Ametalis expands to Finland and welcomes Etha Oy to the Group

Ametalis AB (“Ametalis”) has acquired Etha Oy (“Etha”), a leading Finnish consulting company with expertise in sustainable energy. The transaction is part of Ametalis’ strategy to build a leading Nordic platform of specialist companies in technical and environmental consulting, where sustainability is an integral part of the business. Through the acquisition of Etha, Ametalis expands its service offering to include the development of renewable energy, network solutions and technical and transactional advice, while establishing a strong local presence in Finland. The transaction is conducted in a market characterised by increasing complexity and a growing demand for specialised expertise in sustainable energy.

“I see Ametalis as a natural next strategic step for Etha, as the company is now developing into a medium-sized company and seeking new opportunities for growth and development. Companies joining Ametalis retain their operational autonomy, which was also a crucial criterion for Etha. This unique collaboration creates significant development opportunities while Etha retains its operational responsibilities, organizational culture and strong local brand – factors that are crucial to the company’s success.”

“Etha has successfully developed its business for many years, and I believe that the time is right for Etha to become part of a larger group sharing the same mission and vision, which also form the basis for Etha’s sustainable business drivers. Ametalis will provide Etha with active support in the continuing development, creating new growth opportunities and access to a broader network in the industry. I am looking forward to partnering with Ametalis.”

“We are delighted to welcome Etha and their team to Ametalis. Etha’s expertise in sustainable energy, clear market position and strong brands is a valuable addition to the Group and marks an important step for Ametalis in Finland. Becoming part of Ametalis creates new growth opportunities while maintaining Etha’s entrepreneurial spirit. We look forward to starting this new partnership.”

As part of the transaction, current shareholders in Etha will reinvest and become shareholders in the Group.

About Ametalis

Ametali’s strategy is to acquire and develop SMEs in technical and environmental consulting, with a clear sustainability focus integrated into the business. The Group’s expertise includes sustainability advice, environmental analyses in soil, water, air and ecology, as well as technical solutions for infrastructure and industry. Acquired companies operate in a decentralized structure where they retain their identity, their customers and their operational self-determination, while gaining access to shared resources, broad professional networks, operational tools and a strong strategic framework that supports continued growth and enables synergies within the Group. In 2025, the Swedish investment company MVI became the majority shareholder in Ametalis, establishing a long-term partnership and adding capital and strategic support to further develop the Group’s Nordic platform.

About Etha

Etha is a leading consultancy in sustainable energy with a clear mission to enable energy transition. The company has over 20 years of experience supporting renewable energy projects, including wind power, solar energy and battery storage systems. Etha offers qualified services throughout the project life cycle, such as project development, licensing processes, network solutions, technical due diligence and extensive transaction advice. The company serves a wide range of customer segments through specialised business units and has participated in over 20 GW of renewable energy projects in Finland and internationally. Etha has approximately 40 employees with offices in Helsinki, Tampere, Oulu and Vaasa.

About MVI

MVI is a Swedish investment company investing in SMEs in the Nordic countries. With a strong network of entrepreneurs and business leaders and focus on value creation through active ownership, MVI is a committed partner to companies that want to grow long-term and sustainable.

For more information, please contact

• Kim Lehmusvuori, CEO, kim.lehmusvuori@ametalis.com/+46 (0)72 151 80 13
• Andreas Bladh, Partner, andreas.bladh@ametalis.com/+46 (0)70 333 92 54
• Mikael Nilsson, CFO, mikael@ametalis.com/+46 (0)70 272 23 51
• Fredrik Linder, Associate, Fredrik@ametalis.com / +46 (0)72 449 31 51
• Staffan Asplund, Chairman of the Board Etha, staffan.asplund@etha-consultancy.com/+358 44 380 9237
• Marko Ekman, CEO Etha, marko.ekman@etha-consultancy.com/+358 50 526 5293