Sweden based heat-pump systems and technology company, Qvantum announced that it has successfully raised €42 Million (460 Million SEK), in a Series B funding.

The lead investors include Thomas von Koch (Partner and ex CEO of global private equity firm EQT), IMAS Foundation (a sister foundation to the INGKA Foundation, owner of INGKA Group operating most IKEA stores globally). The funding will be used to accelerate the growth and production, and go-to-market of its electric heat-pump and technology into densely populated urban areas and cites across Europe.

“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 contribute significantly to decarbonizing European cities. We give people living in urban areas the chance to become fossil fuel independent by making carbon neutral heating easily accessible. We can mitigate the impact of rising energy prices while accelerating the clean energy transition. And we are thrilled to have the support from professional long-term investors who allows us, as a firm, to develop even further and faster”, says Fredrik Rosenqvist, Qvantum’s CEO.

About Qvantum

With headquarters in Malmö, Sweden, Qvantum develops and produces high quality electric heat pumps and energy system for densely populated areas who can benefit from emission free heating and cooling. The company provides heat pumps and software that makes its easier for engineering consultants, installers, project developers and utilities, to decarbonize the heating and cooling of urban areas and cities.