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STP Srl, a private Italian engineering company specializing in renewable geothermal systems, is actively looking for financial partners, founder and chief executive officer Gianfranco Pellegrini said. In an effort to boost trading operations, the company is open to cash offers from venture capitalists and private equity institutions, he noted. 

"There are only few engineering companies in Italy working in the geothermal arena. Private equity investors interested in this market space are welcome to discuss investment opportunities with us," he said. 

The CEO described STP as a pioneer in geothermal energy with its systems being adopted by Heineken, Aprilia and Teknorubber, he said. The company has a wide client portfolio, which includes Italian hospitals (Asl 5 Certosa di Collegno, Ospedale di Verbania and Ospedale di Domodossola) and public institutions such as Comune di Cirie', Azienda di Trasporti di Asti and Teleriscaldamento Citta' di Asti. 

A 48-year old engineer, Pellegrini is keen to take STP to the next stage of development in terms of technical/engineering planning and financial growth. As a majority shareholder, he would consider selling a controlling stake to financial investors who could support the management in fostering growth. Pellegrini wants to focus on engineering planning and research while financial partners will take the reigns of commercial operations. “Once the right partner comes on board, he will be responsible for enhancing sales and widening our client base. I will mainly work on new projects in the geothermal space,” said the CEO. 

STP expects a turnover of at least EUR 5-6m in 2013. Because of the high pricing of its heating systems, the management forecasts a substantial increase in revenues in the coming years. STP’s sales volume was less than EUR 1m in 2008, Pellegrini said. 

"We need to consider that some our heating systems have an average cost of EUR 1m each, which includes installation," he noted. "Once we expand our client base and sign up large institutional clients, we will be able to double or triple our turnover year on year," he said. According to Pellegrini, STP is particularly interested in selling devices to public institutions such as the Turin local government, where historical buildings are in urgent need of sustainable heating systems.

The company was recently granted a patent on its eco-friendly heat pump to be applied to existing boilers within historical buildings and large residential areas.  In addition, it has launched an advanced heat circulation system for residential buildings.

STP was set up in 1990 and has its headquarters in Turin and a second office in Trieste that is devoted to the development of new geothermal heating systems. The company has 15 employees, of which 12 are engineers.