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Investor relations

Europe faces a 28-million unit heat pump supply gap by 2030, driven by mandatory fossil boiler phase-outs and F-gas regulations. Tequs delivers the only certified, standardized natural-refrigerant platform capable of replacing commercial boilers without structural rebuilding.

Proven across Norway

Triangular recycling symbol with three curved arrows forming a cycle

Third-party verified EPD

Read investor relations

CO₂ Heat Pumps

Replacing fossil heat across industries - at scale

Europe needs roughly 60 million heat pumps by 2030 and can currently manufacture around 32 million, a structural gap of about 28 million units. Regulation is forcing the phase-out of synthetic refrigerants by 2027 to 2030, and no standardised platform has existed to replace fossil boilers in commercial and industrial buildings, until Tequs.

01.Investor relations.Introduction.

Black server or computer tower cabinet with glass front door and metal casters, positioned in dramatic studio lighting against dark background.

Fossil heat is everywhere. Solutions are not.

No standardized solution exists that can directly replace fossil gas and oil boilers in commercial and industrial buildings – until now.

40%
Of Europe's Energy Used for Heating
Almost entirely fossil-dependent · Source: EHPA / Eurostat
€150B+
European TAM - Annual Fossil Fuel Spend
Commercial & industrial buildings · Source: IEA / Eurostat
€25B
European SAM - Equipment Market by 2032
Commercial & industrial heat pumps · Source: EHPA
~40
Makers with Outdated Technology
Mandatory refrigerant replacement by 2027–2030 · Source: EHPA

02.Investor relations.The only standardised platform.

Only Tequs checks every box.

Comparison	Tequs	Traditional CO₂	Normal Refrigerants
Standardised	Yes	No	Yes
High supply temperature	Yes	Yes	No
High return temperature	Yes	No	No
Compact	Yes	No	Yes
Cooling, heating, and domestic hot water	Yes	No	No
Unique capacity regulation	Yes	Yes	No
Low climate impact	Yes	Yes	No
Non PFAS	Yes	Yes	No
Non explosive or flammable	Yes	Yes	No

Swipe the table sideways to see all columns.

03.Investor relations.Only Tequs checks every box.

The team.

Vegard Døssland

Business Development Director

vegard.dossland@tequs.com

+47 902 45 795

Marius Melbø

Senior Account Manager

marius.melbo@tequs.com

+47 955 22 251

Eskil Westegaard

Project Developer

eskil.westegaard@tequs.com

+47 412 57 203

Mads Holm

CEO

mads.holm@tequs.com

+47 980 13 407

Dennis Hansen

CPO

dennis.hansen@tequs.com

+47 920 72 247

Anders Bovind Furuseth

CFO

anders.furuseth@tequs.com

+47 995 64 699

04.Investor relations.The team.

We've done this before.

Tequs has delivered heat pump retrofits across commercial and residential buildings in Norway. Short installation window, proven savings from day one. Now we're ready to scale - with the right partner.

Indoor water park with multiple twisting water slides and a swimming pool with lane dividers, viewed through large windows.

Doctor in white coat holding stethoscope and digital tablet.

Tropical plants with large green leaves in a glass greenhouse with steel framework.

Waterfront room with golden curtains, modern furniture, and panoramic ocean and mountain views.

Aerial view of fjord with fish farm pens, industrial vessel, forested hills, and cloudy sky.

05.Investor relations.We've done this before.

Market pull: 7.5x pipeline growth in 12 months.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Data through July 2026.

€2m
€3m
€3m
€4m
€5m
€6m
€7m
€8m
€9m
€10m
€12m
€13m
€15m

2025

2026

~90% Norway-based. European expansion underway.

€15m
Active projects in sales pipeline
×7.5
Pipeline growth
July 2025 → July 2026
58
Active deals
Commercial and industrial deals across Europe

06.

Investor relations.

Market pull

Stats.

Monthly value of active sales opportunities · Projects across all stages. Data through July 2026.

€3–5M
Seed round target
24 months runway · Target close Q3/Q4 2026
€2.5M
Total invested to date
Early investors, soft-funding & full team
Zero capex
No up-front investment in production lines
Contract manufacturing with Rivacold

€3–5M

Seed round

35% Sales expansion
Market entry & channel growth
25% Product engineering
R&D and product development
20% Working capital
Operations & inventory
10% Certification
Compliance & market approvals

07.

Investor relations.

Stats.

From Norway to global scale.

Driven by market expansion across Europe and USA.

Blue curved line ascending from left to right on black background, representing exponential growth or increase — Indicative conversion rates, partners and market entry plan

€0.5M
2025 AR
Actual revenue
€1.0M
2026 target
Sweden
€10M
2027 target
Netherlands + Austria
€27M
2028 target
USA entry + EU partnerships
€56M
2029 target
Full EU expansion
€100M+
2030 target
Global scale via partners

08.

Investor relations.

From Norway to global scale.

Selling heat into Europe’s energy transition.

Asset-light model. Partner-driven scale.

Direct Equipment Sales

Direct revenue from proven hardware

CO₂ heat pump units sold directly to industrial and commercial buyers
Industrial operators often run multiple sites
Target: facilities with large, continuous heat demand
Future: Heat-as-a-Service under evaluation

Simple sale · clear delivery scope · repeatable deployment

Manufacturing & Partners

Asset-light, partner-driven scale

Manufactured by Rivacold – one of Europe’s largest cold-chain manufacturers. €338M turnover, 1700 units per year capacity, 60 years in operation
Zero capex required – contract manufacturing model
Favourable payment terms limit working capital needs
Installed and integrated by EPC partners and local contractors
Partners today: Assemblin, Caverion, AF Gruppen, Statkraft and Lunar Energy

Capacity already in place · local delivery through EPCs

Target Segments

Large, durable sources of heat demand

Hospitals, hotels and office buildings.
Commercial and industrial process heat.
Aquaculture and greenhouses.
Defence — compact, mobile and non-flammable systems.

One platform · multiple verticals · European market pull

09.

Investor relations.

Selling heat into Europe’s energy transition.

The numbers work already – and they’ll get better.

Based on a typical commercial and industrial installation

€30–130k

Per unit price

Typical equipment revenue on a standard installation.

10–20%

Gross margin today

Current equipment-sale margin before benefits from scale.

2–5 yr

Customer payback

Driven by materially lower energy use and operating costs.

€200k–3M

Typical project size

From single-unit deployments to larger multi-site projects.

ECONOMICS AT SCALE

A clear path to 30% gross margin.

Gross margin target
30% by 2027
Path to 30%
Higher volumes + reduced customisation
Customer energy savings
30–60% vs. fossil
Future model
Heat-as-a-Service under evaluation

* Installation handled by EPC partners. Margin reflects equipment sale only.

10.

Investor relations.

Economics.

Building relationships with industry leaders.

From project contracts to active strategic partnerships.

Signed & active

Commercial partner

Europe’s largest listed commercial real estate company. Agreement signed (term sheet) – Netherlands prioritized as first market.

Installation partner

Scandinavia’s largest technical installation contractor.

AF Gruppen

Contract partner

Contract signed. Among Scandinavia’s leading construction groups.

Energy partner

Norway’s largest energy company. Pilot project underway.

Funding partner

Shortlisted for the European Commission’s building portfolio in Brussels.

Strategic partnerships

One of Finland’s largest energy companies

Pilot evaluation

Leading Nordic district-heating player evaluating pilots and broader rollout across its building portfolio.

Up to 100 units/year in potential

Watts Water Technologies

Early collaboration

Global water technology leader listed on NYSE. Exploring pilots toward full distribution in the US market.

200–300 units/year in potential

Global leader in building technology & HVAC

Early strategic dialogue

Dialogue on possible integration of Tequs technology into future energy systems. Significant scaling potential upon successful technical and commercial validation.

Austrian heat pump manufacturer

Early dialogue

Early dialogue with iDM Energiesysteme’s CEO on sourcing additional geothermal and CO₂ heat pumps above 50 kW.

Up to 500 units/year in potential

11.

Investor relations.

Building relationships with industry leaders.

Cross-section of a building at dusk: the left half is heated by one Tequs unit, the right half by an older system with several separate units.

3 in 1 solution

Heating, Cooling, Hot water

Older system

Gas boiler, heat pump, cooling unit

Inside the Aqua platform

Transcritical CO₂ architecture engineered as one integrated system

The Aqua heat pump cabinet with its doors open, showing the control system, Bitzer compressor, dual liquid receivers and gas cooler.

Control system
Tequs control logic to verify
Bitzer compressor
CRII + variable speed
Dual liquid receivers
Charge management to verify
Gas cooler
Hot-side heat delivery to verify

ECO heat exchanger
Regenerative subcooling
Modulating ejector
Expansion work recovery
Evaporator
Source-side heat uptake

System engineering

Transcritical R744 cycle
Single-stage architecture with ejector-assisted expansion
Capacity control
20–100 % modulation through CRII and variable speed
Ejector + ECO HX
Expansion work recovery and regenerative heat exchange
Tequs control logic
Capacity control, oil management and alarm handling

Performance comes from the interaction between cycle architecture, component selection and control strategy.

13.

Investor relations.

Inside the Aqua Platform.