At Sweden’s new deeptech hub Kista, this startup is turning waste into energy

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Massive steel pipes twist from floor to ceiling as process engineers carry out final tests before another container-sized unit is shipped off to a client.

We’re touring Climeon’s production site in Kista with CEO Lena Sundquist. Having left the spacious upstairs offices, we descend into the company’s beating heart.

Publicly listed Climeon saw the potential early on: to capture waste heat from industrial processes and convert it into power. Their system circulates an organic fluid in a closed loop where it evaporates, drives a turbine, then condenses again – producing electricity in the process.

“What’s unique is that we can recover heat energy even at relatively low temperatures – between 80 and 100 degrees Celsius. There’s a huge untapped opportunity there,” says Sundquist, who joined Climeon four years ago after senior roles at Swedish companies Alfa Laval and Kivra.

Climeon’s main product is its ORC system HeatPower, but the company also generates revenue from services, spare parts and maintenance – as well as a software platform providing real-time performance monitoring.

Starting at sea

Today, around 60 units are installed with customers worldwide. The first major focus is the maritime industry, where Climeon has received orders from shipyards and operators in South Korea, China and Europe.

“This is a sector under intense pressure to cut emissions. Being able to produce their own electricity on board, from otherwise unused waste heat, makes a real difference – with lower fuel costs, reduced CO₂ emissions and more circular energy use,” Sundquist explains.

While the maritime sector is dominated by a few major players often eyeing each other’s solutions, industrial customers are more fragmented.

“We receive plenty of enquiries from energy and industrial clients, and we’ve completed installations at factories, power plants and within geothermal projects. For land-based operations, we mainly target customers across Europe.”

Unbeatable location

Climeon’s base in Kista, a tech-heavy district in northern Stockholm – about fifteen minutes from the city centre – is no coincidence. Once dominated by telecoms giants, the district has evolved into an innovation hub of deeptech, energy and AI – a fertile ground for new industries.

Access to top talent is crucial, Sundquist notes, but so are the physical facilities. With 35 employees, Climeon needs offices, testing, R&D and logistics all in one place.

“We did a lot of research, and Kista is unbeatable when it comes to having everything in one location. Our team enjoys being here, which makes recruitment and retention easy. We’ve got everything we need.”

Testing and production require industrial-scale space – high ceilings, reinforced floors and robust infrastructure.

“We also need heat, cooling and power to run our units, plus the ability to load and unload 20-foot containers. It’s rare to find that combination alongside a modern head office close to the city.”

So what’s next for Climeon?

“Right now, we’re focused on scaling up sales and delivering the units already sold. We’re getting more and more requests from shipyards and operators who want to integrate ORC technology into their vessels. In our two largest Asian markets, we already have sales partners supporting us on the ground. The plan is for Climeon to take an important role in the transition to a more sustainable world,” says Sundquist.