The hybrid thermal power sector focuses on integrating traditional thermal power generation with renewable energy sources. This approach aims to enhance energy efficiency while significantly reducing carbon emissions. Companies in this industry include manufacturers, service providers, and innovative firms involved in technologies like combined heat and power systems, heat recovery, and thermal storage. As environmental regulations tighten and demand for sustainable energy solutions rise, the industry is moving towards hybrids that effectively blend fossil fuel sources with renewables. Innovations in energy storage and smart grid technologies are shaping its future, making it vital for transitioning to cleaner power solutions.

This list showcases 21 notable companies in the hybrid thermal power sector, varying in size from small teams to large enterprises. Located across countries like Denmark, India, and Germany, these companies were founded from 1922 to 2021, showcasing a range of specializations from energy generation to innovative storage solutions. With a blend of corporations and private firms, their collective expertise spans thermal systems, renewable integrations, and energy efficiency technologies. Each of these companies contributes significantly to the industry's evolution through their tailored services and advanced technologies.

Read on to discover the top hybrid thermal power companies.

Top 21 Hybrid Thermal Power Companies

1. Aalborg CSP A/S

• Website: aalborgcsp.com
• Ownership type: Private
• Headquarters: Aalborg, Denmark
• Employee distribution: Denmark 87%, Spain 11%, United States (USA) 3%
• Founded year: 1987
• Headcount: 51-200
• LinkedIn: aalborg-csp-a-s

Aalborg CSP A/S, based in Aalborg, Denmark, is a private company founded in 1987. It specializes in renewable energy technologies, focusing on solar power and energy storage. The company designs and supplies integrated energy solutions tailored for industries and power plants worldwide. Their product offerings include heat exchangers, heat pump systems, and thermal energy storage solutions. Aalborg CSP is particularly noted for its work in concentrated solar power (CSP) technologies, including solar tower receivers and parabolic troughs. They have successfully implemented numerous projects globally, demonstrating their capability in enhancing energy efficiency and sustainability. The company places a strong emphasis on research and development, continuously innovating to meet the evolving energy needs of their clients. With a workforce of around 76 employees, Aalborg CSP operates primarily in Denmark, with additional presence in Spain and the United States.

2. APR Energy

• Website: aprenergy.com
• Ownership type: Corporate
• Headquarters: Jacksonville, Florida, United States (USA)
• Employee distribution: United States (USA) 33%, Argentina 18%, Bangladesh 14%, Other 35%
• Latest funding: $750.0M, November 2019
• Founded year: 2001
• Headcount: 201-500
• LinkedIn: apr-energy

APR Energy, based in Jacksonville, Florida, is an energy solutions provider that specializes in power generation services. Founded in 2001, the company has built a reputation for delivering a range of power solutions, including short and long-term power, industrial power, and renewable integration. APR Energy serves a variety of customers, including utility companies and industries such as mining and oil and gas, who depend on their reliable and efficient power solutions. The company operates globally, with a workforce of approximately 471 employees, and has successfully executed projects in over 35 countries. Their technology portfolio includes gas turbines and solar hybrid systems, showcasing their commitment to integrating renewable energy into their offerings. In November 2019, APR Energy secured significant funding, which underscores their ongoing relevance and capacity for growth in the energy sector.

3. Jindal Power Limited

• Website: jindalpower.com
• Ownership type: Corporate
• Headquarters: Gurugram, Haryana, India
• Employee distribution: India 100%
• Latest funding: $404.3M, April 2021
• Founded year: 2005
• Headcount: 10001+
• LinkedIn: jindal-power-limited

Jindal Power Limited, based in Gurugram, Haryana, India, is an energy company focused on power generation through both thermal and renewable sources. Founded in 2005, the company has established itself as a significant player in the Indian power sector, operating thermal power plants with a total capacity of 4,300 MW. Their flagship facility, the Tamnar Thermal Power Plant in Chhattisgarh, is a major contributor to India's energy supply. Jindal Power is also expanding its footprint internationally, with plans for a 600 MW thermal power plant in Botswana, aimed at meeting the growing energy demands of the region. The company emphasizes sustainability and community development, engaging in various corporate social responsibility initiatives that support health, education, and environmental protection. Jindal Power's strategic focus on both thermal and renewable energy generation aligns with current trends in the energy industry, highlighting its relevance in the hybrid thermal power sector.

4. Kraftanlagen Energies & Services

• Website: kraftanlagen.com
• Ownership type: Private
• Headquarters: Flensburg, Schleswig-Holstein, Germany
• Employee distribution: Germany 81%, Romania 14%, Austria 3%, Other 1%
• Founded year: 1953
• Headcount: 1001-5000
• LinkedIn: kraftanlagen-m%c3%bcnchen

Kraftanlagen Energies & Services, founded in 1953 and based in Flensburg, Germany, is a private company with a workforce of over 1,000 employees. The firm specializes in energy solutions, industrial services, and building technology. They provide a comprehensive range of services, including engineering, construction, and maintenance tailored to the needs of various industries, particularly in energy, petrochemicals, and pharmaceuticals. Kraftanlagen is actively involved in projects that focus on decarbonization and sustainable energy practices, offering solutions such as large heat pumps, green heat modules, and combined heat and power systems. Their commitment to innovation and integrated service delivery positions them as a significant player in the energy sector, particularly in the context of hybrid thermal power systems.

5. TSK Electrónica y Electricidad

• Website: grupotsk.com
• Ownership type: Private
• Headquarters: Gijón, Asturias, Spain
• Employee distribution: Spain 55%, Mexico 10%, Dominican Republic 6%, Other 29%
• Founded year: 1986
• Headcount: 1001-5000
• LinkedIn: grupotsk

TSK Electrónica y Electricidad, S.A., founded in 1986 and based in Gijón, Asturias, Spain, is a private engineering and energy solutions provider. The company employs over 1,400 professionals and operates primarily in the energy and industrial sectors. TSK focuses on renewable energy and environmental services, offering a wide array of solutions that include energy transition strategies, electrical infrastructure, and industrial installations. Their expertise extends to hybrid power plants, where they integrate renewable sources with traditional thermal energy. TSK's commitment to sustainability is evident in their projects, which aim to reduce carbon emissions and promote energy efficiency. They have successfully executed numerous projects across various countries, including significant hybrid solar initiatives. Their client base includes businesses and organizations seeking innovative and sustainable energy solutions.

6. Turboden S.p.A.

• Website: turboden.com
• Ownership type: Corporate
• Headquarters: Brescia, Lombardy, Italy
• Employee distribution: Italy 87%, Turkey 12%, Other 1%
• Latest funding: July 2009
• Founded year: 1980
• Headcount: 201-500
• LinkedIn: turboden-spa

Turboden S.p.A., founded in 1980 and based in Brescia, Italy, is an energy technology company that specializes in clean energy solutions. The firm designs and manufactures Organic Rankine Cycle (ORC) systems, large heat pumps, and gas expanders. These technologies are pivotal in improving energy efficiency and minimizing carbon emissions for industrial clients. Turboden's offerings cater to various sectors, including oil and gas, manufacturing, and renewable energy, facilitating their transition to sustainable energy practices. The company has a notable presence in the market, with numerous plants under construction and a strong emphasis on research and development to enhance their technological solutions. Turboden is also part of Mitsubishi Heavy Industries Ltd., which adds to its credibility and resource access in the energy sector.

7. Korea Midland Power Co., Ltd.

• Website: komipo.co.kr
• Ownership type: Private
• Headquarters: Boryeong-Si, Chungcheongnam-Do, South Korea
• Employee distribution: South Korea 73%, Vietnam 19%, Indonesia 8%
• Founded year: 2011
• Headcount: 1001-5000
• LinkedIn: korea-midland-power-co-ltd-

Korea Midland Power Co., Ltd. (KOMIPO) is an energy company based in Boryeong-Si, Chungcheongnam-Do, South Korea, founded in 2011. The company specializes in power generation, focusing on both thermal and renewable energy sources. KOMIPO serves a variety of clients, including businesses and government entities, by providing stable electricity and engaging in power plant construction. They are committed to advancing energy technology and sustainability, which is evident in their operations. The company operates thermal power plants that utilize coal, liquefied natural gas, and heavy oil, while also investing in renewable energy facilities such as wind and solar power. Their international projects, including power plants in Indonesia and Vietnam, showcase their capability to extend their expertise beyond South Korea. KOMIPO's focus on eco-friendly practices and technological innovation further solidifies its role in the energy sector.

8. Sunmaxx PVT

• Website: sunmaxx-pvt.com
• Ownership type: Corporate
• Headquarters: Ottendorf-Okrilla, Saxony, Germany
• Employee distribution: Germany 100%
• Latest funding: Seed, $3.5M, January 2023
• Founded year: 2021
• Headcount: 11-50
• LinkedIn: sunmaxx-pvt

Sunmaxx PVT GmbH, based in Ottendorf-Okrilla, Saxony, Germany, is a renewable energy company that specializes in photovoltaic-thermal hybrid systems. Founded in 2021, the company has quickly made a name for itself by providing innovative solutions that generate both electricity and heat from solar energy. Their target market includes industries, municipalities, and residential clients, all of whom are looking to achieve sustainability goals and reduce energy costs. Sunmaxx PVT has recently secured funding of approximately 3.5 million euros, which underscores its potential for growth and development in the renewable energy sector. The company is actively involved in various projects aimed at decarbonizing energy supply, and it has been recognized as a finalist in the German Sustainability Award for its contributions to energy generation technology. With a focus on efficiency and sustainability, Sunmaxx PVT is well-positioned to impact the hybrid thermal power industry significantly.

9. Dalkia

• Website: dalkia.fr
• Ownership type: Corporate
• Headquarters: Chemy, Hauts-De-France, France
• Employee distribution: France 94%, United Kingdom (UK) 3%, Other 3%
• Latest funding: June 2014
• Founded year: 1937
• Headcount: 10001+
• LinkedIn: dalkia

Dalkia, a subsidiary of the EDF Group, is an energy services company based in Chemy, Hauts-De-France, France. Founded in 1937, Dalkia specializes in renewable and recovery energy solutions, providing tailored energy efficiency services across various sectors, including healthcare, municipalities, and industries. With a workforce of over 13,000 employees, the company is dedicated to reducing energy consumption and carbon emissions through innovative technologies and performance contracts. Dalkia operates extensively in France and has a presence in the UK and other regions. Their services include the development of heating and cooling networks, biomass energy, geothermal energy, and waste recovery, all aimed at promoting local renewable energy sources and enhancing energy efficiency. Dalkia's approach emphasizes a circular economy, aiming to decrease carbon footprints while delivering cost savings for their clients.

10. Lumenion

• Website: lumenion.com
• Ownership type: Private
• Headquarters: Berlin, Berlin, Germany
• Employee distribution: Germany 100%
• Founded year: 2016
• Headcount: 11-50
• LinkedIn: lumenion-gmbh

Lumenion GmbH, founded in 2016 and based in Berlin, Germany, is a private cleantech company focused on thermal energy storage solutions. The company aims to enable the use of renewable energy in industrial processes and district heating, thereby facilitating the decarbonization of operations for various sectors. Lumenion's high-temperature energy storage system (TES) allows businesses to store renewable energy as heat, which can be utilized on demand, ensuring a stable and reliable energy supply. Their technology is designed to integrate seamlessly into existing facilities, providing a cost-effective way to transition away from fossil fuels. Lumenion is actively involved in projects that demonstrate the effectiveness of their storage solutions, such as their ongoing work with BIO-Frost Westhof GmbH, where they are implementing a 20 MWh thermal energy storage system to decarbonize vegetable processing. This project exemplifies their commitment to advancing the energy transition and supporting industries in achieving climate neutrality.

11. Exergy ORC

• Website: exergy-orc.com
• Ownership type: Corporate
• Headquarters: Olgiate Olona, Lombardy, Italy
• Employee distribution: Italy 75%, Turkey 23%, United Kingdom (UK) 2%
• Latest funding: $17.7M, September 2019
• Founded year: 2000
• Headcount: 51-200
• LinkedIn: exergy-orc

Exergy International Srl, based in Olgiate Olona, Lombardy, Italy, is a clean energy technology company founded in 2000. The firm specializes in Organic Rankine Cycle (ORC) solutions, providing tailored energy systems that enhance efficiency and sustainability. Exergy's offerings include ORC systems designed for various applications, such as geothermal energy, biomass, and waste heat recovery. The company has developed innovative products like the ORC-lite and PureCycle, which cater to the growing demand for clean energy solutions. With a workforce of approximately 86 employees, Exergy has established a presence not only in Italy but also in Turkey and the UK. The company secured funding of €17,655,000 in September 2019, indicating investor confidence in its technology and market potential. Exergy's commitment to research and development further underscores its role in advancing clean energy technologies.

12. Mitsubishi Power

• Website: power.mhi.com
• Ownership type: Private
• Headquarters: Yokohama, Kanagawa, Japan
• Employee distribution: India 22%, South Africa 17%, United States (USA) 16%, Other 46%
• Founded year: 2001
• Headcount: 10001+
• LinkedIn: mitsubishi-hitachi-power-systems

Mitsubishi Power, based in Yokohama, Kanagawa, Japan, is a prominent manufacturer of power generation equipment. Founded in 2001, the company operates under the umbrella of Mitsubishi Heavy Industries and has established itself as a provider of advanced energy solutions. Their product offerings include gas turbines, steam turbines, and air quality control systems, catering to both utility and industrial customers. Mitsubishi Power is dedicated to promoting sustainable energy production and enhancing operational efficiency through innovative technologies. The company also provides comprehensive maintenance services, supporting clients in their transition to cleaner energy sources. With a significant workforce distributed across various countries, including India, South Africa, and the United States, Mitsubishi Power is actively involved in numerous projects worldwide, focusing on hybrid thermal power solutions and the integration of renewable energy technologies.

13. Bergen Engines

• Website: bergenengines.com
• Ownership type: Corporate
• Headquarters: Bergen, Vestland, Norway
• Employee distribution: Norway 60%, India 12%, Italy 8%, Other 21%
• Latest funding: $100.1M, January 2022
• Founded year: 1943
• Headcount: 501-1000
• LinkedIn: bergen-engines

Bergen Engines, based in Bergen, Norway, has been manufacturing engines since 1943. The company specializes in medium-speed reciprocating engines designed for marine and land-based applications. They provide power generation solutions that include modular power generation and hybrid microgrids, catering to energy providers and marine operators. With a workforce of around 397 employees, Bergen Engines is committed to sustainability and efficiency, integrating renewable energy sources into their products. The company has a significant installed engine power plant capacity, with over 5,000 MWe and more than 6,500 engines delivered for various applications. In January 2022, Bergen Engines secured funding of approximately $100 million, indicating strong investor confidence in their future prospects. Their engines are known for their reliability and efficiency, making them a preferred choice for operators worldwide.

14. Echogen Power Systems

• Website: echogen.com
• Ownership type: Venture Capital
• Headquarters: Akron, Ohio, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: Other (Grant), $1.0M, July 2017
• Founded year: 2007
• Headcount: 11-50
• LinkedIn: echogen-power-systems

Echogen Power Systems, based in Akron, Ohio, is an energy solutions provider that focuses on waste heat recovery and energy storage technologies. Founded in 2007, the company has developed innovative products like the EPS100 heat engine, which is designed to convert waste heat into usable power. Their engineering services cater to various sectors, including manufacturing and oil & gas, helping clients enhance energy efficiency and reduce costs. Echogen's technology utilizes supercritical carbon dioxide (sCO2) as a working fluid, allowing for improved performance and compact system design. The company has received funding, including a $1 million grant from the U.S. Department of Energy's SunShot Initiative to develop solar thermal energy storage solutions. This involvement in both waste heat recovery and energy storage positions Echogen as a significant player in the energy sector, particularly in applications that support hybrid thermal power systems.

15. INNIO Group

• Website: innio.com
• Ownership type: Private Equity
• Headquarters: Jenbach, Tyrol, Austria
• Employee distribution: Austria 43%, United States (USA) 14%, Hungary 14%, Other 29%
• Latest funding: $3.2B, June 2018
• Founded year: 2018
• Headcount: 1001-5000
• LinkedIn: innio-group

INNIO Group, founded in 2018 and based in Jenbach, Tyrol, Austria, is an energy solutions provider that focuses on renewable gas, natural gas, and hydrogen technologies. The company manufactures Jenbacher and Waukesha engines, which are integral to their cogeneration systems. These systems are designed to deliver efficient power and heat to various industries, including agriculture and utilities. INNIO is committed to helping customers transition to sustainable energy solutions, emphasizing the importance of reducing carbon emissions. Their innovative approach includes the development of hydrogen-ready power generation technologies, which are crucial for the future of clean energy. With a workforce of over 2,200 employees, INNIO operates globally, providing services that enhance the efficiency and reliability of energy systems. The company has also secured significant funding, amounting to $3.25 billion, to support its growth and innovation in the energy sector.

16. Il&fs Tamil Nadu Power Company Limited

• Website: itpclindia.com
• Ownership type: Private
• Headquarters: Chennai, Tamil Nadu, India
• Employee distribution: India 100%
• Founded year: 2012
• Headcount: 5001-10000
• LinkedIn: il%26fs-tamil-nadu-power-company-limited

IL&FS Tamil Nadu Power Company Limited (ITPCL) is an energy company based in Chennai, Tamil Nadu, India, established in 2012. The company specializes in thermal power generation and operates a thermal power project in Cuddalore, which currently has an operational capacity of 1200 MW, achieved through two units of 600 MW each. The project is part of a larger plan to develop a total capacity of 3180 MW, with additional phases planned. ITPCL is dedicated to meeting the increasing energy demands of businesses and organizations while ensuring energy security. The company emphasizes sustainable practices in its operations, including the use of environment-friendly technology. ITPCL is also involved in corporate social responsibility initiatives aimed at improving the quality of life in the surrounding communities, focusing on health, education, and skill development.

17. Rolls-Royce Power Systems AG

• Website: mtu-solutions.com
• Ownership type: Private
• Headquarters: Friedrichshafen, Baden-Württemberg, Germany
• Employee distribution: Germany 53%, India 15%, United States (USA) 9%, Other 23%
• Founded year: 1909
• Headcount: 5001-10000
• LinkedIn: rolls-royce-power-systems-ag

Rolls-Royce Power Systems AG, operating under the mtu brand, is a prominent manufacturer based in Friedrichshafen, Germany. Founded in 1909, the company specializes in power solutions and engines tailored for multiple industries, including marine, oil & gas, mining, rail, and power generation. They provide a comprehensive range of products and services, such as diesel and gas generator sets, energy storage systems, and hybrid solutions. Their focus on sustainability is evident in their development of climate-neutral technologies and digital solutions aimed at optimizing fuel efficiency and reducing emissions. The company also emphasizes lifecycle support, ensuring that their products remain efficient and effective throughout their operational lifespan. With a workforce of approximately 5,000 employees, Rolls-Royce Power Systems AG continues to play a significant role in the energy transition, contributing to the advancement of hybrid thermal power solutions.

18. BPOWER, a.s.

• Website: bpower.cz
• Ownership type: Corporate
• Headquarters: Czech Republic
• Employee distribution: Czech Republic 100%
• Latest funding: November 2023
• Founded year: 2009
• Headcount: 11-50
• LinkedIn: b-power-investment-a-s-

BPOWER, a.s. is an engineering firm based in the Czech Republic, established in 2009. With a workforce of 11 to 50 employees, the company focuses on innovative energy solutions, particularly in the production of electricity and heat. BPOWER specializes in waste heat recovery and biomass utilization, catering primarily to industrial clients seeking efficient energy solutions. Their services include consulting, supply, installation, and maintenance of energy systems. BPOWER operates in the small-scale energy sector, providing comprehensive support for more than 200 power plants utilizing ORC (Organic Rankine Cycle) systems throughout Europe. The company prides itself on using modern, proven technologies to deliver tailored solutions that enhance energy stability and profitability for its clients.

19. Pohjolan Voima

• Website: pohjolanvoima.fi
• Ownership type: Private
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1943
• Headcount: 51-200
• LinkedIn: pohjolan-voima-oy

Pohjolan Voima, founded in 1943 and based in Helsinki, is a private energy company that specializes in the production of electricity and heat. The company operates a mix of hydro, thermal, and nuclear power plants, ensuring a reliable energy supply for its shareholders, which include various Finnish industrial and energy firms. With 18 power plants, Pohjolan Voima is responsible for over 20% of Finland's electricity generation. The company emphasizes sustainability, with a focus on producing nearly carbon-neutral electricity and heat. Their operations are guided by a commitment to environmental responsibility, energy efficiency, and the promotion of biodiversity. Pohjolan Voima's strategic initiatives include investments in renewable energy sources and innovative technologies to enhance energy production efficiency.

20. Riello

• Website: riello.com
• Ownership type: Corporate
• Headquarters: Legnago, Italy
• Employee distribution: Italy 73%, Poland 8%, Canada 4%, Other 16%
• Latest funding: December 2015
• Founded year: 1922
• Headcount: 1001-5000
• LinkedIn: riello-corporate-

Riello S.p.A., founded in 1922 and based in Legnago, Italy, is a manufacturer of heating and cooling solutions. The company offers a wide range of high-efficiency products, including burners, boilers, and air conditioning systems, catering to residential, light commercial, and industrial markets. With a workforce of approximately 923 employees, Riello emphasizes sustainability and innovation in energy efficiency. Their products are designed to minimize environmental impact while enhancing user comfort. Notably, Riello has developed advanced combustion technologies that support the use of hydrogen and biofuels, reflecting their commitment to eco-friendly practices. The company operates internationally, with a significant presence in Europe and North America, and continues to innovate in the field of energy solutions.

21. Kraftblock

• Website: kraftblock.com
• Ownership type: Venture Capital
• Headquarters: Sulzbach, Saarland, Germany
• Employee distribution: Germany 100%
• Latest funding: Series B, $21.9M, August 2023
• Founded year: 2014
• Headcount: 11-50
• LinkedIn: kraftblock

Kraftblock, founded in 2014 and based in Sulzbach, Saarland, Germany, is an energy solutions provider that specializes in thermal energy storage systems. The company is dedicated to helping industries transition to renewable energy sources, enhance energy efficiency, and minimize dependence on fossil fuels. Kraftblock's innovative technologies cater to various heavy industries that require high-temperature heat, such as steel, metal, food, and chemical sectors. Their systems can store thermal energy at temperatures ranging from 50°C to 1,300°C, making them adaptable for a wide range of applications. Recently, Kraftblock secured €21.9 million in Series B funding, which underscores their commitment to advancing energy storage solutions and their relevance in the energy market.

Hybrid Thermal Power Insights: Key Companies

Company	Headquarter	Size	Founded	Ownership
Aalborg CSP A/S	Aalborg, Denmark	51-200	1987	Private
APR Energy	Jacksonville, Florida, United States (USA)	201-500	2001	Corporate
Jindal Power Limited	Gurugram, Haryana, India	10001+	2005	Corporate
Kraftanlagen Energies & Services	Flensburg, Schleswig-Holstein, Germany	1001-5000	1953	Private
TSK Electrónica y Electricidad	Gijón, Asturias, Spain	1001-5000	1986	Private
Turboden S.p.A.	Brescia, Lombardy, Italy	201-500	1980	Corporate
Korea Midland Power Co., Ltd.	Boryeong-Si, Chungcheongnam-Do, South Korea	1001-5000	2011	Private
Sunmaxx PVT	Ottendorf-Okrilla, Saxony, Germany	11-50	2021	Corporate
Dalkia	Chemy, Hauts-De-France, France	10001+	1937	Corporate
Lumenion	Berlin, Berlin, Germany	11-50	2016	Private
Exergy ORC	Olgiate Olona, Lombardy, Italy	51-200	2000	Corporate
Mitsubishi Power	Yokohama, Kanagawa, Japan	10001+	2001	Private
Bergen Engines	Bergen, Vestland, Norway	501-1000	1943	Corporate
Echogen Power Systems	Akron, Ohio, United States (USA)	11-50	2007	Venture Capital
INNIO Group	Jenbach, Tyrol, Austria	1001-5000	2018	Private Equity
Il&fs Tamil Nadu Power Company Limited	Chennai, Tamil Nadu, India	5001-10000	2012	Private
Rolls-Royce Power Systems AG	Friedrichshafen, Baden-Württemberg, Germany	5001-10000	1909	Private
BPOWER, a.s.	Czech Republic	11-50	2009	Corporate
Pohjolan Voima	Helsinki, Uusimaa, Finland	51-200	1943	Private
Riello	Legnago, Italy	1001-5000	1922	Corporate
Kraftblock	Sulzbach, Saarland, Germany	11-50	2014	Venture Capital

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