05. May 2022

Viessmann Group to invest EUR 1 billion in heat pumps and green technologies

Strong growth in green solutions and heat pumps led to a 21% rise in group revenue in 2021 to reach a new record high of EUR 3.4 billion

Allendorf, Germany – The Viessmann Group is to invest EUR 1 billion over the next three years to extend its heat pump and green climate solutions portfolio. The investments are targeted to expand the family company’s manufacturing footprint and R&D labs. They will also help to strengthen Europe’s geopolitical energy independence.

Despite negative effects from the pandemic and challenged global supply chains, the total revenue of the Viessmann family business reached a new record high of EUR 3.4 billion in 2021 (previous year: EUR 2.8 billion). The significant growth rate of +21 percent was driven predominantly by an increasing demand for premium heat pumps, sales of which jumped +41 percent.

Prof. Dr. Martin Viessmann, Chairman of the Board of Directors of Viessmann Group, said: “For more than 105 years, our company has been a family for positive change with a clear focus on energy efficiency and the development of new technologies such as the first heat pump generation in 1979. Our historic investment decision comes at a time where we build the right foundation for the next 105 years – for us and, even more importantly, for generations to come.”

Max Viessmann, CEO of Viessmann Group, said: “Unprecedented geopolitical developments need unprecedented decisions. We all need more speed and pragmatism in order to fight climate change and to re-think energy generation and use for tomorrow, in order to strengthen Europe’s geopolitical independence. Consequently, we are now accelerating our growth with dedicated investments in heat pumps and green climate solutions. At Viessmann, all 13,000 family members are relentlessly committed to co-creating living spaces for generations to come.”

The group’s overall growth in 2021 was primarily driven by its largest business area, Climate Solutions, where the shift towards integrated climate solutions continued to pay off. A significant milestone, designed to support and grow the company’s installer partner base, is the launch of Viessmann’s ONE BASE, a new integrated software platform, which networks Viessmann’s products and systems and connects them with digital services, including: all heating products, home battery storage, green gases and fuels, ventilation solutions and digital & value-added services.

In addition to organic growth, the Viessmann Group also successfully managed to grow via acquisition in 2021, extending its family business-oriented partnerships in electric heating, district heating, after sales services and building automation.

Viessmann became a shareholder in the leading heating, ventilation and air conditioning service company Value Added Engineering in Australia; acquired Pacifica Home Services, an installation/service platform with a focus on heat pumps in the UK; acquired Elektrotermex, a district heating specialist in Poland; and joined forces with the climate company Priva in the Netherlands, entering the smart horticulture and building automation sector.

Sustainability Strategy: SBTi certification confirms industry-leading Commitment

Viessmann is fully committed to its industry-leading climate strategy, recently receiving official approval and confirmation from the renowned Science Based Targets Initiative (SBTi) for its published goals to reduce the carbon footprint for its own operations and its entire value chain.

The SBTi certification confirms that the implementation of the sustainability and climate strategy are contributing positively to the overall goal of limiting global warming to 1.5 °C, according to the Paris Agreement.

Alix Chambris, Vice President Global Public Affairs and Sustainability, said, “Aligning our strategy with climate science is an expression of our strong responsibility and commitment. With our ‘LEAP to net-zero’ strategy, we empower our global family and partners to drive positive change together. Climate action has never been more relevant in todays’ geopolitical context.”

Response to war in Ukraine

In light of the Russian invasion of Ukraine, and despite negative effects on its Eastern European business, the global Viessmann family has demonstrated sustained and strong solidarity. Within just a few weeks, the company organised transportation, accommodation, medicine, material donations and new jobs in Viessmann facilities for Ukrainian people seeking refuge in Poland, Romania, Hungary, Slovakia and Germany. Additionally, Viessmann family members across the globe collected donations, which were doubled by the Viessmann Family Foundation to total over EUR 1.2 million, for social and charity organisations.

Frauke von Polier, Chief People Officer of Viessmann Climate Solutions, said: “The great solidarity and team-orientation we have witnessed in the last years, and especially in the last few weeks are simply overwhelming. This sense of responsibility signifies our strong culture – ultimately the greatest competitive advantage in a dynamically changing world.”

Refrigeration Solutions: combining cooling, climate and building automation

Viessmann’s Refrigeration Solutions business also contributed positively to the Group’s strong growth in 2021. The refrigeration, climate and building automation solutions areas have been combined, as have installation and after sales services. Increased synergies, especially in food retail, indoor farming and health care, helped the expansion of the business. An important innovation has been the amplification of intelligent cooling solutions based on a heat pump at the heart of the system. This generates both the required refrigeration capacity and climatisation power for the building, thereby eliminating the need for additional, separate climate or heating units.

Frank Winters, CEO of Viessmann Refrigeration Solutions, said: “Creating future-proof solutions has always been part of Viessmann’s DNA. By bringing together industry-leading cooling solutions with best-in-class heating and building automation, we have taken a major step towards more energy efficiency and a new level of sustainability for our customers.”

May 5th 2022

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