LG Electronics acquires Norwegian firm to tackle Europe’s HVAC market

SEOUL, June 30 (Yonhap) -- LG Electronics Inc., South Korea's leading home appliance maker, said Monday it has acquired a Norwegian hot water storage company to strengthen its foothold in the European air and water heating markets. The company said it acquired a 100 percent stake in OSO Group AS, a firm known for its smart stainless steel hot water tanks, aiming to enter the water heating segment in addition to its existing air heating business. LG Electronics did not disclose the acquisition price. "LG Electronics' high-efficiency air-to-water heat pump (AWHP) systems, combined with OSO Group's innovative hot water storage solutions, will help the company expand its presence in Europe's heating, ventilation and air conditioning (HVAC) market," the company said in a statement. Lee Jae-sung, president of LG Electronics' Eco Solutions division, said OSO's hot water storage technologies would serve as a "core catalyst" for LG's expansion in the European HVAC market. In Europe, demand for AWHP systems is increasing as countries work to reduce greenhouse gas emissions and address energy supply uncertainties. AWHP systems do not rely on fossil fuels; instead, they use thermal energy from outdoor air to provide indoor heating, cooling and hot water. The European heat pump market is projected to grow from around 1.2 million units in 2024 to 2.4 million units by 2030, according to global consulting firm BRG Building Solutions. This undated file photo, provided by LG Electronics Inc., shows hot water storage solutions from Norwegian firm OSO Group AS on display at its booth during the ISH 2025 trade fair for sanitation, heating and air, held in Frankfurt from March 17 to 21, 2025. (PHOTO NOT FOR SALE) (Yonhap) kyongae.choi@yna.co.kr(END)

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SEOUL, June 30 (Yonhap) — LG Electronics Inc., South Korea’s leading home appliance maker, said Monday it has acquired a Norwegian hot water storage company to strengthen its foothold in the European air and water heating markets.

The company said it acquired a 100 percent stake in OSO Group AS, a firm known for its smart stainless steel hot water tanks, aiming to enter the water heating segment in addition to its existing air heating business.

LG Electronics did not disclose the acquisition price.

“LG Electronics’ high-efficiency air-to-water heat pump (AWHP) systems, combined with OSO Group’s innovative hot water storage solutions, will help the company expand its presence in Europe’s heating, ventilation and air conditioning (HVAC) market,” the company said in a statement.

Lee Jae-sung, president of LG Electronics’ Eco Solutions division, said OSO’s hot water storage technologies would serve as a “core catalyst” for LG’s expansion in the European HVAC market.

In Europe, demand for AWHP systems is increasing as countries work to reduce greenhouse gas emissions and address energy supply uncertainties.

AWHP systems do not rely on fossil fuels; instead, they use thermal energy from outdoor air to provide indoor heating, cooling and hot water.

The European heat pump market is projected to grow from around 1.2 million units in 2024 to 2.4 million units by 2030, according to global consulting firm BRG Building Solutions.