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Enersense

Boosted by corporate acquisitions: Green transition leader Enersense is storming ahead

Strong strategic vision plus good timing equals excellent results. Enersense is a shining example of a company that has succeeded in making the right decisions at the right time. Underpinning its growth have also been successful acquisitions, which have strengthened Enersense’s position at the heart of the green transition. Finnvera has been a financing partner for the company in several projects.
Jussi Holopainen

Business investments in low-emission and zero-emission energy solutions have fuelled Enersense’s strong growth. The Pori-based company is the project or turnkey supplier for a number of wind, solar and nuclear power plant projects. Enersense’s operations also include building electricity and telecommunications networks and charging infrastructure for electric cars, as well as part ownership of a green hydrogen production company.

CEO Jussi Holopainen describes how 2020 was a decisive year in the company’s history. At that time, the management saw that the green transition was coming. He sees global warming as a simple fact, and also sees the technical potential for speeding up the phase-out of CO2-emitting energy production. 

“It may sound strange, but we were actually among the first companies to start talking about the green transition. Since then, the transformation has been rapid. The technology is developing quickly, and Finnish companies can be spearheading the needed change. The expertise, technology and knowledge level are top-class,” Holopainen says.

In terms of political decision-making, the European Union and Finland are at the forefront of the green transition. Finland’s goal is to be carbon neutral by 2035.

“We have the political will here, but the bureaucracy and permit processes are slow. I would like to see a smoother decision-making process in these areas,” Holopainen emphasises.

Well-matching corporate acquisitions

Based on a strategic decision made two years ago, Enersense has made a range of corporate acquisitions aimed at boosting its growth. One of the most significant was the purchase of Empower, a supplier of electrical and telecommunications networks. Empower was a bigger company, so sealing the deal meant that Pori-based Enersense lifted its turnover to the next level.

Expansion within the value chain has continued. A year ago, Enersense bought Pori Offshore Constructions, which specialises in offshore wind power, and Megatuuli, which develops onshore wind farms, as well a signing a partnership with green hydrogen producer P2X Solutions and, most recently, announcing the purchase of Voimatel, an electrical and telecommunications network builder.

Through this process of corporate reorganisation, Enersense moved from the stock exchange’s First North list to its main list.

“Business restructuring must be a long-term measure. We have set our target at reaching a turnover of EUR 500 million by 2027. This can be achieved with our current corporate structure,” Holopainen believes.

Progress towards this goal will now speed up, as the Voimatel trade had not yet been announced when the target was set.

The Enersense story begins in 2005, when a one-man company started leasing personnel to the Olkiluoto nuclear power plant site.

When Holopainen entered the picture four years later, the company had a staff of four. Now it has more than 2,000 employees. After the Voimatel deal, this figure will increase to 3,000.

“There are always growth pains. Nevertheless, we have dared to proactively hire skilled personnel, trusting in their skills and giving them the freedom to get things done. The industry is interesting, so finding employees is easy,” Holopainen adds.

While 75% of Enersense’s turnover comes from Finland, the company has a strong foothold also in the Baltic market, where there is a need to update Soviet-era electrical power networks.

“Like Finland, the Baltic is a limited market. To keep growing, we need to succeed at the international level. Among other things, we are involved in nuclear power plant construction in both France and England. We always expand abroad through particular customers or projects,” Holopainen explains.

Finnvera supporting Enersense’s growth

Corporate acquisitions and growth gobble up money. The company’s owners have been one of the main sources of financing, and in order to save money, company acquisitions have been carried out where possible as share exchanges.

In addition, Finnvera, banks and other financial institutions have provided support for the company’s growth. One of these financing solutions has been an EGF loan from Finnvera. These loans aim to provide working capital to large companies, and three quarters of the loan is guaranteed by the European Investment Bank.

“Finnvera has provided us both with loan guarantees and direct financing. Our cooperation has been straightforward, because they understand our needs,” Holopainen is pleased to report.

Environmental sustainability is increasingly visible in the financing applications sent to Finnvera. Accelerating solutions that mitigate climate change is a key component of Finnvera's strategy.