Qvantum, a Swedish heat pump and technology company, announced on Wednesday, January 4 that it raised $42 million in a Series B funding round.
EQT, an international private equity firm, operates as a sister foundation to INGKA Group, the owner of INGKA Group. Additionally, Thomas von Koch was the round’s lead investor; he served as EQT’s former CEO and partner.
Additional investors include DIG Investment, SEB Greentech, Gullspång Invest and Munters. In addition to Atlas Copco’s CEO Mats Rahmström, his private company invested and joined Qvantum as an industrial advisor.
The Swedish company plans to use the funding to support its growth and expansion as well as to develop new electric heat pumps and innovative technology in cities all over Europe.
Next-generation modular electric heat pumps will be released across Europe after Qvantum finalizes the new production site in Åstorp. The site can produce around 50,000 heat pumps each year.
Qvantum produces high-quality electric heat pumps for individual buildings, as well as heat pump solutions for densely populated areas. This allows people to benefit from heating and cooling that doesn’t emit any harmful emissions. Qvantum was founded in 1993.
The company states its solution makes it easier for Engineering consultants, Installers, Project developers and Utilities to carbonize the heating and cooling of urban areas and cities.
The Swedish company claims to have experience with design and deployment across Europe. They have worked with Nibe and EON for long periods of time.
Quantum’s technology can help combat the climate crisis by providing solutions for combating heat pumps. Heat pumps work by pulling air through an evaporator and then pushing it back into the room. As heat pumps increase in popularity, their carbon-neutral market grows exponentially. This allows people to become fossil fuel independent in cities by making energy-neutral heating accessible. Thanks to support from long-term professional investors, Qvantum’s CEO Fredrik Rosenqvist says the clean energy transition can be sped up while costs increase for electricity. This is because the firm’s funding allows them to develop even further and faster.
The 70 employees of the company currently working for Limhamn, Sweden-based company are rapidly expanding.
As seen by Thomas von Koch, Qvantum’s team is world-renowned for their energy systems expertise, innovative technologies and superior production. I chose this project because of their commitment to providing clean energy and reducing carbon emissions in Europe.
The IMAS Foundation believes in transitioning to a sustainable society through the use of clean energy. Therefore, they’re seeking investments that aid this cause. Qvantum offers financial opportunities that allow investors to make an impact on the energy transition by funding heating projects, explains Petter Odhnoff, the foundation’s CEO.
NEA Partners, Erik Ekfeldt’s company, included Qvantum in its Series A funding round. Since then, NEA Partners has closely monitored the company’s commercialization, product development and new factory. Qvantum’s ability to fundraise in current market conditions impressed them, so they considered it a privilege to back the company.