Newheat Ltd is an energy asset finance and contracting company (ESCO) providing investment services mainly to the municipal energy companies in Lithuania.

Newheat was established in 2001 by PEMF (majority shareholder) and JSC Silumos Ukio Servisas. As the Managing Director of PEMF, Mr. Lehdonvirta was responsible to assess, develop and implement the business concept and company structure of Newheat. This included assessing the technical, financial and environmental feasibility, financial modeling and the founding documentation e.g. the shareholders’ agreement and financing agreements. Later, as a Board Member and Chairman of Newheat, Mr. Lehdonvirta participated in hiring the key personnel and in establishing the key business procedures, such as project structuring, client credit analysis and commercial contracts for project delivery. PEMF exit in 2013.