LUT spinoff Visedo purchased by Danfoss
Visedo, a spinoff company of Lappeenranta University of Technology (LUT), has been purchased by Danfoss. Visedo is a Lappeenranta-based high technology growth company specialised in electric drivetrains for heavy-duty vehicles. Visedo's technology is connected to research at LUT, and the founders as well as a large part of the staff have graduated from LUT. Moreover, Green Campus Innovations, partly owned by LUT, has invested in Visedo.
"The lengthy and profound collaboration between LUT and Visedo is now bearing fruit as the company has grown into a new stage and is ready to take the next leap in its success story," says Tuomo Rönkkö, Chair of the LUT Board.
"Cooperation with the university has been invaluable to us and will continue to play a key role in our operation. LUT's long-standing strategic commitment to entrepreneurship and focus on energy technologies have provided an excellent foundation for Visedo's expertise and have enabled us to hire the best experts. We plan to grow our operation in Lappeenranta further," states Kimmo Rauma, CEO of Visedo and an LUT alumnus.
Visedo manufactures smart hybrid and electric drivetrains. Visedo's turnover has grown more than 500 per cent over the past three years, and 90 per cent of the company's products are exported to Asia and Europe. The products enable customers to build more efficient electric systems which fulfil the increasingly stringent environmental regulations and reduce fuel expenses considerably. Electrification is a strongly growing field with potential for the future.
"Our aim to generate meaningful, sustainable business from science materialises in Visedo. The company is at the core of the LUT strategy, which focuses on clean energy and water, the circular economy, and sustainable business. Electrification is indispensable when we transition to an emission-free, renewable energy system," Rönkkö explains.
This is already the second corporate acquisition within a week for LUT's investment company Green Campus Innovations; last week, LUT's computer vision spinoff Vionice was purchased by Vaisala.
"Green Campus Innovations reaches its goal to generate new business from LUT's expertise when we are able to help companies take the next step in internationalisation and growth with a new owner," relates Pertti Miettunen, President and CEO of Green Campus Innovations.