The investment included a list of prominent investors with ties to the big corporates: IMAS Foundation (a sister foundation to the INGKA Foundation, which ownes IKEA stores globally), SEB Greentech, DIG Investment (connected to the H&M Persson family), NEA Partners and Climentum Capital. Also Thomas von Koch (former CEO at EQT) and Mats Rahmström (former CEO of Atlas Copco). Mats will also joins Qvantum’s Board of Directors. The investment aims to scale production, enhance product development, and accelerate Qvantum’s expansion across European markets.

“Qvantum felt like a hidden gem to me at first, and the deeper I get involved, the more impressed I become. Qvantum is on track of becoming both a true leader in transforming the heat pump industry and a significant contributor to a cleaner Europe.”

said Mats Rahmström

Addressing Europe’s Energy Challenges

As Europe moves to decarbonize its energy systems and reduce dependency on fossil fuels, the heat pump market is experiencing robust growth. According to the European Heat Pump Association, Europe had 24 million heat pumps installed by 2023, with annual sales reaching 3 million units. The European Commission has set an ambitious target of 60 million installations by 2030, prompting nations to implement bans on gas boiler installations and introduce new incentives under the 2025 EU Clean Industrial Deal.

Qvantum, leveraging its innovative modular heat pump platform and advanced software suite, is well-positioned to meet this growing demand. Its Heat Pump to Grid (HP2G) technology supports electric grid stabilization while offering carbon-neutral heating solutions for urban areas.

Scaling Production and Expansion

“Our expansion strategy has positioned us uniquely in the European market. We have a bold vision to become one of the leading industrial actors in the heat pump sector in Europe. With the heat pump market poised for long-term growth, our innovative high-tech solutions can play a vital role in decarbonizing Europe.”

said Fredrik Rosenqvist, CEO of Qvantum.

Qvantum’s production facility in Åstorp, Sweden, launched in early 2024, aims to manufacture 50,000 heat pumps annually. The company introduced its new product platform to the Swedish market in 2024 and plans to roll out its full portfolio across Europe in 2025.

“Fredrik and his team have achieved remarkable growth, driven by innovative product and systems development, alongside strategic acquisitions that have significantly strengthened the company’s position. Qvantum exemplifies the power of skilled people and teams, combined with products that drives positive impact and meaningful environmental change”

said Thomas von Koch.

A Clean Energy Future

Qvantum’s innovative approach integrates cost-efficient mass production, modular heat pump design, and software-driven solutions to decarbonize urban heating. As Europe and the world intensifies efforts to combat climate change, Qvantum is positioned to play a role in achieving carbon neutrality and reducing energy dependency across the continent.

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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.

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