Qvantum raises EUR 108 million to scale production capacities and drive geographic expansion

• The Series C capital will be allocated to enhance and scale Qvantum’s production capacities, to continue to develop innovative products and to drive geographic expansion across the European markets
• Lead investors in Series C capital raise include Thomas von Koch, IMAS Foundation and Mats Rahmström who also joins the Qvantum Board of Directors

The Swedish heat-pump systems and technology company Qvantum today announces the closing of its EUR 108 million Series C capital raise, which includes a debt facility of EUR 15 million.

Europe remains highly dependent on import of fossil natural gas. Combustion of fossil fuels must be phased out due to the need to decarbonize energy systems, reduce exposure to energy price volatilities, and to ensure stability in supply. The European heat pump market is on a stable, strong and long-term growth trajectory. In 2023, Europe had approximately 24 million heat pumps installed and annual sales of around 3 million heat pumps (according to data from the European Heat Pump Association). To achieve the European Commission’s target of having 60 million heat pumps installed by 2030, strong commitment is required. Consequently, European nations have teamed up to implement bans on gas boiler installations. With the upcoming 2025 EU Clean Industrial Deal, additional bans as well as incentives are expected to accelerate the clean energy transition across Europe.

Qvantum is a leader in the development of next generation heat pump solutions and grid services for multifamily buildings and grid systems for cities. Heat Pump to Grid functionality (HP2G) provides services to and helps stabilize the electric grid in its transition towards a zero-carbon energy production.

Qvantum has developed a new modular heat pump platform designed for cost efficient mass production. Qvantum heat pumps are modular and designed to make the heat pump an integrated part of a local energy system. The Qvantum software suite encompasses all parts of the value chain, from advanced solution design and operations monitoring, to support and predictive maintenance. The platform, in combination with the software suite, enable the expansion of heat pumps to densely populated urban areas and cities across Europe.

Qvantum’s factory in Åstorp, Sweden, started production early 2024 and has significantly ramped up its capacity, with a target of 50 000 heat pumps per year. In 2024, the first products based on the new product platform were successfully launched on the Swedish market and in 2025, the full product portfolio will be launched across European markets.

“Our expansion strategy has positioned us uniquely in the European market. We have a bold vision to become one of the leading industrial actors in the heat pump sector in Europe. With the heat pump market poised for long-term growth, our innovative high-tech solutions can play a vital role in decarbonizing Europe. We empower people in urban areas to achieve fossil fuel independence by providing easy access to carbon-neutral heating. This not only helps mitigate the impact of rising energy prices but also accelerates the clean energy transition. With this new capital, Qvantum is entering its next phase of expansion, and we are grateful for the continued strong support from our long-term investors”, says Fredrik Rosenqvist, Qvantum CEO

The lead investors include Thomas von Koch (Partner and ex CEO of global private equity firm EQT) investing through his private company, IMAS Foundation (a sister foundation to the INGKA Foundation, owner of INGKA Group operating most IKEA stores globally).

”Fredrik and his team have achieved remarkable growth, driven by innovative product and systems development, alongside strategic acquisitions that have significantly strengthened the company’s position. We remain strong believers in Qvantum and supporting them on their continued journey was a natural choice for us. Qvantum exemplifies the power of skilled people and teams, combined with products that drives positive impact and meaningful environmental change”, says Thomas von Koch.

“Qvantum felt like a hidden gem to me at first, and the deeper I get involved, the more impressed I become. Qvantum is on track of becoming both a true leader in transforming the heat pump industry and a significant contributor to a cleaner Europe. I look forward to working closely with both the Board of Directors and the management team to help drive the company to the next level”, concludes Mats Rahmström, Qvantum Board Member.

Munters, the global leader in energy-efficient air treatment and climate solutions, also participated the Series C financing round and has a co-operation agreement with Qvantum. Other Series C investors are SEB Greentech, DIG Investment (connected to the H&M Persson family), NEA Partners and Climentum Capital. Mats Rahmström, fmr CEO of Atlas Copco, is also investing and has joined Qvantum Board of Directors.

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Stina Albing
Corporate Communication Manager
0046 701 44 06 11
stina.albing@qvantum.com

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Qvantum has developed and produced high-quality heat pumps and energy systems since 1993. Its team of leading experts designs the next generation of heating and cooling solutions. Qvantum provides heat pumps and a unique software suite that will make it easier for Engineering consultants, Installers, Project developers, and Utilities to decarbonize the heating and cooling of urban areas. 

Headquartered in Åstorp in Sweden, Qvantum has subsidiaries in Germany, The Netherlands, Poland, France, Austria, Hungary and the UK, and acquired a large-scale manufacturing facility from Electrolux in 2023. The company currently has around 350 employees across eight countries.