In 2022, the increased global demand for low-emission burners and heat pumps boosted Oilon Group’s turnover by almost one fifth. We continue to seek strong growth in the international market by investing in strong product development and corporate responsibility.

In 2022, Oilon Group’s turnover increased to EUR 85.2 million, which corresponds to approximately 18 per cent growth. Operating profit increased to EUR 3.5 million (in 2021: EUR 2.4 million). The profit for the financial year was EUR 2.7 million (in 2021: EUR 0.6 million).

The result for the operating year was burdened by both high inflation and one-off costs associated with discontinuing the group’s operations in Russia. Even though the company’s growth was limited by the global shortage of components, the achieved growth rate was in line with the company’s strategic goal. Heat pumps were the fastest growing business.

“I’m extremely happy with the development and growth of our business last year. We faced a challenging operating environment, but the global effort towards reducing dependence on fossil fuels is favorable for Oilon. Despite the current climate, we continue on the growth path laid out in our strategy,” says Oilon Group’s CEO Tero Tulokas.

Oilon products are an excellent tool for promoting the green transition. You can use heat pumps to utilize waste energy from processes and renewable energy sources, such as ground source heat. Oilon burners, in turn, can fire renewable fuels and, having extremely low emissions, minimize the environmental impact of combustion.

Growth in EMEA markets and North America

The company’s growth markets include the EMEA region and North America. Oilon’s business is expanding most rapidly in North America, and we expect continued strong growth for the current year. Traditionally, China has been an important market area for Oilon. In the last years, China’s relative importance has decreased, as other markets have experienced growth.

“We can count the strong growth in our key markets as a success story, and the same applies to the fact that we managed to keep our position in China despite the challenging market conditions,” Tulokas says.

Oilon’s advantages for recruitment: strong growth and meaningful work

Oilon engages in active recruitment, especially to fill out roles in our European and North American operations. To sustain growth, we need wide-ranging expertise for different tasks in R&D, sales, production, and administration. At the end of 2022, the number of personnel was 403. Two thirds of the company’s staff was based in Finland.

“We will continue to actively recruit new employees in the future. Our advantages for recruitment are the meaningful work we offer, the positive outlook of our business, and our strong commitment to product development,” Tulokas says.   

International recognition

Oilon invests heavily in research and development activities. The company’s R&D and engineering team is currently 70 people strong (17% of the company staff). Moreover, the company reserves approximately 6 per cent of the annual turnover for product development.

In addition to success in business, R&D generates international recognition. In 2022, Oilon and energy company Helen won the European Heat Pump Association award for the best heat pump project in Europe.

In Brazil, Oilon was recognized with the Prêmio Conciência Ambiental Immensità 2021 sustainable development award for a project where the local Wyndham hotel was able to completely phase out fossil fuels thanks to a heat pump solution.

Oilon is a family-owned, global energy and environmental technology company, founded in 1961. Environmental technology is at the heart of our business, and we are a global forerunner in our field. The company invests heavily in research and development with special focus on solutions based on new energy sources and energy recycling as well as improving energy efficiency and reducing emission levels.

In 2022, Oilon’s turnover was EUR 85 million, and we had approximately 400 employees. The company’s business is on a high growth path. Oilon has operations in Finland, USA, and China, and we have sales offices in Brazil and Germany. Our extensive network of resellers spans the globe.

Additional information: CEO Tero Tulokas,, +358 44 7576 257