Hoval pours EUR 60m in heat pump production amid brisk demand

Liechtenstein-based heating and indoor climate solutions provider Hoval is building new production facilities for heat pumps as demand continues to skyrocket.

The new production sites are located at the company's headquarters in Vaduz and in the Istebne municipality, northern Slovakia, where Hoval already has a plant.

The expansion involves investments of about EUR 60 million (USD 58.66m), Hoval said on Wednesday.

A new heat pump production plant was launched in September at the company's site in Vaduz. Another production facility in the existing plant in Istebne is expected to be put into operation next spring and next to it, Hoval is building a new heat pump factory which is set to come into operation in early 2024.

“With our clear commitment to heat pumps and the resulting expansion of our production facilities in Vaduz and Istebne, we are strengthening our position in the field of renewable energies,” said co-CEO Fabian Frick.

(EUR 1 = USD 0.978)

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