Evli Private Capital invests in Enico – powering up growth

Evli Private Capital, part of Evli Group and specializing in private equity, together with Arvo Sijoitusosuuskunta, has invested €7 million in Enico. The investment accelerates Enico’s growth and supports the company’s mission to provide increasingly intelligent and scalable energy storage solutions for the industrial, commercial, and energy sectors. Enico is currently Finland’s fastest-growing technology company – a recognition underscored by its victory in Deloitte’s Technology Fast 50 program on October 29.

Evli Private Capital Fund I, dedicated to the green transition, makes significant minority investments in small and medium-sized companies in the energy transition, resource efficiency, and circular economy sectors. This new investment in Enico, consisting of both new equity and purchase of existing shares, will fuel the company’s growth both in its main market Finland, as well as internationally. As a result of the investment, Evli Private Capital becomes a significant minority shareholder in Enico.

“The field of energy storage has grown and evolved tremendously. We have successfully anticipated our customers’ needs by combining our unique product expertise with strong software capabilities. The first place in Deloitte’s program is a great recognition of our successful growth, but we have no intention of slowing down. We are ready to set our goals even higher. With the support of Evli Private Capital and Arvo Sijoitusosuuskunta, we are now determined to strengthen our pursuit of international markets,” says Marko Lähteenmäki, CEO of Enico.

Enico is committed to technological innovation, offering scalable and modular BESS that support customers throughout the entire lifecycle – from planning and installation to maintenance. These solutions make it easier for customers to benefit from the green transition while improving their energy management. The company’s cornerstone product, Enico | Jupiter, can be scaled from small installations to multi-megawatt systems, making it suitable for a wide range of energy storage needs. Equipped with AI, Jupiter enables full remote monitoring and control of energy usage, as well as participation in frequency reserve and electricity markets, allowing customers to unlock maximum value from their energy storage investment.

Enico has a strong growth drive abroad, with successfully completed export projects underscoring its internationalization capabilities. Since its founding in 2019, Enico has experienced exponential revenue growth with an impressive average annual growth rate of almost 200% between 2019 and 2024, and the company is estimated to nearly double its previous year’s revenue of €8.9 million during fiscal year 2025. This October, the company was awarded first place in Deloitte’s Technology Fast 50 programme, which annually recognizes Finland’s fastest-growing technology companies.

Enico serves a diverse portfolio of customers across the commercial, industrial, and utility sectors, including Recharge, NREP, and AJ Power, as well as investors like New Stars & Company.

Increased share of renewables drives demand for balancing and storage

The BESS market is expected to grow rapidly from 2026 to 2030 as weather-dependent energy production increases both in Finland and Europe. This creates greater price fluctuations and unpredictable energy supply, which increases the need for quick and flexible energy storage solutions. The rising share of renewable energy will also increase grid stress and short-term forecast inaccuracies, further highlighting the value of resilience and backup.

With scalable, high-quality products and strong service expertise, Enico can help customers manage the challenges of the changing energy market and support the shift to cleaner energy by making energy systems more flexible.

Enico targets strong growth in Europe

Enico is well placed to grow both in Finland and internationally. With the support of Evli Private Capital, the company aims to become the leading brand of energy management and storage solutions in Northern Europe.

“From the outset of our collaboration with Enico, we have been thoroughly impressed by the team’s capabilities. With this investment from Evli Private Capital and Arvo Sijoitusosuuskunta, we are confident that we now have the foundation to build a market leader in a rapidly growing sector. We are committed to actively supporting Enico on this journey – not only by providing capital, but also by leveraging our network and expertise in energy transition. While Finland remains an attractive growth market, we are excited to introduce Enico’s competitive products and services to other European markets as well,” says Kalle Kekkonen, Managing Partner at Evli Private Capital.