Swedish Qvantum packs in 42 million euros to speed up carbon dioxide emissions in urban Europe
Limhamn, Sweden-based Qvantum, a heat pump and technology company, announced on Wednesday, January 4 that it has raised 42 million euros in a series B financing round.
The round was led by Thomas von Koch, partner and ex-CEO of the global venture capital firm EQT, and the IMAS Foundation, a sister foundation of the INGKA Foundation, owner of the INGKA Group which operates most IKEA stores globally.
Other investors are 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.
Utilization of the fund
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 to densely populated urban areas and cities across Europe.
Qvantum will also deploy funds to complete its new production facility in Åstorp, capable of producing approximately 50,000 heat pumps per year, and launch the next-generation modular electric heat pump ranges based on natural switches across Europe.
Qvantum: What you need to know
Founded in 1993, Quantum develops high-quality electric heat pumps for individual buildings and innovative heat pump-based solutions for densely built-up areas so that everyone can benefit from emission-free heating and cooling.
The company says its solution makes it easier for engineering consultants, installers, project developers and utilities to reduce carbon dioxide emissions from heating and cooling urban areas and cities.
The Swedish company claims to have pan-European experience from design and commissioning, with long tenures at energy solutions 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 significantly contribute to reducing carbon dioxide emissions in European cities. We give people living in urban areas a chance to become independent from fossil fuels by making carbon-neutral heating readily available. As a result, we can mitigate the effects of rising energy prices while accelerating the clean energy transition. And we are pleased to have the support of long-term professional investors that will allow us as a company 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 have 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 reducing carbon dioxide emissions and is looking for investments that enable the transition to a sustainable society and where our capital can make a difference. The energy transition is an important theme and Qvantum is an interesting opportunity to support the clean transition for heating,” says Petter Odhnoff, CEO at IMAS Foundation.
“Backing Qvantum from the Series A round, we have had the privilege of following the amazing Qvantum team closely over the past year. We are very impressed with the company’s product development, commercialization, new factory and ability to raise funds during prevailing market conditions that will enable the company to accelerate the decarbonisation of Europe, says Erik Ekfeldt, founder at NEA Partners and board member of Qvantum.