Best Energy Companies in Latvia
The 93 best Energy companies in Latvia in 2026, ranked by funding and momentum. Funding, investors, founders, valuation, tech stack and live signals.
Latvia's Energy sector doesn't flaunt venture rounds, and that's exactly the point. This directory ranks 93 Energy companies in Latvia by disclosed equity funding and recent funding momentum, surfacing the builders who are doing the actual work. Total disclosed funding across all 93 tracked companies sits at zero dollars, which tells you something real: this is an industry running on operational revenue, utility contracts, and EU-backed capital flows rather than splashy seed rounds. Names like Conexus, Linde-Gas, and Salaspils Siltums aren't chasing unicorn status. They're billing.
The sector's digital layer is moving faster than the funding headlines suggest. Median install growth across energy apps is running at roughly 28% year-over-year, and wind energy expansion is adding pressure on every grid operator in the Baltics to respond. Hot themes right now are solar PV, photovoltaic systems, and community solar farms, while broader coverage stays flat, meaning the opportunity concentration is real. I'd also flag that the European Union sits among the most active investors here, which matters for regulatory tailwinds. Green energy is becoming a genuine competitive signal for attracting infrastructure capital, and Latvia's grid-connected players are positioned to catch that current.
- International grid edge study reveals countries needs and readiness f
Our analysis of 441 Energy companies
$135.1b in tracked funding; 76% of the stack-profiled cohort runs cloud-native; funding activity peaked in 2025.
Ranked: Best Energy companies in Latvia
| # | Company | Disclosed funding | Revenue | Net margin | Employees | Founded | Stage | Recent signals |
|---|---|---|---|---|---|---|---|---|
| 1 | Circle K Provider of convenient shopping and fuel retail services in Latvia, offering quality fuel, meals, and coffee… | — | $532M FY2022 | +2% | 882 | 1992 | Unfunded | — |
| 2 | AVM Bunker Company is a lubricant wholesaler offering a products and services to clients across various industries | — | $339M FY2021 | +6% | 2 | — | Unfunded | — |
| 3 | Conexus Provider of natural gas transmission and storage services | — | $105M FY2024 | — | 356 | 2016 | Funding Raised | — |
| 4 | Euro Energo Company Operator of fuel & gas terminal | — | $60M FY2022 | +1% | 26 | 2021 | Unfunded | — |
| 5 | Linde-Gas Provider of industrial, specialty, and medical gases and related technologies | — | $30M FY2024 | — | — | — | Funding Raised | 1 expansion |
| 6 | Juglas jauda Provider of energy management solutions and services | — | $14M FY2022 | +15% | 10 | 2004 | Unfunded | — |
| 7 | Energrid Provider of solar panel solutions, offering design and installation services | — | $13M FY2024 | — | 43 | 2019 | Unfunded | — |
| 8 | EnergoPro Provider of engineering solutions for power generation and electrical energy segment | — | $9M FY2023 | +12% | 5 | — | Unfunded | — |
| 9 | Elnetworks Company specializing in electricity supply and infrastructure development services | — | $7M FY2023 | +12% | 50 | 2011 | Unfunded | — |
| 10 | Salaspils Siltums Provider of district heating solutions | — | $5M FY2023 | +2% | 19 | 1996 | Funding Raised | — |
| 11 | Baltijas Ogles Provider of coal and wood briquettes in wholesale | — | $5M FY2023 | -1% | 7 | 2011 | Unfunded | — |
| 12 | Balvu energija Company that provides heat and power supply services | — | $2M FY2023 | +1% | 30 | — | Unfunded | — |
| 13 | Divine Heat Provider of heat pumps & water heater supplying and smart solution services | — | $2M FY2022 | +1% | 3 | 2002 | Unfunded | — |
| 14 | Crystal ITG Distributor of pellets, firewood, charcoal, and other products | — | $2M FY2022 | +5% | 1 | 2010 | Unfunded | — |
| 15 | Garkalnes Komunalserviss Provider of waste management and related services for local municipalities and communities | — | $2M FY2023 | +2% | 29 | — | Unfunded | — |
| 16 | Artelektro Provider of electrical design solutions and services | — | $2M FY2022 | -0% | 16 | 2005 | Unfunded | — |
| 17 | Balteneko Provider of grothermal energy projects development services | — | $1M FY2023 | -1% | 12 | 1997 | Unfunded | — |
| 18 | Lanela Power Solutions Manufacturer of panel builder and switchboard solutions | — | $1M FY2023 | +5% | 13 | 2017 | Unfunded | — |
| 19 | Alta Serviss Wholesaler & sales of car oils & chemicals, batteries, and tools | — | $1M FY2022 | +8% | 8 | 2002 | Unfunded | — |
| 20 | Belameks Provider of SAFT batteries services | — | $996K FY2022 | +3% | 8 | — | Unfunded | — |
| 21 | AWIS Provider of HVAC manufacturing services | — | $712K FY2022 | -1% | 2 | 2009 | Unfunded | — |
| 22 | ADDO Energy LED luminaire wholesaler offering a range of commercial, street, and interior lighting solutions | — | $644K FY2023 | +4% | 3 | 2021 | Unfunded | — |
| 23 | Dauer Manufacturing LED Lighting Manufacturer | Dauer Manufacturing | — | $624K FY2023 | +3% | 16 16 → 18 (+12%) | 2012 | Unfunded | — |
| 24 | Baltic oil Management Environmental services company specializing in the extraction and management of oil and gas, with a focus on… | — | $606K FY2022 | -10% | 12 | 2009 | Unfunded | — |
| 25 | Hyrogas Focused on the development of climate-neutral energy technologies, specifically carbon-free hydrogen | — | $605K FY2022 | -80% | 7 | 2019 | Unfunded | — |
| 26 | BTT Company is a natural gas supplier and trader that provides wholesale energy solutions to industries | — | $472K FY2018 | -30% | 2 | — | Unfunded | — |
| 27 | ENSEN Provider of engineering design consultancy and solutions | — | $460K FY2023 | -5% | 7 | 2020 | Unfunded | — |
| 28 | ELEKTRO PM Provider of electrical construction, maintenance and management services | — | $457K FY2023 | +1% | 7 | 2007 | Unfunded | — |
| 29 | 3E Risinajumi Provider of energy management solutions for residential and commercial buildings | — | $423K FY2023 | +7% | 1 | — | Unfunded | — |
| 30 | Ekstracom Provider of e mobility and alternative energy solutions | — | $380K FY2022 | +13% | 9 | — | Unfunded | — |
| 31 | EnergoUP Provider of electrical design, consulting, and maintenance services | — | $343K FY2023 | +25% | 4 | — | Unfunded | — |
| 32 | IT Montaza Provider of electrical installation and maintenance services, offering a range of solutions including solar… | — | $312K FY2023 | -2% | 13 | 2010 | Unfunded | — |
Top 4 Energy companies in Latvia
#1
Funding Raised · Riga, Riga · founded 1939—raised▾
Electricity transmission & distribution company
#2
Funding Raised · Riga, Riga · founded 2016 · 356 employees—raised▾
Provider of natural gas transmission and storage services
#3
Funding Raised · Latvia—raised▾
Provider of industrial, specialty, and medical gases and related technologies. It offers gases in various purity grades and supply modes, along with equipment such as boosters, mixers, and analyzers. The company provides application technologies for diverse industries including chemicals, food and beverage processing, electronics manufacturing, metal fabrication, and energy production. Services encompass emission abatement solutions, process intensification techniques, and on-site gas generation systems. Its offerings also include cryogenic chilling and freezing systems for food processing and sub-zero treatments for metalworking.
#4
Funding Raised · Salaspils, Salaspils Municipality · founded 1996 · 19 employees—raised▾
Provider of district heating solutions
Funding & investor landscape
Notable founders
Market landscape — 10 sub-themes by coverage
Share of Energy coverage by sub-theme.
Regulatory-risk over time rising
Funding & growth over time
funding rising · growth rising
How research on Grid Energy Storage is moving in Latvia
A read on the academic research around Grid Energy Storage — which themes are gaining ground, the institutions and researchers driving them, and how the tone is shifting. Based on 97 Latvia-affiliated papers.
- Riga Technical University50
- Institute of Solid State Physics17
- Institute of Economics12
- University of Latvia6
- Institute of Mathematics and Computer Science5
- Electrolyte8
- Anode5
- Electrochemistry4
- Battery (electricity)4
- Nanoporous4
- Renewable energy20
- Power (physics)12
- Photovoltaic system11
- Supercapacitor9
- Automotive engineering8
- Renewable energy6
- Environmental economics6
- Power (physics)4
- Electricity3
- Perspective (graphical)2
Where energy storage is researched across Latvia
Location clusters by institution affiliation — each city's volume, stance tone, and a quick read on its hot topic, what's advancing, the opening opportunity, and the main concern.
Common questions
Riya reads income statements for fun. She covers the real money in a sector — revenue, growth, who actually earns — and never met a vague claim she didn't want a number for.