Evli Private Capital Makes a Significant Investment in Finnish Growth Company Enico
Evli Private Capital, part of the Evli Group and focused on private equity investments, has, together with Arvo Sijoitusosuuskunta, made a significant seven-million-euro investment in Finnish growth company Enico. Enico offers advanced modular battery-based energy storage systems to companies operating in the commercial, industrial, and energy sectors. The company optimizes electricity storage solutions for both renewable energy producers and users. In this way, the company promotes the green transition and supports the EU’s goals related to reducing carbon dioxide emissions and ensuring energy supply security.
Significant minority investments are made from Evli’s Evli Private Capital Fund I, which focuses on the green transition, into small and medium-sized growth companies that concentrate on energy sector disruption, resource efficiency, and the circular economy. The investment now made supports Enico in accelerating its growth both in the company’s current main market in Finland and in international markets. The investment consists of both new capital and the purchase of existing shares. With the investment, Evli Private Capital becomes a significant minority owner of Enico.
The energy storage markets are expected to grow rapidly as the transition to weather-dependent renewable energy accelerates both in Finland and in Europe. For example, wind and solar power production is weather-dependent, which causes large price fluctuations and makes energy supply more unpredictable. The growth of renewable energy sources also increases the load on the electricity grid and makes the predictability of energy supply more difficult. All of this significantly increases the need for fast and flexible energy storage solutions.
Enico offers modular battery-based energy storage systems (BESS) that help customers improve energy management and gain a competitive advantage from the green transition. The company’s flagship product, Enico | Jupiter, is suitable for various energy storage needs, from small electricity storage units to large, multi-megawatt systems. In addition, with Enico’s AI-based Energy Management System, customers can remotely monitor electricity storage and optimize energy use. The system controls, among other things, energy time-shifting and peak power support, and through its market trading service, electricity storage units also participate in several energy and reserve marketplaces. This helps Enico’s customers maximize the returns from energy storage. With scalable, high-quality products and strong service expertise, Enico helps customers manage the challenges of changing energy markets and supports the transition to cleaner energy by making energy systems more flexible.
Enico employs 23 professionals at its headquarters in Tampere, where the company recently also opened new assembly facilities. The company’s customers include companies operating in the commercial, industrial, and energy sectors, such as Recharge, NREP, and AJ Power, as well as investors, such as New Stars & Company. Currently, Enico operates mainly in Finland, but the company has strong international growth targets, supported by its successful export projects.
Enico, founded in 2019, has significantly grown its revenue since its establishment: Between 2019 and 2024, the average annual growth rate was almost 200 percent. The company estimates it will almost double its previous year’s revenue of 8.9 million euros in the fiscal year 2025. In addition, in October 2025, the company rose to the first place in the “Deloitte Technology Fast 50” listing, which annually recognizes the 50 fastest-growing technology companies in Finland.