Adven's Finnish operations were launched in 1982 as a part of Neste Oy. In 1985, the heating operations were separated into Neste Lämpö Oy. In the Neste-IVO merger, the growing operations were integrated into Fortum as a part of their Heat division, where they continued to grow and develop into an even stronger supplier of comprehensive tailored energy solutions. In early 2012, Fortum sold the business, then operating under the name Fortum Energiaratkaisut, to EQT Infrastructure Fund.
Adven's Estonian operations began in 1991 as regional heat suppliers joined to form Termest As. Fortum bought the company in 2000, naming it Fortum Termest As. The company continued successful operations under Fortum's ownership until the beginning of 2012, when it was sold to EQT Infrastructure Fund together with the Finnish operations.
Adven started its business operations in Sweden in 2014 when it acquired energy company called Eco2 Energy. Eco2 Energy was established in 2010 and focused on geoenergy solutions. After acquisition in 2014 Eco2 Energy became Adven Sweden.
Since 2015 Adven has also provided district heating in Sweden when it acquired district heating company Enycon. In the end of 2017 Adven acquired E.ON’s district heating and distributed energy solutions business E.ON Värme Lokala Energilösningar Aktiebolag (‘EVLE’) which strengthened Adven’s position in the Swedish market.
In April 2012, the Finnish and Estonian operations joined forces to create Adven. The leading provider of tailored energy solutions in Finland and Estonia was born and Adven’s Swedish operations expanded the company in 2014. Since January 2016, Adven is owned by AMP Capital and Infracapital. AMP Capital is one of the most experienced global infrastructure managers with more than 25 years' experience. Infracapital is a leading European infrastructure investor, managed by M&G Investment Management.