American Geothermal has a strong presence in manufacturing batch water heating and cooling equipment for the concrete industry, which in turn has led to the development of heat pumps and chillers for the commercial and HVAC sectors.
“As green environmental initiatives and regulations continue to evolve, we see great potential to grow our heat pump and chillers business in North America and complete our BlueBox offering” said Andreas Örje Wellstam, CEO Swegon Group. “This acquisition marks a milestone in our strategy to increase our presence in North America. In addition, we are excited to add a US manufacturing site with great people and extensive experience and knowledge to our team.”
Founded in 1981, American Geothermal has 40 employees with headquarters in Murfreesboro, Tennessee. Sales amounted to approximately $14 million in 2024.
“There is a strong urgency to decarbonise HVAC systems in both new and existing buildings, and American Geothermal offers all electric solutions that use advanced technology to both heat and cool water” added Tom Anderson, CEO American Geothermal. “We are happy to become part of the Swegon North America family and look forward to continue expanding both our American Geothermal and ChillMaster businesses. Together with Swegon’s well-established sales network across the US and Canada we especially look forward to creating new opportunities to expand ChillMaster’s product reach.”
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