Thermal Storage Finland (TSF) and CapMan Infra have entered into a strategic cooperation agreement aimed at scaling the business of TSF’s solutions sold through service contracts. The cooperation will be carried out with ProPellet Oy, CapMan Infra’s target company for heating solutions on a service model. The excellent results of the winter season from Niemi Palvelut Oy’s headquarters in Konala, Helsinki, have encouraged the parties to develop and scale up the sales of TSF’s service product while keeping customer orientation at the tip of the spear. At Niemi Palveluide’s site, the move away from district heating and into CO2-free heating energy through a service contract has worked excellently from both an operational and financial perspective.
“Our customers’ interest in our service contracts has been growing steadily and this naturally drives us to develop it even further. In infrastructure projects, it is natural to consider investments from many different angles. In order to compete with the various options, we need to have the best partners on the market to build on a service model that is already well known and established in the market. An innovative, modern, CO2-free and highly efficient power plant alone is not enough for rapid scaling up, we need a reliable and respected partner to add value by integrating the economic equation with the other obvious benefits of our power plant. We have been working with CapMan Infra for almost two years now. I recognise each other’s ways of working and our shared values, and on this basis it feels extremely natural to formalise our common strategic objectives. I look forward to quick and concrete results from the deepening of our cooperation.” – Comments Janne Ritakoski, Managing Director of TSF
CapMan Nordic Infrastructure II is an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR) with a clear sustainable development strategy, whereby the value creation of its investments has a particular focus on accelerating the green transition. The fund has made investments in data centres (KoloDC), industrial-scale solar parks (Skarta Energy), transport infrastructure for salmon farming (Napier), district heating and electricity grids (Haminan Energia) and residential-scale thermal and bioenergy (ProPellet), among others.
“We have been closely following the development of the TSF for almost two years. The company has been developing its concept at a reasonably fast pace and we feel that the results we are already seeing indicate that the time is right for closer strategic cooperation. We also have a good understanding of the areas where we can concretely support and develop our sales and joint service model. At the customer interface, this translates into a very clear package, where no initial investment in CO2-free heating energy is required and the customer does not have to worry about the maintenance and operation of the equipment. Add to this the cash flow positivity in relation to existing heating energy and we have all the tools we need to scale up. Like Janne, we are looking forward to quick and tangible results from this closer cooperation.” – Sauli says.
The agreement on closer cooperation was signed on 17 April 2025 and the parties have taken immediate steps to achieve their common objectives. TSF will immediately start the recruitment process to strengthen the sales organisation of the service product.
