The fast-growing heat pump systems and technology company Qvantum announces its third strategic acquisition: Electrolux Group’s high-tech refrigerator manufacturing facility in Nyíregyháza, Hungary, at a transaction value of EUR 38 million.
With the acquisition of the land, building and certain production equipment, Qvantum assumes ownership not only of a state-of-the-art factory site but also cutting-edge production equipment, which will enable the company to further develop its own R&D competencies. The facility will undergo a phased conversion to produce electric heat pumps and is expected to start production during the second half of 2024. Qvantum anticipates that the site will have an annual production capacity of one million heat pumps once the different phases of the transformation are completed. This will make Qvantum one of the largest producers in Europe. The production facility in Nyíregyháza is Qvantum’s third factory after Limhamn and Åstorp in Sweden.
“We are super-excited about the acquisition which is just as much about technology as of increased capacity and establishing Qvantum in the European ‘heat pump valley’. Thanks to the highly efficient facility that Electrolux has developed, with world-class production technology and R&D, we can promptly transform the production line from refrigeration products to electric heat pumps and accelerate our volumes amazingly fast. This will empower us to fulfill our mission of delivering innovative electric heat pumps at reasonable prices to the many. In essence, we will democratize the heat pump market and simultaneously accelerate the green energy transition in Europe”, states Fredrik Rosenqvist, CEO and Founder of Qvantum Industries AB.
The electric heat pump market continues to grow at an exponential pace driven by the escalating need to decarbonize European cities. Data from the European Heat Pump Association shows that sales were at record levels in 2022 with more than three million heat pumps sold (equivalent to a year-on-year increase of almost 40 percent). The market is expected to grow further over the coming years and with the acquisition in Hungary, Qvantum will have a leading position to capture both the commercial and impact opportunities.
Qvantum’s electric heat pump platform is state-of-the-art technology, fully digital and features modular units that fit into single households as well as local energy systems. When combined with a highly efficient and optimized manufacturing process, the company will stand out as one of the very few providing both advanced and affordable heating and cooling solutions to the broader public.
