- Berlin-based GALVANY has closed a €10M seed round led by SET Ventures and AENU.
- The heat pump platform grew revenue sevenfold to €20M in 2025 and closed the year profitable.
- The capital will go toward multifamily housing, AI-driven energy management, and a broader installer network.
Germany wants to replace around 20 million gas and oil boilers with heat pumps. The technology is proven, the subsidies exist, and yet heat pump sales in Germany fell almost 50% in 2024, the second consecutive year of sharp decline, driven by subsidy rule changes, installer shortages, and economics that still do not add up for most homeowners.
GALVANY was built on the premise that the problem is not the hardware.
Berlin-based startup has closed a €10 million seed round led by Dutch energy-tech investor SET Ventures, with Berlin climate-tech fund AENU as co-lead. The company grew revenue sevenfold to €20.1 million in 2025 and closed the year with a positive EBIT.
The problem no one has cracked
Founded in 2022 by Raik Belka, GALVANY has installed over 2,500 heat pump systems across Germany, cutting more than 3,850 tonnes of CO₂.
Belka started the company after watching the German heat transition stall. While the technology worked, the chain between subsidy applications, qualified installers, and household economics kept breaking down.
“In Germany, heat pumps do not fail because of the technology, but because of the gap between subsidy bureaucracy, installation capacity, and economic viability for the end customer. This is exactly the gap we are closing,” he notes.
Established players like Vaillant and Viessmann dominate on hardware but have been slow to build the software layer that makes a system financially self-justifying. Newer platforms like 1KOMMA5° have moved faster on the energy management side, but focus primarily on solar and home batteries rather than heat pump retrofits in older buildings.
GALVANY’s bet is that owning the full stack — sales, procurement, installation, and ongoing operation — is the only way to make the numbers work consistently. Its hardware, the GALVANY Cube, is produced in the Czech Republic with Panasonic and works alongside a battery and the firm’s Fusion energy management system.
Fusion automatically adjusts heating loads based on dynamic electricity tariffs and spot-market prices, reducing running costs without the homeowner having to think about it. A consumer app to control the full system is due this summer.
The pitch to customers is simple: the first heating system that pays for itself.
Where the €10M goes
The new capital has three destinations. The first is multi-family housing, which GALVANY sees as the segment with the highest CO₂ savings per installation and the least competition.
The second is developing Fusion into a more autonomous energy management system that can orchestrate complex load profiles across an entire building without manual input. The last is expanding the network of installation contractors and the firm’s own sales operation to push the platform beyond its current footprint.
Till Stenzel, a partner at SET Ventures, said the firm backed GALVANY because the next phase of the energy transition will be decided by software, not hardware.
“GALVANY is one of the few European companies that consistently thinks this logic through from the end device all the way to the power grid,” he notes.
Philip Specht, a partner at AENU, pointed to the profitability as the deciding factor. “Profitability at the seed stage is a rarity in the climate-tech market. It shows that GALVANY has built a business model that scales without becoming dependent on short-term subsidy cycles,” Specht adds.
GALVANY employs more than 90 people. The company has not disclosed its total funding to date beyond this round.
