Berlin’s GALVANY raises €10M to fix Germany’s broken heat-pump market, and it’s already profitable

Germany has no shortage of heat pumps on paper. What it lacks is a way to get them sold, installed, subsidised, and paid off without the whole thing falling apart somewhere in the middle.

GALVANY, a Berlin startup that runs the entire heat-pump journey from sale to installation to ongoing energy management, has raised €10mn in a seed round to take that pitch to Germany’s apartment blocks. The round was led by Dutch energy-tech investor SET Ventures and co-led by Berlin climate fund AENU.

What sets the deal apart is the company’s balance sheet. GALVANY says it generated €20.1mn in revenue in 2025, a sevenfold jump on the year before, and closed the year with a positive operating profit. Raising money from a profitable position, rather than burning through it, is rare enough in climate hardware to be the story.

“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,” said founder and chief executive Raik Belka. “This is exactly the gap we are closing.”

Founded in 2022, GALVANY bundles what is normally a fragmented chain, including sales, procurement, installation, and operation, into a single platform. Rather than run an expensive direct sales force, it links acquisition, supply, and management through a networked ecosystem of partners.

At the centre sit two pieces of kit: the GALVANY Cube, a heat pump produced with Panasonic, and GALVANY Fusion, an energy management system that ties the pump to battery storage and the grid. Using dynamic electricity tariffs, load shifting, and spot-market arbitrage, the company says it can measurably cut a household’s heating and power bills. A consumer app is due this summer.

The timing fits a wider European push. Under REPowerEU, the bloc wants 43 million new heat pumps installed by 2030, and Germany has poured subsidies into the switch. Yet uptake has stalled, in part because the economics rarely add up for the people footing the bill, especially in the multi-family buildings GALVANY is now targeting.

The new capital will go towards that existing-building market and towards housing companies managing large portfolios. GALVANY also wants to push Fusion further, recasting it as what it calls an “Agentic Energy OS,” software that orchestrates a building’s load in real time and turns volatile tariffs into savings. It is the same bet several European energy-software startups are now making: that the next phase of the transition will be won in code, not hardware.

For a sector long defined by grants, pilot projects, and losses, GALVANY’s pitch is almost contrarian. It is not promising that the heat transition will pay for itself one day. It is claiming, with a year of profit behind it, that it already can.