The archive · Climate & Energy · Strategic decision · 2022–2026
GALVANY's heat-transition bet: 2,500 heat pumps, €20.1M revenue, profitable at seed
GALVANY bets German heat pumps fail on installs and economics, not technology, so one full-chain platform can scale profitably.
GALVANY
What the business is
A Berlin-based end-to-end platform for Germany's heat transition that combines sales, procurement, installation and intelligent operation of heat pump systems in one offering for existing buildings.
Starting capital：€10M seed round closed June 2026, led by SET Ventures with AENU as co-lead.
How it started
Raik Belka founded GALVANY in Berlin in 2022 with the observation that heat pumps in Germany were not failing technically. The failures came from the gap between subsidy bureaucracy, installation capacity and economic viability for the end customer. He set out to close that gap with one platform: GALVANY combines sales, procurement, installation and operation of heat pump systems, so a household or housing company gets a managed heating transition instead of assembling contractors and subsidies itself.
What happened
GALVANY built its own hardware - the GALVANY Cube heat pump produced with Panasonic in Pilsen - and paired it with GALVANY Fusion, an energy management system linking heat pumps, battery storage and dynamic electricity tariffs, with load shifting and spot-market arbitrage cutting heating costs. By the end of 2025 it had installed more than 2,500 systems, generated €20.1M in revenue, up sevenfold year-on-year, and closed the year with positive EBIT. In June 2026 it raised a €10M seed round led by SET Ventures with AENU co-leading, to push into the multi-family existing-building market, develop Fusion into an AI-powered energy operating system, and scale its contractor and sales network across Germany.
How it ended up
The company is scaling from a profitable position: it plans to expand its offering for housing companies and portfolio owners in the multi-family existing-building market, release the first version of its consumer app in summer 2026, and grow its partner-installer and own-sales network nationwide.
Background
GALVANY is the bet that Germany's heat transition fails on installation and money, not on pump technology. Raik Belka founded the company in Berlin in 2022 after concluding that heat pumps were failing because of the gap between subsidy bureaucracy, installation capacity and economic viability for homeowners - not because of the hardware. His answer was a single platform that handles sales, procurement, installation and intelligent operation of heat pump systems for existing buildings.
The product is vertical but software-led: the GALVANY Cube, a modular heat pump produced with Panasonic in Pilsen, is paired with GALVANY Fusion, an energy management system that links the heat pump, battery storage and dynamic electricity tariffs. Load shifting and spot-market optimisation are sold on the promise that the system can pay for itself over time, rather than depending on subsidies alone.
By the end of 2025 GALVANY had installed more than 2,500 systems, reported €20.1M in revenue - up sevenfold year-on-year - and closed the year with positive EBIT. In June 2026 it raised a €10M seed round led by SET Ventures with AENU as co-lead, a round notable partly because the company was already profitable at seed stage in a climate-tech market where that is rare.
The new capital targets the multi-family existing-building market, where housing companies and portfolio owners represent Germany's largest heating-decarbonisation opportunity, and funds development of GALVANY Fusion into an AI-powered energy operating system plus a nationwide partner-installer and sales network. The company employed more than 90 people at the time of the round, and its first consumer app was scheduled for summer 2026.
What has to be true
- The bottleneck was real and measurable: heat-pump technology worked, but retrofit installation capacity and subsidy paperwork were what slowed Germany's existing-building market.
- A networked platform model avoided the expensive direct-sales machine of rivals, letting GALVANY keep unit economics healthy while scaling with partner installers.
- Owning hardware plus software created a recurring margin: the energy management system turns a heat pump into a controllable grid asset that cuts the customer's running costs.
- Profitable growth at seed stage proved the model did not need subsidy cycles, which made the round attractive to investors wary of policy-dependent climate businesses.
What can be applied
Find the non-technical bottleneck in a regulated transition - installation capacity, subsidy paperwork - and build the platform that removes it, so growth works before the next round.
Aftermath
As of September 2026, GALVANY is scaling within Germany from a profitable base: more than 2,500 installed heat pump systems and €20.1M in 2025 revenue (sevenfold growth, positive EBIT) per its June 2026 seed announcement, with the €10M round funding expansion into the multi-family existing-building market, development of its GALVANY Fusion energy management system into an AI-powered operating system, and growth of its contractor and sales network. Its first consumer app was scheduled for summer 2026, and the company employed more than 90 people at the time of the round.
Sources
- Profitable German heat pump platform GALVANY closes €10 million Seed round after sevenfold revenue growth
- GALVANY Raises 10 Million Seed Round
- GALVANY secures €10M seed round for heat pump expansion
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