Finnish Climate Fund

Investment in Heat Storage Company Elstor


We advised the Finnish Climate Fund when it invested in Elstor Oy to speed up the rollout of their energy solution, particularly to small- and medium-sized industrial companies. Elstor’s heat storage solution can replace fossil fuels in the production of heat and steam for industrial processes and energy generation.

Elstor has developed a solution that stores electricity as heat energy, which is then discharged as heat or steam as required for the customer’s processes. The company currently has two pilot units: one for heat and one for steam production.

In Finland, the market potential of the solution is nearly half a million tonnes of reduced emissions, which accounts for approximately one percent of Finland’s total emissions.

The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. Approximately 65% of the Climate Fund’s investments relate to climate change and about 35% to climate-related digitalisation.

Elstor Oy develops and manufactures chargeable heat storage solutions for industrial heat and steam production. Elstor’s solution enables carbon-neutral, emission-free and cost-efficient generation of heat energy.

The Team