Norway-based Heaten was in the early stages of making high-temperature industrial heat pumps when it scored an investment from Azolla Ventures two years ago.
Luxembourg-based private equity firm Advent Internationalis now acquiring Heaten for an undisclosed amount via its AI Alpine fund. It’s a rare exit for the climate tech sector, which has been fretting over a lack of liquidity to plow into new deals.
Azolla, launched by the nonprofit Prime Coalition, uses blended finance to accelerate climate tech commercialization. It invested in Heaten to help the company deploy customer pilots, preceding the full launch of Azolla’s $239 million fund.
Heaten raised a total of €8 million ($8.8 million) from Azolla, Nysnø Climate Investments, Shell Ventures and family office Valinor.