Swedish-based Qvantum, a manufacturer of heat-pump systems and technology, recently closed its $44M Series B capital raising.
With the additional funding, Qvantum intends to hasten the commercialization of its cutting-edge technology and next-generation electric heat pumps in densely populated urban areas and cities around Europe.
Thomas von Koch, a partner and former CEO of the international private equity firm EQT, is one of the leading investors. He is investing through his organization, the IMAS Foundation.
The leader in energy-efficient air treatment and climate solutions, Munters, also participated in the investment round and will collaborate with Qvantum. SEB Greentech, DIG Investment (affiliated with the H&M Persson family), and Gullspng Invest are additional Series B investors. The CEO of Atlas Copco, Mats Rahmström, also joins Qvantum as an industrial advisor and makes investments through his private firm.
The use and import of fossil natural gas are very important to the European heating markets. Since the burning of fossil fuels must be swiftly phased out, low-carbon electric heating and cooling systems will be essential in quickly replacing fossil fuel combustion.
Everyone may take use of emission-free heating and cooling in densely populated regions with Qvantum, a Swedish company founded in 1993.
The business focuses on energy systems engineering in addition to heat pumps, and it collaborates closely with installers, consultants, and contractors. utilities and developers. Qvantum has pan-European experience in design and implementation from its time working for organizations like E.ON and NIBE.
The IEA forecasts that the heat pump industry will expand at disruptive rates in all major European economies. To achieve the REPowerEU package, exponential growth over the following ten years (CAGR 20%) and a nearly full shift away from fossil boilers to heat pumps in the heating industry are both necessary. The addressable market of heat pumps in 2021 was €8-10 billion.
The additional finance will enable Qvantum to complete the construction of its new production facility in storp, which will have the ability to produce 50 000 heat pumps annually and introduce the next generation of modular electric heat pumps in Europe utilizing natural refrigerant. The heat pumps would be perfect for many uses in highly populated areas since they are reliable, affordable, and emissions-free.
Qvantum CEO Fredrik Rosenqvist said, “The heat pump business is expanding quickly, and Qvantum is well positioned to become a major player delivering solutions to tackle the climate issue. Additionally, our offering may greatly help decarbonize European cities. We provide the opportunity for urban residents to transition away from fossil fuel dependence by making carbon-neutral heating widely available.”
“While speeding the switch to clean energy, we can lessen the effects of growing energy costs. And as a company, we are grateful for the support of seasoned long-term investors who enable us to grow even more quickly, adds Fredrik.
“I am quite impressed with the Qvantum team since they have expertise in energy systems, cutting-edge technology, and high-quality production that is unmatched in the world. I was drawn to Qvantum because of their excellent staff and commitment to electrifying and decarbonizing Europe, says Thomas von Koch.
“IMAS is dedicated to decarbonization and seeks investments where our capital may have a significant impact on the transition to a sustainable society. The energy transition is a significant topic, and Qvantum offers an intriguing chance to promote the clean heating transition, according to Petter Odhnoff, CEO of the IMAS Foundation.
“We have had the honor of closely following the outstanding Qvantum team over the past year after supporting them from the Series A round. Erik Ekfeldt, the founding partner at NEA Partners and a member of the Qvantum board, says, “We are very impressed by the Company’s product development, commercialization, the new factory, and ability to fundraise in current market conditions that will allow the Company to accelerate the decarbonization of Europe.
According to Malin Carlström, general partner of Climentum Capital and a member of the Qvantum board, “Meeting our ‘dark green’ Article 9 demands quite a bit more as an Article 9 fund focused on climate change mitigation, we are of course delighted about the decarbonization potential of Qvantum.”
“Our enterprises need to achieve numerous UN and OECD requirements for good governance, in addition to significantly reducing carbon emissions and avoiding harm to any other sustainability goals of the EU. They also need to do well overall in managing ESG issues. We think Qvantum is a terrific example of a business that is truly sustainable and impactful.
Image Credit: Qvantum
