Vertiv completes ThermoKey acquisition to boost cooling

Vertiv has completed its acquisition of ThermoKey, adding heat rejection and heat-exchange technologies to its thermal management portfolio.

The deal also expands Vertiv's manufacturing footprint in Europe, the Middle East and Africa, where ThermoKey has established operations and customer relationships with original equipment manufacturers and system integrators.

Founded in 1991, ThermoKey makes heat-exchange products, including dry coolers and systems designed to work with low-global-warming-potential and natural refrigerants. Vertiv already uses ThermoKey technology in some of its thermal products.

The acquisition comes as demand for cooling infrastructure rises with the build-out of AI facilities and high-density data centres, where operators face tighter constraints on heat, energy use and site conditions.

Vertiv said the purchase would strengthen its ability to offer system-level thermal products across the full thermal chain. That includes equipment intended to support customers as computing requirements increase over several hardware generations.

Thermal demand

Cooling has become a more prominent area of competition in digital infrastructure as operators deploy denser computing systems that generate more heat than conventional server environments. Suppliers have responded by expanding their product ranges through internal development and acquisitions.

For Vertiv, adding ThermoKey brings in-house design and production expertise developed over more than three decades. The Italian business has built its position around heat rejection and heat-exchange equipment for data centre and industrial applications.

The Rivarotta site in Italy will remain a central base for manufacturing, engineering and support after the acquisition. Giuseppe Visentini will continue to lead the ThermoKey business.

Giordano Albertazzi, Chief Executive Officer at Vertiv, linked the transaction to the rapid expansion of AI infrastructure and the growing importance of cooling systems in data centre planning.

"Customers are scaling AI infrastructure at an unprecedented pace, and thermal performance is now a critical enabler of capacity and efficiency," said Giordano Albertazzi, Chief Executive Officer, Vertiv.

"With ThermoKey, we are strengthening our capabilities to deliver differentiated, integrated, high-performance heat rejection solutions that help customers deploy faster, operate more efficiently, and scale with confidence," Albertazzi said.

EMEA focus

The deal carries particular significance for EMEA, where ThermoKey's manufacturing base gives Vertiv additional regional production capacity. That matters for data centre customers seeking shorter supply chains and local engineering support as they expand facilities or retrofit existing sites.

ThermoKey's equipment also broadens Vertiv's options for customers operating under different environmental rules and refrigerant preferences. Products compatible with low-GWP and natural refrigerants are becoming more relevant as operators and suppliers adapt to tighter efficiency and sustainability requirements.

Visentini said the business would retain its engineering focus while becoming part of a broader thermal offering aimed at high-density data centres.

"Joining Vertiv means bringing our heat-exchange expertise into a complete, integrated thermal chain that serves high-density data centres," said Giuseppe Visentini, Chief Executive Officer, ThermoKey.

"We share Vertiv's engineering rigor and customer focus. ThermoKey joins Vertiv on a path of sustained growth, and from Italy we will continue to build on that momentum and contribute to the strength of the group across EMEA and around the world," Visentini said.

US-based Vertiv sells power, cooling and IT infrastructure products for data centres, communications networks and industrial facilities, and operates in more than 130 countries.