Triton Sells Majority Stake in Kelvion to Apollo, Retains Minority Interest
Triton has sold a majority stake in Kelvion, a leader in energy-efficient heat exchange solutions, to Apollo-managed funds while retaining a minority interest. This transaction marks one of Triton's significant exits in 2024, highlighting the growing investor interest in thermal management technologies for high-tech and green-tech markets. Kelvion specializes in solutions for carbon capture, hydrogen, and renewable energy systems, aimed at enhancing efficiency and reducing environmental impact.
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Triton has sold a majority stake in Kelvion, a provider of energy-efficient heat exchange and cooling solutions, to Apollo-managed funds, while retaining a minority interest. Triton acquired Kelvion in 2014 and has since developed it into a leader in data centre cooling and energy transition technologies.
This transaction is one of Triton's major exits since 2024 and reflects ongoing investor interest in thermal management solutions for high-tech and green-tech markets. Kelvion provides technologies for carbon capture, hydrogen, electrification, renewable energy systems, and heat pumps, aimed at enhancing efficiency and reducing environmental impact.
This deal is part of Triton's ten exits completed in 2024, generating approximately €7.3 billion in proceeds. As of September 30, 2025, Apollo managed approximately $908 billion in assets.
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