Ancala, the experienced investor in critical infrastructure, has acquired a majority interest in Noventa Energy Partners (‘Noventa’) for an undisclosed amount.

Noventa is a global renewable energy company which provides a full suite of services to decarbonise the heating and cooling of buildings. It has an existing pipeline of projects across Canada, the UK and the US. Ancala has made the investment on behalf of Ancala Infrastructure Fund III, Ancala’s third mid-market focused infrastructure fund.

Using proprietary methods and innovative design, Noventa develops customised Wastewater Energy Transfer™️ (WET™️) Systems, anchored by the HUBER ThermWin®️ technology, that harness the thermal energy in wastewater to provide heating and cooling without Scope 1 greenhouse gas emissions. Noventa’s solutions also reduce Scope 2 emissions by using electricity more efficiently for cooling.  When owned and operated by Noventa, the WET™️ Systems are delivered through an Energy-as-a-Service (“EaaS”) model that helps building operators to manage capital and operating costs. On average, Noventa’s solutions reduce building carbon emissions from heating by more than 70 per cent.

Later this year, Noventa will commission the first phase of its Toronto Western Hospital WET™️ System, which is intended to eventually supply 19MW of thermal energy, equivalent to 90 per cent of the hospital’s annual heating and cooling needs. This will reduce Toronto Western Hospital’s CO2 emissions by 8,400 tonnes and generate water savings of over 95,000 m3 per year.

Ancala’s investment will support Noventa’s existing management team, led by Founder and CEO Dennis Fotinos, to pursue its international growth plans and ramp up the delivery of a significant pipeline of wastewater energy projects. Ancala has committed to provide Noventa with additional funding to support the delivery of these projects. The funding will help even more organisations to decarbonise their operations, avoid large upfront investment costs and generate long-term cost savings.

Ancala brings considerable expertise to Noventa having invested more than €500m into renewable energy companies. Its existing portfolio includes HS Orka, the largest privately-owned energy generator in Iceland, food waste recycling specialist Biogen and biomass energy company Magnon Green Energy.

As part of the transaction, international renewable energy expert Heike Bergmann will join Noventa’s board as Non-Executive Chair. Heike has held senior roles in the energy industry and also sits on the board of HS Orka. Pelino Colaiacovo is also joining the board as an Independent Director. He brings more than 30 years’ experience as an industry leader in Canada’s energy sector.

Dennis Fotinos, Founder and CEO, Noventa, commented:

“Noventa was founded with a clear mission to decarbonise buildings through disruptive innovation. Our special relationship with HUBER with respect to its ThermWin®️ technology was the first step toward that mission. This investment by Ancala represents the second.

“In Ancala, we’ve chosen a partner to support our long-term growth plans. The Ancala team understands the impact innovation can make towards combatting climate change. They provide us with access to capital and leading knowledge of the energy sector that we can draw upon to execute on our pipeline of projects.”

Lee Mellor, Partner, Ancala, commented:

“Building emissions are currently responsible for over a third of global energy related carbon emissions1. Dennis and his team at Noventa are uniquely placed to help building owners to significantly reduce their carbon emissions and heating costs while improving their energy ratings.

“We look forward to working with Noventa and providing capital for the team to use their significant thermal energy experience to deliver value to customers and other key stakeholders. We are actively looking to invest in and support more exciting renewable energy specialists like Noventa.”


1 – According to data from The World Building Council:


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