Evli Private Capital invests in Enico, a Finnish energy storage solutions provider, to accelerate its growth and support the green transition in the energy sector.

Target Information

Enico specializes in optimizing battery storage solutions for both renewable energy producers and consumers. The company plays a vital role in advancing the green transition and supports the EU's objectives for reducing carbon dioxide emissions and ensuring energy supply security.

Founded in 2019, Enico has demonstrated significant revenue growth, with an average annual growth rate of nearly 200% from 2019 to 2024. With a projected revenue increase, the company aims to almost double its previous year’s revenue of €8.9 million in the 2025 fiscal year. It currently employs 23 professionals at its headquarters in Tampere, Finland, and has recently opened new assembly facilities. Enico serves a diverse clientele in the commercial, industrial, and energy sectors, including companies such as Recharge, NREP, and AJ Power, as well as investors like New Stars & Company.

Industry Overview

The energy storage market is anticipated to grow rapidly, driven by the acceleration of the transition to weather-dependent renewable energy sources in both Finland and Europe. As wind and solar energy are inherently variable due to their dependenc