White Summit Capital (WSC) has agreed to invest up to €100 million (approximately $116 million) in Aneo Retail International AS, a Nordic refrigeration-as-a-service provider, alongside Danfoss. The investment will support refrigeration, heat recovery and ventilation projects and expansion into new European markets. Existing shareholders HitecVision and TrønderEnergi will retain their investments through Hvete AS.
Aneo Retail designs, finances, installs and operates refrigeration and energy infrastructure for food retailers and logistics operators. Its systems use natural refrigerants, including CO2 and propane, and integrate refrigeration, heat recovery, ventilation and remote monitoring. According to the company, these systems reduce energy consumption by 30–50% compared with legacy equipment. Customers access the infrastructure through long-term service contracts without upfront capital expenditure.
Founded in 2008, Aneo Retail operates in Norway, Sweden and Denmark. It manages refrigeration infrastructure in more than 500 stores and remotely monitors over 1,500 locations. More than 100 stores operate under long-term contracts with 16 food retailers. The company estimates that installed refrigeration systems in its home markets are worth approximately €1.7 billion, with around €180 million in new installations annually.
Danfoss, Aneo Retail’s technology partner since 2021 and shareholder since 2025, will continue investing alongside WSC. Its components, controls and Alsense remote-monitoring platform are central to Aneo Retail’s systems. Under an extended exclusive strategic collaboration, Danfoss will also support commercial expansion across Nordic and EU markets.
The investment comes as European food retailers face tightening EU F-gas regulations and rising energy costs. WSC will provide funding through its WSC Decarbonisation Infrastructure Fund II (WDIF-II), enabling Aneo Retail to finance infrastructure under long-term contracts. The transaction remains subject to customary closing conditions and is expected to close in Q4 2026.
“This partnership removes the capital barrier to replacing outdated, high-emission refrigeration,” said Emil Baungaard, Strategic Projects and Partnerships Manager at Danfoss. “With WSC on board, Aneo Retail gains the capacity to scale, and Danfoss will keep contributing technology, commercial reach and capital.”
