I can see the cutout in the cylinder insulation where a normal stat would be? You do have a cylinder stat?
I reckon that is your stat, never seen a rad TRV used like that.
We had one of those, too noisy by far as it span very fast as the blades are fairly small and then the bearings failed. We got one from the store we purchased our log burner from. Massive difference in quality and still going 5 years on, and quiet.