Amsterdam-based Quatt, a technology startup that develops a hybrid heat pump, announced on Wednesday that it has secured €2M in a fresh round of funding from Impact Equity Fund and Siep van der Valk.
The announcement comes six months after the company raised €1.25M in funding in March, 2022..
Fund utilisation
The Dutch startup says approximately 7.5M homes in the Netherlands don’t yet have a heat pump installed. The startup says that it will use the funds to roll out its hybrid heat pumps to nearly 5,000 people currently waiting for clean and affordable heating. The company intends to reach the 10,000 mark by the end of 2023 and 1M by 2030.
“So far, our expectations have been exceeded. The Quatt Hybrid has the best performance/price ratio in the market, and it is encouraging to see that in addition to 5,000 consumers, professional investors also believe in our vision. Now that this transaction is closed, we can fully focus on the rollout. After a successful pilot, we will start realising our mission in October with the first commercial installations. On to the 1 million!” says Marijn Flipse, CEO and co-founder of Quatt.
Quatt: What you need to know
Founded by brothers Flipse and Marijn Flipse in 2021, Quatt designs AI-powered smart hybrid heat pumps to accelerate the decrease of gas consumption and accelerate the transition to fossil-free heating.
The company’s first product is Quatt Hybrid, a smart, all-electric-ready hybrid heat pump for the Dutch market, that 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, and the boiler stays active to produce domestic hot water and supports the pump when it can’t meet the heating demand.
Quat says the hybrid heat pump is controlled by self-learning software. With a shortened chain and efficient installations, Quatt offers an average price of 30-50 per cent lower than traditional hybrid heat pumps.
“We are in an energy crisis, and the economic laws of scarcity now dictate that prices are going up left and right. Unfortunately, heat pumps have become thousands of euros more expensive in the last year, and consumers have no choice but to simply pay. Our mission is to accelerate the transition to fossil-free heating, so we are not participating in this price madness. Instead, we choose a fair price to force ourselves to improve our product and installation process. In this way, we can install more heat pumps and combat climate change,” says Bas Flipse, COO and co-founder of Quatt.
“It is obvious that we need to switch to heat pumps as quickly as possible and on a large scale. Quatt solves both problems with a customer-oriented approach, attractive products, and an efficient installation process. They, therefore, offer a feasible solution for rapidly reducing Dutch gas consumption. For us, this is the reason to invest and contribute to the sustainable Netherlands”, says Deron Amen, Investment manager at Impact Equity Fund
