Panasonic acquires 40% stake in Innova.

Innova, an Italian maker of heat pumps and air conditioners, has sold 40% of its shares to Panasonic as part of a business relationship. The two enterprises will be able to work together in production and sales, with an emphasis on technological advancement in the residential hot water supply, air conditioning, and ventilation industries, thanks to the capital and business alliance, according to a news release. It seems that Panasonic is especially interested in the hydronic fan coil systems made by Innova. Since 2022, Panasonic has also owned Systemair's commercial air conditioning subsidiary, which produces its ECOi-W chiller, a company based in Sweden, in addition to its heat pumps and air conditioners. Founded in 2004 and headquartered in Storo, northern Italy, Innova recorded €102.7 million in revenue in 2022.

Source: Panasonic