Qvantum, a Skåne-based company specializing in advanced heat pump systems and grid services, has raised €108 million in a Series C funding round. The round includes a €15 million debt facility.
The investment included a list of prominent investors with ties to the big corporates: IMAS Foundation (a sister foundation to the INGKA Foundation, which ownes IKEA stores globally), SEB Greentech, DIG Investment (connected to the H&M Persson family), NEA Partners and Climentum Capital. Also Thomas von Koch (former CEO at EQT) and Mats Rahmström (former CEO of Atlas Copco). Mats will also joins Qvantum’s Board of Directors. The investment aims to scale production, enhance product development, and accelerate Qvantum’s expansion across European markets.
“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.”
said Mats Rahmström
As Europe moves to decarbonize its energy systems and reduce dependency on fossil fuels, the heat pump market is experiencing robust growth. According to the European Heat Pump Association, Europe had 24 million heat pumps installed by 2023, with annual sales reaching 3 million units. The European Commission has set an ambitious target of 60 million installations by 2030, prompting nations to implement bans on gas boiler installations and introduce new incentives under the 2025 EU Clean Industrial Deal.
Qvantum, leveraging its innovative modular heat pump platform and advanced software suite, is well-positioned to meet this growing demand. Its Heat Pump to Grid (HP2G) technology supports electric grid stabilization while offering carbon-neutral heating solutions for urban areas.
“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.”
said Fredrik Rosenqvist, CEO of Qvantum.
Qvantum’s production facility in Åstorp, Sweden, launched in early 2024, aims to manufacture 50,000 heat pumps annually. The company introduced its new product platform to the Swedish market in 2024 and plans to roll out its full portfolio across Europe in 2025.
“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. Qvantum exemplifies the power of skilled people and teams, combined with products that drives positive impact and meaningful environmental change”
said Thomas von Koch.
Qvantum’s innovative approach integrates cost-efficient mass production, modular heat pump design, and software-driven solutions to decarbonize urban heating. As Europe and the world intensifies efforts to combat climate change, Qvantum is positioned to play a role in achieving carbon neutrality and reducing energy dependency across the continent.
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