Innogy Venture Capital, a corporate venturing subsidiary of Germany-headquartered energy utility Innogy, has sold its stake in Sweden-based heat exchanger technology producer Airec for an undisclosed amount.
Airec divested its brazed plate heat exchanger business to industrial product maker Alfa Laval in January 2019, and the rest of the company has been picked up by Sveper Heat Transfer, a vehicle owned by Airec founder and chief executive Sven Persson.
Founded in 2015, Airec manufactures and developers plate heat exchangers, a device that allows heat from a fluid or a gas to pass to another fluid or gas through metal plates.
Innogy Venture Capital bought a 20% stake in Airec in 2011 through its participation in a funding round of undisclosed size that also featured investment funds Industrifonden and TeknoSeed.
Airec added approximately $2.3m in a 2015 round led by Innogy Venture Capital that included Industrifonden, TeknoSeed and Sven Persson.