Beijer Ref Invests in Industrial CO₂ Start-Up Fenagy

Swedish refrigeration manufacturer Beijer Ref has invested in new Danish industrial CO₂ manufacturer Fenagy, according to a statement by Fenagy. 

The amount of the investment was not disclosed.

Fenagy was founded in the summer of 2020 and specializes in CO₂ technology for industrial refrigeration and heat pumps, including district heating.

“We are very proud to receive the trust and acknowledgement from Beijer Ref at such an early stage,” said Kim Christensen, Managing Director of Fenagy.

Fenagy aims to provide fully customized solutions “from design, through the installation, commissioning, and maybe even service,” Christensen said.

The company will be offering products with a capacity ranging from 200kW (57TR) to 1.8MW (512TR). The first products will be launched before Christmas in the Scandinavian markets, followed by England, France, Benelux, Germany and Poland.

“We have launched an ambitious and exciting project and we see Beijer Ref as an important partner for achieving our goals,” Christensen said. “We will stay with our original business plan and operate independently, but with all the benefits that Beijer Ref can bring regarding commercial and technical support.”

“Furthermore, together with Beijer Ref’s subsidiary SCM Frigo, we can offer a full product range immediately,” Christensen added.

Beijer Ref sees the investment as part of its move from being a component manufacturer, to becoming a full-scale OEM. “With Fenagy we invest in a committed, engaged, straightforward and united team,” said Per Bertland, CEO of Beijer Ref. “This matches fully with our core values and we do see huge synergies with our existing organization and business.”

“Additionally, Fenagy, as a system manufacturer, will help us in our transition from selling single components to [also] selling OEM products and systems,” Bertland added.

Beijer has consolidated its growth over the last 20 years with strategic investments and acquisitions. In February 2020, the company acquired Australian ACD Trade, a HVAC&R component distributor.