines direct enterprise field sales with a vertically integrated subsidiary network: seven wholly-owned spin-offs (Eneren geothermal, It.Met fabrication, HiDew dehumidification, Ecat electrical panels, Tecno Refrigeration CO2, HiRef Engineering, Datadom prefab data centers) plus international sales/service subsidiaries in the UK, Spain, South Africa (2023), India (2025), Mexico, and the USA (2026). The company is 100% Italian-owned, family-led under CEO Alberto Salmistraro, and operates with ~330 group employees across ~12,000+ m² of production footprint including the Energy Building inaugurated in 2025.

Customer concentration is diversified across verticals, with named contracts at hyperscale/enterprise data centers (Finland 800 kW, Madrid 2 MW, Milan Hyperscaler, Central Europe 15 MW, Bari government DC, Copenhagen Metro 500 kW), insurance (major insurance company DC), airlines (London Heathrow), telecommunications (Italian national broadcaster), food & beverage (multinational bakery in Latin America, Italian dairy), textiles, automotive-adjacent HPC (Oper8 Global/Formula 1), healthcare, and cultural sites. Revenue is not publicly disclosed; the scale of named contracts (up to 15 MW chillers, 2 MW multi-unit deployments, 42-unit government deployments) combined with 330+ employees implies an estimated annual revenue in the $50M-$100M band with low confidence due to absence of disclosure. The company's intellectual property base comprises eight granted patents, ISO 9001, ISO 14001, PED, Fgas, and Gender Equality certifications, and active participation in nine EU research consortia positioning it for tightening F-gas and corporate net-zero procurement frameworks.

Name

Hiref Spa

Legal name

HiRef S.p.A.

Website

https://hiref.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

HiRef S.p.A. is an Italian precision HVAC&R manufacturer delivering custom-engineered cooling, free-cooling, CO2 transcritical, and low-GWP heat-pump systems for data centers, telecommunications, industrial processes, and commercial buildings, with 330+ employees and international subsidiaries across Europe, Africa, South Asia, and the Americas.

Ownership category

akta.pro rank

Product category

Precision HVAC and Data Center Cooling 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), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564)

akta.pro primary industry

Cooling Systems & Thermal Management (CRAC/CRAH, Chillers, Liquid Cooling) (HDABAKAD)

akta.pro secondary industries

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB), Chillers & Cooling Plant Equipment (IMAHAKAE), HVAC Controls & Optimization (Smart Thermostats, VAV, Chillers/Boilers Controls) (BPABAGAB), Refrigeration Components & Controls (Compressors, Valves, Sensors) (IMAHAKAH), Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF)

Keywords

• Precision air conditioning
• Data center cooling
• Industrial chillers
• Heat pump systems
• HVAC manufacturing

Headquarters

HQ city

Tribano (Padua)

HQ country

Italy

HQ region

Europe

Offices6 records

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. HVAC Equipment Sales: Sale of custom air conditioning units including perimeter-mounted units, chillers, heat pumps, precision air conditioners, and prefabricated DataBox solutions. Products are predominantly custom-engineered (85% non-standard), sold as capital equipment to enterprise customers.
2. Customisation Services: Engineering and design services for tailor-made HVAC solutions including dimension customization, power optimization, hydraulic connection adaptation, accessory configuration, and management software programming.
3. FAT (Factory Acceptance Testing): Pre-delivery functionality testing service at HiRef testing laboratories, allowing customers to verify unit performance before installation.
4. After-Sales and Maintenance: Technical after-sales support through authorized service centers including scheduled and unscheduled maintenance, remote monitoring, and spare parts.
5. Plant Management and Supervision (HiNode): Integrated system management and supervision services using proprietary HiNode software for real-time monitoring, predictive logic, and optimization of HVAC installations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

HiRef S.p.A. designs, manufactures, and services custom precision air conditioning and cooling systems for data centers, telecommunications, industrial processes, and commercial buildings. Its portfolio spans perimeter-mounted units, free-cooling and adiabatic chillers, heat pumps, CO2 (R744) transcritical systems, prefabricated DataBox data centers, and the proprietary HiNode supervision software, with 85% of units non-standard and engineered to project specifications. The offering is supported by five in-house testing laboratories, factory acceptance testing (FAT), co-design engineering services, and a network of authorized service centers.

Product overview

HiRef Spa is an Italian HVAC&R company specializing in precision air conditioning for technological, industrial, and service environments. The product portfolio centers on a comprehensive range of cooling solutions organized into three main categories: perimeter-mounted units (TRF, NRG, FanWall HBCV), chillers (TVD, TSL, TPS, TAS, TSE, TAL, XVA, CDA, HWC), and heat pumps (TVA). These core products are complemented by specialized offerings including the DataBatic evaporative cooling system, DataBox prefabricated Data Center solutions, and the proprietary HiNode supervision software. HiRef operates with approximately 85% non-standard/customized products, supported by extensive testing labs and factory acceptance testing services. The company also provides design, installation, and after-sales support services through its network of subsidiaries and authorized service centers.

Differentiator

Problem solved

Functional benefit

Brands

• HiNode: Exclusive system for air conditioning system management and supervision with predictive logic
• DataBatic
• DataBox
• Datadom
• HiDew
• HiRef2

Products and services

• TRF CW Perimeter-Mounted Unit Perimeter-mounted chilled water unit designed for high-reliability data center climate control.
• NRG A Perimeter Air Conditioner Direct expansion perimeter air conditioner (air/air) with precise temperature and humidity control and inverter-modulated compressor.
• TVA Heat Pump Air-to-water heat pump providing efficient heating and cooling for industrial and commercial applications with high temperature capabilities.
• TSL Chiller/Heat Pump Air/water chiller designed for heat pump applications with energy-efficient operation.
• FanWall HBCV Precision air conditioning unit with EC fans for optimized airflow management in data centers.
• TVD Free-Cooling Chiller Free-cooling chiller exploiting low outdoor temperatures to reduce energy consumption, using R1234ze refrigerant and microchannel coils.
• DataBatic (HDB) Evaporative Cooler Air-to-air evaporative cooler combining indirect free-cooling, adiabatic cooling, and direct expansion mechanical cooling in a single machine, enabling extended working range in temperate climates with installations up to 2 MW total capacity.
• XVA Water-to-Water Chiller Water-to-water chiller with screw compressors and shell-and-tube exchangers, providing high efficiency at partial loads with total redundancy, including on-site disassembly/reassembly through small cavities.
• CDA CO2 (R744) Chiller Air-to-water chiller using CO2 (R744) as refrigerant (GWP=1) with modular inverter-driven piston compressors, finned pack heat exchangers in V-configuration, and full heat recovery capability for domestic hot water production.
• TAS Free-Cooling Unit High-efficiency unit equipped with Free-Cooling technology for reduced compressor usage, energy savings, and Glycol Free Kit option.
• NRG Direct Expansion Perimeter Unit Direct expansion perimeter unit with displacement air distribution, dual-circuit inverter technology, and N+N redundancy architecture.
• TRF DX A Precision Air Conditioning Unit Direct expansion precision air-conditioning unit (air/air) with downflow configuration and long-distance refrigerant line kit for urban installations over 60 meters.
• DataBox Prefabricated Data Center Multi-accessorized prefabricated Data Center solution including management software, power supply, and cooling, pre-assembled and tested for quick deployment as indoor kits, containers, or transportable shelters.
• HiNode Supervision Software Proprietary air conditioning plant management and supervision system with predictive logic, real-time thermal load monitoring, cloud integration, and dynamic airflow control.
• Factory Acceptance Testing (FAT) Service Service evaluating products through conventional or simulated functionality tests at HiRef's testing laboratories before delivery to verify performance.
• Customisation Service Engineering and design service for tailor-made air conditioning solutions addressing non-standard dimensions, power, hydraulic connections, accessories, styling, and management software configurations.
• Co-Design Service Collaborative design service working alongside customers to understand needs and develop customized air conditioning solutions, supported by HiRef Engineering.
• Testing Labs Service Performance verification service using five proprietary testing laboratories: Low-T Lab (down to -50°C), Data Center Lab (up to +60°C), Hyper Lab (up to 2.0 MW thermal), Acoustic Lab, and Data Box Lab.

Quantifiable outcome

• Reduced energy consumption through indirect free-cooling exploitation in Nordic climates (e.g., Finland)
• +4 more outcomes

Named customers18 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature8 records

Partnerships

31 partnerships are on record, tiered core and minor.

• University of PaduacoreStrategic or Co-development Partner · 1 January 2003Long-standing strategic partnership since 2003 for thesis collaborations, PhD support, and R&D projects. Over 50 graduation theses produced. Six out of ten graduates subsequently join HiRef, creating a talent pipeline. Collaboration spans multiple research areas including geothermal energy, data center cooling, CO2 heat pumps, ORC cycles, CFD analysis, and machine learning for HVAC optimization.
• University of BolognacoreStrategic or Co-development PartnerCollaboration with University of Bologna's Energy Engineering department on optimization of simulation models for air-to-water chiller systems with indirect free-cooling for data center applications (2014 thesis project).
• University of TriesteminorStrategic or Co-development PartnerCollaboration on lean manufacturing applied to HVAC industry (2008 thesis project).
• University of GenoaminorStrategic or Co-development PartnerCollaboration on theoretical and experimental analysis of data center cooling systems using CO2 carrier fluid in two-phase regime (2021 thesis project).
• Roma Tre UniversityminorStrategic or Co-development PartnerCollaboration on analysis and study of a prototype ORC plant (2017 thesis project).
• University of FerraraminorStrategic or Co-development PartnerCollaboration on methodology for assessment of measurement uncertainty influence on organic rankine cycle properties (2018 thesis project).
• Ca' Foscari University VeniceminorStrategic or Co-development PartnerCollaboration on spin-offs as driver of innovation - the case of HiRef Group S.p.A. (2025 thesis project).
• Leeds University (UK)minorStrategic or Co-development PartnerInternational university collaboration partner for exchange of skills and R&D projects.
• Valencia University (Spain)minorStrategic or Co-development PartnerInternational university collaboration partner for exchange of skills and R&D projects.
• Stockholm University (Sweden)minorStrategic or Co-development PartnerInternational university collaboration partner for exchange of skills and R&D projects.
• KU Leuven (Belgium)minorStrategic or Co-development PartnerInternational university collaboration partner for exchange of skills and R&D projects.
• CONCERIA SETTEBELLO S.p.A.minorStrategic or Co-development PartnerRE.CO. project partner (2023-2026): Recovery of Energy and Materials in the Tanning Sector. HiRef contributes HVAC&R expertise to the circular economy initiative in the leather industry.
• Archa S.r.l.minorStrategic or Co-development PartnerRE.CO. project partner for circular economy in the tanning sector supply chain.
• CONSORZIO CUOIO-DEPUR S.p.A.minorStrategic or Co-development PartnerRE.CO. project partner for circular economy in the tanning sector supply chain.
• AGROMATRICI S.r.l.minorStrategic or Co-development PartnerRE.CO. project partner for circular economy in the tanning sector supply chain.
• Galletti BelgiumminorStrategic or Co-development PartnerCollaboration partner in CHEAP-GSHPs and GEO4CIVHIC European projects, facilitating study and progress of transcritical CO2 technology in heat pumps.
• ADCA - Africa Data Centres AssociationminorStrategic or Co-development PartnerHiRef shares ADCA's mission of enhancing economic growth of the data center industry for companies, governments, and media.
• Amici dell'Università di PadovacoreStrategic or Co-development PartnerHiRef is a Meritorious Member sharing common values around expertise, innovation, and sensitivity to people and territory.
• CUOA Business SchoolminorStrategic or Co-development PartnerHiRef has been a Supporting Member since 2014, providing access to managerial skill development and network exchange.
• EU Code of Conduct for Energy Efficiency in Data CentresminorStrategic or Co-development PartnerHiRef supports and shares the EU code of conduct for energy efficiency in data centers, contributing to building a sustainable future.
• AiCARR - Italian Air Conditioning Heating and Refrigeration AssociationminorStrategic or Co-development PartnerSupporting member of AiCARR, the Italian air conditioning heating and refrigeration association.
• IDA - Italian Data Center AssociationminorStrategic or Co-development PartnerPartner of IDA, the Italian Data Center Association.
• HPF - Heat Pump FederationminorStrategic or Co-development PartnerMember of the Heat Pump Federation together with partner HiRef UK.
• Eurovent - European Industry AssociationminorStrategic or Co-development PartnerCorresponding member of Eurovent, the voice of the European HVACR industry.
• Tecno RefrigerationcoreStrategic or Co-development PartnerGroup subsidiary and 'competence center' for CO2 systems. Collaborated with HiRef R&D department on Copenhagen Metro CO2 transcritical project. Specializes in commercial refrigeration and comfort air conditioning for naval and railway sectors.
• Oper8 Global (UK)coreStrategic or Co-development PartnerStrategic partnership for high-performance data center solutions. Oper8 specializes in HPC, technological research, and Formula 1 applications. Three systems developed with HiRef as strategic partner, including two completed and one in advanced installation phase.
• FLEXIndustries ConsortiumminorStrategic or Co-development PartnerEuropean project (2023-2027) promoting energy efficiency measures and process flexibility methods for energy-intensive industries.
• THUNDER Project ConsortiumminorStrategic or Co-development PartnerTHUnder (Thermochemical storage Utilization eNabling Data centre seasonal Energy Recovery): EU project (2024-2027) overcoming barriers to widespread adoption of data centre waste heat recovery strategies.
• ECHO Project ConsortiumminorStrategic or Co-development PartnerEfficient Compact Modular Thermal - Energy Storage System: EU project (2023-2026) developing adaptable thermal energy storage solutions supporting EU climate-neutrality goals.
• USES4HEAT Project ConsortiumminorStrategic or Co-development PartnerEU project (2023-2027) demonstrating innovative large-scale seasonal thermal energy storage solutions for decarbonised and reliable heating supply.
• ClimaFlex Project ConsortiumminorStrategic or Co-development PartnerEU project (2025-2030) transforming heat pumps from simple heating/cooling devices into strategic resources providing flexibility services to the electricity grid.

Scale indicators13 records

Recent moves17 records

Expansion highlights6 records

Broad incumbents

• Schneider Electric: Global broad-line provider of data center infrastructure including cooling (Uniflair line), power, and DCIM software. A scaled incumbent competing with HiRef in precision cooling and increasingly in liquid cooling for AI/HPC workloads, though cooling is just one segment within a much wider portfolio.
• Rittal: German owner of the Lampertz/LKH liquid cooling portfolio and broader IT infrastructure including enclosures and power for data centers. While broader than HiRef (enclosures, full DC build), Rittal competes directly in cooling systems and has greater scale and brand recognition in EMEA data centers.
• Daikin: Japanese global HVAC leader with growing data center cooling portfolio including chillers and air handling. Highly relevant competitor in inverter-driven commercial HVAC and a leader in low-GWP refrigerant adoption, though data center cooling is a sub-segment of a much broader portfolio.
• Carrier Global: US-listed global HVAC&R incumbent with significant data center cooling presence via Carrier and recently acquired companies. Competes with HiRef in commercial chillers, heat pumps, and precision cooling but at far greater scale and with broader product/geographic reach.

Emerging players

• ABB: Swiss industrial technology group with a growing data center infrastructure portfolio including cooling and power distribution. While ABB is broadly an incumbent in industrial automation, its targeted data center focus makes it an emerging competitor in the precision cooling segment where HiRef operates.

Direct peers

• Galletti Group: Italian HVAC manufacturer offering chillers, heat pumps, and precision cooling units. Highly comparable to HiRef as a fellow Italian mid-market HVAC specialist; the Galletti Group configurator is integrated with HiRef's commercial platform and Galletti Belgium is an EU R&D project partner, suggesting a close commercial or group-level relationship.
• Vertiv: US-listed global leader in data center critical infrastructure including precision cooling, thermal management, and power. Vertiv is the most direct competitor to HiRef in precision air conditioning for data centers and hyperscale deployments, but operates at vastly greater scale and with broader product portfolio.
• STULZ: German-headquartered specialist in precision air conditioning for data centers, telecommunications, and industry. Highly comparable to HiRef in product scope (CRAC/CRAH units, chillers, free-cooling), customization approach, and target customer base across EMEA.
• Munters: Swedish precision climate and cooling provider with a strong data center business including liquid cooling and adiabatic systems. Comparable to HiRef in serving hyperscale and colocation customers with mission-critical cooling solutions across Europe and globally.

Others

• Trane Technologies: US-listed global HVAC incumbent offering chillers, air handlers, and thermal management for commercial and data center applications. Overlaps with HiRef in high-efficiency chillers and heat recovery but operates as a broad-line incumbent rather than a precision-cooling specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@HiRefSpA
• Facebookfacebook.com/HiRef.SpA
• LinkedInlinkedin.com/company/hiref-spa

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries12 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 Hiref Spa