Company & Team

Wide-ranging expertise across multiple industrial sectors

Windmills at sunset

Who are we

Pioneer of a carbon-neutral future

We are pioneers in a transformative shift that initially impacts the use of fossil fuels in industrial steam production and gradually expands towards more diverse applications. We will be a significant part of the electricity grid’s demand response capacity. We provide an opportunity for the continuous growth of renewable energy sources by creating flexibility in the power grid

Elstor energy storage container from inside

Our story

From Research to Operational Company

Our story began in 2016 when Professor Jero Ahola, an energy efficiency professor at LUT University, and serial entrepreneur Ari Piispanen from Lappeenranta explored alternative solutions for energy storage.

The prices of electrochemical batteries are too high for economically viable storage, and the required raw materials are rare and expensive. Industrial steam production relies heavily on fossil fuels, making steam production currently more expensive than electricity production.

As a result of the research, Elstor Oy, a company focusing on thermal energy storage, was founded in July 2017. The development of the energy storage has been ongoing since then and continues. Our current storage solution, proven to be operational in industrial use, has been in operation since 2021.

The experiences with our equipment have been positive. Through the first pilots and commercial implementations, we have evolved the device into its current form – functional, profitable, and sustainable.

Elstor was established as a result of research in collaboration with serial entrepreneur Ari Piispanen and LUT University Professor Jero Ahola
Every employee at Elstor is a professional in their field, with expertise stemming from decades of experience in the world of technology companies. Elstor maintains close collaboration with LUT University through thesis projects and the employment of students
<4 M€
Capital loan received from the Climate Fund
Elstor Oy was the second funding target of the Climate Fund. The financing will accelerate the development of Elstor’s business and contribute to emissions reduction in the Finnish industry

Elstor in a nutshell:


Our purpose is to mitigate climate change and create a cost-effective zero-emission society


Our vision is to be a pioneer of a carbon-neutral future

Step by step

Elstor’s story progresses according to plans, step by step, towards a zero-emission industrial sector


Innovation + Reliability + Customer Satisfaction + Together More


Matti Ruohio


Vertti Wickström

Head of Electrical Work

Come work with us

Are you interested in being part of developing new technology and promoting the green transition in the industry? Contact us if you are intrigued!

Ready for change?

This is how we make your processes fossil-free

Clean electricity, thanks to Elstor’s thermal storage, is a cost-effective alternative to fossil fuels. The technical specifications of the storage may vary by application, but emissions remain zero. Contact us, and we will provide profitability calculations for a customized system tailored to your needs.

Elstor energy storage container

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References & News