30 YEARS AGO, a group of engineers decidedto establish a company offering electrification and automation services. Today, the core of the business is still the same, although VEO nowadays employs hundreds of people. In the last four years, VEO has geared up its growth even more than before.
“Projects have for long been at the core of our business, and it is this long-term strategy that has helped us grow”, states CEO Timo Ala-Heikkilä.
WHAT IS a typical VEO project? First of all, over half of the projects are connected to renewable energy, as VEO is a major player in hydropower modernisations as well as in connecting new wind power farms to the grid. Secondly, a typical VEO project is quite large, as the average project size keeps growing, including more and more EPC type business. Another typical feature in a VEO project is that it helps the client save energy and thereby also money.
“Our clients can save up to 15% in their annual energy expenses by letting us handle their electrification. This is due to the fact that we optimize our projects solutions, components and spaces, also reducing cost of maintenance throughout the life-cycle. We have the expertise to adjust each project exactly to the client’s needs”, explains Ala-Heikkilä. Yet another advantage with VEO’s services is that the company is independent and therefore in a position to choose the best components regardless of the brand.
ALTHOUGH VEO’s main business is projects, the company also has its own switchgear factory at the headquarters in Vaasa. VEO’s subsidiary in the UK, I.C. Electrical Ltd, aims at growing to become a similar project house as the parent company, and in addition, ICE has also started to manufacture switchgears for the local markets. VEO is also expanding in Finland’s neighbouring countries Sweden and Norway.
“We don’t have bulk production, but only manufacture switchgears on demand for our customers. We have decided to develop the factories in Finland and in UK, as it enables swift and flexible project execution.”
Business sector: Automation and electrification systems
Turnover: 120 MEUR
Major markets: Worldwide