Amsterdam-based Quatt, a technology scale-up that develops a hybrid heat pump, announced on Tuesday that it has raised €1.5M through Duurzaam Investeren.
DuurzaamInvesteren.nl is an online investment platform designed for sustainable energy projects in the Netherlands. The platform offers different types of projects in sectors like growth financing and working capital
The bonds were made available to a select group of investors in April and sold within a month, claims the Amsterdam company.
With the capital infusion, Quatt aims to install 10,000 energy-efficient heat pumps this year, including hybrid heat pumps developed modularly.
The announcement comes eight months after raising €2M in a fresh round of funding from Impact Equity Fund and Siep van der Valk.
Marijn Flipse, co-founder and CEO of Quatt says, “In recent months, Quatt has grown extremely fast and we can now count ourselves as one of the largest hybrid heat pump installers. We install heat pumps for hundreds of people a month, about a year and a half after being founded.”
“With the money raised, we can continue this growth towards our goal of installing 1 million heat pumps by 2030,” says Flipse.
Quatt: Accelerating the transition to fossil-free heating
Founded by brothers Flipse and Marijn Flipse in 2021 with a mission to install 1M Quatt heat pumps within 6.5 years.
The Dutch sale-up develops, manufactures, and installs the Quatt Hybrid, a hybrid heat pump driven by smart software. The Amsterdam scale-up claims its hybrid heat pump can save up to 80 per cent of the gas bill compared to a central heating boiler.
According to the company, these hybrid heat pumps don’t require any additional changes to the home. The boiler stays active to produce domestic hot water and supports the pump when it can’t meet heating demand.
The company says the hybrid heat pump is controlled by self-learning software. With a shortened chain and efficient installations, the platform offers 30-50 per cent lower prices than traditional hybrid heat pumps.
Since the hybrid heat pump and the software controlling the heat pump are developed in-house, the company aims to make constant improvements to maximise CO₂ and money savings for the customer.