Enex Technologies brought together companies with very different histories — Samifi, Roen Est, Emicon, Kobol, Morgana, and others. What did consolidation actually change for customers?
What is fundamental about Enex Technologies is that we are the only company in the world offering solutions across all natural refrigerants. Customers come to us with a challenge — refrigeration, heating, whatever it may be — and we put every option on the table. Not just one option because that is what we manufacture, but any of them.
That is what makes us different. I am not trying to force you into CO2 or ammonia or propane. I have them all. So I sit down with you and genuinely think through the best solution together. That is really the core of our company.
You cover CO2, ammonia, propane, and water. How does the customer selection process work in practice — is it centralised, or does each brand team make its own recommendation?
We have people dedicated to installer customers, and they each have a specialty. Behind them is a back-office team that supports the sales force and can indicate one solution over another.
Very often, when you approach a customer, they already have a preference. They might say they want CO2. And then I will say: yes, but given the specific environment and application, propane might actually be the better fit. That opens a dialogue. It is about finding the best solution for them — and ultimately for the end user.
Eight brands, four years. What was the biggest challenge in keeping the expertise and key people together under one roof?
Our mission — across all these brands — is to move the HVAC and refrigeration industries toward natural refrigerants. That is important on two levels. First, the regulatory pressure on synthetic gases is real and accelerating. But we do not talk enough in Europe about PFAS. That is actually even more serious, because PFAS causes disease. Our mission was to find solutions that address both global warming potential and PFAS — that is what drives us.
So what we did was go across Europe and find the right companies for each technology. We found companies in Spain with very strong ammonia expertise. We found companies with deep CO2 and propane capabilities, and we brought them together. Enex Technologies today represents 400 years of combined technological experience. Emicon, for example — the company behind the propane units on display at our booth — has been working with propane for 18 years. That kind of experience is very hard to find.
What holds all of it together is one mission: solving the GWP and PFAS problem in HVAC and refrigeration. That is our leitmotif.
Gas regulations are accelerating the shift away from synthetic refrigerants. Where do you see the biggest gap between what regulation requires and what the market is actually ready for?
If you look at CO2 transcritical across Europe, the large supermarket chains are clearly moving in that direction — and we see that in the behaviour of these big customers.
Propane adoption is slower, but the direction is clear. Many manufacturers here at MCE are now proposing propane because market acceptance is growing. The technology is ready. There is not a lot of resistance today. Ammonia is a different story — acceptance varies country by country because the regulations differ. But broadly, Europe is moving toward natural refrigerants in large steps, and very fast.
Enex is launching one new product every month. How do you manage a development pipeline at that pace?
We invest heavily in engineering and R&D. We have dedicated centres of excellence: one in central Italy for propane, one near Treviso for CO2 transcritical, one near Trieste for heat exchangers, and one in Madrid for ammonia. Each centre handles both current customer projects and future technology development.
We manage this through a clear stage-gate process to make sure we allocate the right engineering resources to each development cycle. Here at MCE, we are launching a large V-shape dry cooler specifically designed as the backbone for Data Centers infrastructure equipment. We also have a new propane heat pump that can be coupled with our existing units — because we designed a modular system. Customers can add capacity without replacing existing equipment, and compatibility is maintained.
Enex has grown primarily through acquisitions. Do you plan to continue that path, and what does the growth strategy look like over the next five years?
We are consolidating the companies we already have. All our Italian companies will merge this year. The Spanish companies will merge next year. Within a couple of years, we will have one unified entity in each country.
At the same time, we have an acquisition pipeline. Enex is a €200 million business today. The goal is to reach two to three times that scale within five years — through organic growth and through further acquisitions.
Thank you, François, for sharing your insights!
Editor’s note
The interview took place on the first day of MCE 2026. On day two, Enex Technologies received two awards at the MCE Excellence Awards: the Mega Ammonia Chiller was recognised in the natural refrigerants category, and the Industrial V-Shape Dry Cooler — the same unit François Audo discussed during our conversation — received an award for efficiency in industrial applications.
Refindustry congratulates the Enex team on both recognitions.