Åstorp-based Qvantum, a Swedish heat-pump systems and technology company, has closed its €108M Series C funding round, which includes a €15M debt facility.
The investors include Thomas von Koch, Partner and former CEO of EQT, who is investing through his private company, IMAS Foundation. IMAS Foundation is a sister organisation to the INGKA Foundation, which owns INGKA Group, the operator of most IKEA stores worldwide.
Munters, a provider of energy-efficient air treatment and climate solutions, also participated in Qvantum’s Series C round and has a co-operation agreement with the company.
Other investors include SEB Greentech, DIG Investment (linked to the H&M Persson family), NEA Partners, and Climentum Capital. Mats Rahmström, former CEO of Atlas Copco, is also investing and has joined Qvantum’s Board of Directors.
Thomas von Koch, says, “Fredrik Rosenqvist (Qvantum CEO) 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.”
“We remain strong believers in Qvantum and supporting them on their continued journey was a natural choice for us. Qvantum exemplifies the power of skilled people and teams, combined with products that drive positive impact and meaningful environmental change.”
Heat pumps for sustainable cities
Founded in 1993, Qvantum is a next-generation heat pump solutions provider that offers Heat Pump to Grid (HP2G) functionality to stabilise the electric grid as it transitions to zero-carbon energy production.
The company has created a modular heat pump platform optimised for cost-efficient mass production.
The platform integrates heat pumps into local energy systems and is supported by a software suite that covers the entire value chain, including solution design, operations monitoring, support, and predictive maintenance. This combination allows for the expansion of heat pumps into densely populated urban areas and cities across Europe.
The company has subsidiaries in Germany, the Netherlands, Poland, France, Austria, Hungary, and the UK and a manufacturing facility acquired from Electrolux in 2023. Currently, it employs around 350 people in eight countries.
Qvantum’s factory in Åstorp began production in early 2024 and is scaling up to a target of 50,000 heat pumps annually. In 2024, the first products based on the new platform were launched in Sweden, with the full product portfolio set to be introduced across European markets in 2025.
Capital utilisation
Fredrik Rosenqvist, Qvantum CEO, says, “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 decarbonising Europe.
“We empower people in urban areas to achieve fossil fuel independence by providing easy access to carbon-neutral heating. This not only helps mitigate the impact of rising energy prices but also accelerates the clean energy transition.”
“With this new capital, Qvantum is entering its next phase of expansion, and we are grateful for the continued strong support from our long-term investors.”
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