Swegon Acquires American Geothermal

Swegon has signed an agreement to acquire American Geothermal, a U.S.-based manufacturer specializing in heating and cooling solutions for the concrete industry, along with heat pumps and chillers for healthcare, commercial, industrial, government, and institutional applications.

Founded in 1981, American Geothermal is headquartered in Murfreesboro, Tennessee, and employs 40 people. The company reported sales of approximately $14 million in 2024. Known for its batch water heating and cooling equipment for the concrete industry, American Geothermal has also developed the ChillMaster line of heat pumps and chillers tailored for the commercial and HVAC markets.

“As green environmental initiatives and regulations continue to evolve, we see great potential to grow our heat pump and chiller business in North America and complete our BlueBox offering. This acquisition marks a milestone in our strategy to increase our presence in North America,” said Andreas Örje Wellstam, CEO of Swegon Group. “In addition, we are excited to add a U.S. manufacturing site with great people and extensive experience and knowledge to our team.”

Tom Anderson, CEO of American Geothermal, emphasized the growing importance of decarbonizing HVAC systems. “There is a strong urgency to decarbonize 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. We are happy to become part of the Swegon North America family and look forward to continuing to expand both our American Geothermal and ChillMaster businesses. Together with Swegon’s well-established sales network across the U.S. and Canada, we especially look forward to creating new opportunities to expand ChillMaster’s product reach.”

Swegon sees the acquisition as a strategic step toward increasing its footprint in the North American market, particularly in the growing heat pump and chiller segments.