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GI Group

Market / European heating

A market that must convert,
and cannot pay for it.

European public and non-residential buildings face increasing pressure to renovate and replace fossil heating systems. Many institutions can fund an ongoing heating bill but cannot easily finance the full replacement infrastructure upfront.

A structural capital gap

GI addresses that gap by financing and owning the heating asset while the client continues to pay for heat as a service.

Explore the phased European strategy

01 / Why now

Pressure to modernize.
A defined renovation timetable.

Renovation requirements and carbon pricing address different parts of the transition. Neither prescribes GI technology or pellet heating.

  1. Heating fuels

    EU carbon pricing expands to heating fuels.

  2. 16%

    EU rules require renovation of the worst-performing 16% of non-residential buildings by 2030.

  3. 26%

    EU rules extend the renovation requirement to 26% by 2033.

02 / Market size

From European demand
to a focused addressable market.

Four distinct planning references. Market size describes the opportunity; it does not describe current GI revenue or market penetration.

TAM / European demandAnnual EU heating spend
€80B
2026 biomass segmentBiomass heating segment
€5–7B
SAM / Addressable marketDACH, Balkans and Eastern Europe
€1.5–2B
SOM / Target, not achievedLonger-term planned share≈6,500 contracts · €75M+ annual revenue
5% target

03 / Industrial geography

Bosnia is the start,
not the market.

Bosnia and Herzegovina combines access to the wood and biomass industry with proximity to Central and Southeast Europe. A materially lower regional production cost base supports GI’s planned industrial approach close to European heating demand.

The strategy is cost-efficient production geography and regional market access. GI’s own pellet-production facility remains a Stage 1 objective; it does not exist yet.

04 / Planned market access

Two regional hubs.
A phased European reach.

Bosnia and Herzegovina is the Phase 1 hub. Serbia is the planned Stage 2 hub. The 15 selected European countries form the Stage 3 target set.

Curved European geography viewed from the Adriatic, with Bosnia and Herzegovina and Serbia highlighted in copper and fifteen target markets in muted teal. GI expansion from Bosnia and Herzegovina through Serbia to 15 European target markets Bosnia and Herzegovina is the Phase 1 hub. Serbia is the planned Stage 2 hub. Copper pulses illustrate planned access to the fifteen Stage 3 European markets. Routes are illustrative, not an operating or contracted logistics network. CROATIA SLOVENIA AUSTRIA HUNGARY ITALY SWITZERLAND SLOVAKIA CZECH REPUBLIC ROMANIA BULGARIA GERMANY POLAND LUXEMBOURG BELGIUM NETHERLANDS BOSNIA &HERZEGOVINAPHASE 1 HUBSERBIASTAGE 2 HUB · PLANNED
01 Bosnia & HerzegovinaPHASE 1 HUB · PLANNED02 SerbiaSTAGE 2 HUB · PLANNED03 15 European target marketsSTAGE 3 · PLANNED EXPANSION

Illustrative phased expansion. Not an operating or contracted logistics network.

Stage 3 / 15 planned target markets

  • Italy
  • Switzerland
  • Austria
  • Romania
  • Slovenia
  • Bulgaria
  • Hungary
  • Slovakia
  • Czech Republic
  • Poland
  • Germany
  • Luxembourg
  • Belgium
  • Netherlands
  • Croatia

05 / Phased production strategy

Two hubs, different roles.

Phase 1 / Planned first production base

Bosnia and Herzegovina

Establish first production capacity, support the first operating portfolio and prove vertically integrated fuel supply.

The facility does not yet exist. This is the first-stage industrial objective.

Stage 2 / Planned second production hub

Serbia

The planned second production facility is in Sremska Mitrovica, adding capacity and regional redundancy with improved access to eastern and central target markets.

The Sremska Mitrovica facility is planned, not operating today.

Resilience through regional capacity.

Two regional bases are intended to reduce dependence on one production site, support shorter regional access and bring additional capacity closer to target demand.

Selected markets / Deliberate expansion

DACH, the Balkans
and Eastern Europe.

A staged addressable-market strategy, not a simultaneous launch across Europe.

  1. 01Prove the model in the initial region.
  2. 02Establish production capacity.
  3. 03Build operational references.
  4. 04Expand through selected European markets.

06 / Customer need

The customer already pays for heat.

The problem is financing the replacement asset.

GI targets buildings with existing, unavoidable heating expenditure and a need for modernization. The opportunity is broader than growth in biomass demand alone.

The model aims to turn existing heating spend into a long-term infrastructure service relationship: GI finances and owns the asset, while the institution pays for heat.

Understand the service model

Opportunity / Execution

Potential demand is not current GI traction.

Inspect the economics behind the model and the evidence documented today.

See how the model scales See documented traction
Investor information