SWEDEN: Swedish company Qvantum has raised €42m to support the launch of next generation modular electric heat pumps using “natural” refrigerants.
With the new funding, Qvantum will complete its new production site in Åstorp, near Helsingborg, which will have a capacity of 50,000 heat pump per year.
The lead investors include 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, the operator of the majority of IKEA stores globally. Swedish climate solutions company Munters also joined the Series B capital financing round and will enter into a co-operation agreement with Qvantum.
Founded in Sweden in 1993, Qvantum has extensive knowledge in both heat pump technology and energy systems engineering and works in close collaboration with engineering consultants, installers, project developers and utilities.
Qvantum is headquartered in Limhamn, Sweden, and is now rapidly scaling up from its current 70 employees.