Limhamn, Sweden-based Qvantum, a heat pump and technology company, announced on Wednesday, January 4, that it has raised €42M in a Series B round of funding.
The round was led by Thomas von Koch, partner and ex-CEO of global private equity firm EQT, and IMAS Foundation, a sister foundation to the INGKA Foundation, owner of INGKA Group operating most IKEA stores globally.
Other investors include Munters, SEB Greentech, DIG Investment, and Gullspång Invest. Mats Rahmström, CEO of Atlas Copco, also invested through his private company and joined Qvantum as an industrial advisor.
Fund utilisation
The Swedish company says it will use the funds to support its growth and expansion strategy, as well as accelerate its electric heat pumps and innovative technology into densely populated urban areas and cities across Europe.
Qvantum will also deploy funds towards finalising its new production site in Åstorp, which can produce around 50K heat pumps per year, and launch next-generation modular electric heat pump series based on natural refringent across Europe.
Qvantum: What you need to know
Founded in 1993, Qvantum develops high-quality electric heat pumps for individual buildings and innovative heat pump-based solutions for densely populated areas to enable everybody to benefit from emission-free heating and cooling.
The company says its solution makes it easier for Engineering consultants, Installers, Project developers, and Utilities to decarbonise the heating and cooling of urban areas and cities.
The Swedish company claims to have pan-European experience from design and deployment, with long tenures at energy solution companies such as E.ON and NIBE.
“Qvantum is uniquely positioned to become a major player providing solutions to combat the climate crisis – the heat pump market is growing exponentially, and our offering can contribute significantly to decarbonising European cities. We give people living in urban areas a chance to become fossil fuel independent by making carbon-neutral heating easily accessible. As a result, we can mitigate the impact of rising energy prices while accelerating the clean energy transition. And we are thrilled to have the support from long-term professional investors who allow us, as a firm, to develop even further and faster,” says Fredrik Rosenqvist, Qvantum’s CEO.
The company is headquartered in Limhamn, Sweden, and is rapidly scaling up from its current 70 employees.
“I am deeply impressed by the team behind Qvantum, they possess world-leading experience in energy systems, innovative technologies, and high-quality production. A talented team with a strong purpose to electrify and decarbonize Europe is what attracted me to Qvantum,” says Thomas von Koch.
“IMAS is committed to decarbonisation and is looking for investments that enable the transition towards a sustainable society and where our capital can make a difference. The energy transition is an important theme, and Qvantum represents an interesting opportunity to support the clean transition for heating,” states Petter Odhnoff, CEO at IMAS Foundation.
“Backing Qvantum from the Series A round, we have had the privilege to follow the stellar Qvantum team during the last year closely. We are very impressed by the company’s product development, commercialisation, the new factory, and ability to fundraise in current market conditions that will allow the company to accelerate the decarbonisation of Europe,” says Erik Ekfeldt, Founding Partner at NEA Partners and board member of Qvantum.