Swedish heat pump technology company Qvantum has raised €108 million in a Series C funding round, including €15 million in debt financing. The funds will be used to scale production capacity, enhance product innovation, and expand operations across European markets.
The investment aligns with Europe’s efforts to phase out fossil fuels and adopt carbon-neutral energy solutions. With approximately 24 million heat pumps currently installed and annual sales of 3 million units, the European Commission aims to reach 60 million installations by 2030. Qvantum’s modular heat pump solutions and Heat Pump to Grid (HP2G) technology are designed to meet this demand, supporting urban energy systems and stabilizing the electric grid during its transition to zero-carbon energy.
The company focuses on empowering urban areas to achieve fossil fuel independence by providing access to carbon-neutral heating. This approach aims to reduce reliance on volatile energy prices and accelerate the clean energy transition.
Qvantum’s factory in Åstorp, which began operations in early 2024, is ramping up production to 50,000 heat pumps annually. The company’s modular heat pump platform, designed for cost-efficient mass production, was launched in Sweden in 2024. A full product portfolio will be rolled out across European markets in 2025.
The Series C round was led by Thomas von Koch, the IMAS Foundation, and Mats Rahmström, who has joined Qvantum’s board. Munters, a global leader in energy-efficient climate solutions, also participated in the funding round, alongside SEB Greentech, DIG Investment, NEA Partners, and Climentum Capital.
The funding will support Qvantum’s efforts to expand its market position, leveraging its modular heat pump platform and integrated software suite to drive innovation and growth. Investors emphasized Qvantum’s strong leadership, innovative product development, and significant potential to advance the heat pump industry and contribute to Europe’s decarbonization goals.
With governments implementing bans on gas boiler installations and introducing incentives under initiatives like the EU Clean Industrial Deal, the heat pump market is projected to grow significantly. Qvantum’s technology and strategic expansion position it as a key player in Europe’s transition to sustainable heating solutions.