Gren marks two years of exciting growth and development journey
Two years ago, on July 5th, 2021, we relaunched as Gren – the Northern European green energy company. A new brand with a proven track record of decades of operations in the Baltic region serving customers with sustainable energy solutions, mainly district heating from renewables and local energy resources. Today, 2 years later, Gren’s customer base has grown by 58% in the result of strong organic growth and acquisitions of energy businesses in the Baltics and recently also in the UK. Gren has also opened a new business line – Industrial Energy Service – customized energy solutions for industries. In the meantime, the last two years have been more challenging than ever before – the war in the neighboring Ukraine and the dramatic changes in the world’s fuel market were the things Gren had to face as an energy company. Despite that Gren managed to keep high delivery availability of its services to customers.
Ilkka Niiranen, the CEO of Gren: “These have been exciting and dynamic two years of positive, sustainable development and growth. The relaunch as Gren was the first step in the strategy that sought to transform the company from a portfolio of attractive district heating assets into an independent customer-centric residential and industrial energy solutions provider. During the first year, we defined our company’s purpose and direction and developed Gren’s strategy. The strategy that is purely focused on the needs of our customers and sustainability, made alive by our people and directed towards continuous growth and development. We also continued to keep high safety standards in all our sites and demonstrated good results – work safety is the key to successful operations and development. I am very excited and honored to steer the development of this great company and be part of a very professional, passionate and customer-focused Gren family. Thanks to our Gren people we have grown considerably in the home market as more and more customers choose Gren as their energy partner. The trust of our customers in us is the highest evaluation of our work. We have also expanded our operations in the Baltics and beyond by several successful acquisitions of energy companies. And this is just the beginning of our journey and there are more exciting turns to come. I would like to thank all our existing customers for being with us on this journey and also our new customers for choosing Gren as their energy company!”
Since the very beginning, Gren has been on an ambitious growth journey as a leading Northern European green energy company with a focus on producing clean energy and providing energy solutions to customers that range from sustainable district heating to renewable and industrial energy.
In 2021 Gren entered a new business line – Industrial Energy Service – oriented on industries, also known as industrial energy solutions (IES). Today Gren is taking the final steps before commissioning one of the largest hi-tech industrial cooling systems in the Baltics for the E-Piim’s Paide dairy complex located in Estonia and working on several other tailored-made solutions for industrial customers.
In the beginning of 2022 Gren finalized the acquisition process of a green energy producer in Riga, Latvia, that supplies competitive and clean district heating to the operator of Riga district heating system. By the end of 2022 Gren had finalized two more acquisitions: acquired the third largest district heating network in Estonia operating in the North-East part of the country in the regions of Jõhvi and Kohtla-Järve and a district heating system operator in the town of Gulbene, Latvia. Besides in 2022 Gren became a strategic investor in Eleport, one of the most prominent and rapidly expanding public charging network developers across the Baltics and Poland.
Gren continued its successful expansion also in 2023 by completing the acquisition of a company operating heat production and supply businesses in four cities in Lithuania – Vilnius, Visaginas, Akmenė and Trakai. Recently Gren made also its first international expansion by acquiring portfolio of heat and power generation assets in the UK – one of the fastest growing district heating markets in Europe. Gren will play a key role in helping the UK to decarbonize its energy sector.
Gren provides comfort to more than 260 000 homes, offices, public buildings, hospitals, businesses & industries. In two years Gren’s heat generation capacity has grown from 700 MW to 1 200 MW and our heat sales have increased to over 2 TWh, and the length of district heating network infrastructure has increased from 400 km to 630 km. Gren’s district cooling networks have been extended to 15 km. During this two years period, our Gren team has grown from 270 to 450 employees. The fuel mix for energy production is 90% renewables (biomass, renewable part of waste) and around 10% non-renewables (non-renewable part of waste and gas). Gren’s successful continuous organic growth and expansion in the Baltics and beyond demonstrates the company’s ability to grow and generate value both in the home markets as well as internationally.
Gren is a Northern European energy company with the purpose to energize the future today. We are developing and providing energy solutions that range from sustainable district heating to renewable and industrial energy to meet the daily needs of our customers and communities. Together with our customers, communities and partners, we are on a journey towards sustainable success, contributing to the decarbonization goals. Gren is currently operating in Estonia, Finland, Latvia, Lithuania and the United Kingdom and has ambitious growth plans to expand business by actively searching for new efficient solutions and growth opportunities beyond the existing businesses. For more information, please visit www.gren.com or follow us on LinkedIn.