Qvantum CEO Fredrik Rosenqvist:
"The German market is crucial to us.Not because it is so big, but because it isn’t – yet. Especially not in urban areas. In the cold climate of the Nordic countries, heat pumps have dominated the market for the last 15-20 years, significantly reducing household energy use and CO2 emissions. With the increased interest in the energy transition in Germany, we feel that the time has come for the heat pump to show what an important role it can play here. Not least in multi-family houses and apartment buildings, especially in combination with low-temperature district heating systems. With low-temperature systems and the unique apartment heat pump, the citizens of Germany will be able to replace their gas boilers and reduce both CO2 emissions and costs."
The new company – Qvantum Energietechnik GmbH – will be led by Wolfgang Herold. Herold has more than 18 years of heat pump experience and has been in leading roles in Germany as well as in other European countries.
Wolfgang Herold:
"I really look forward to the opportunity to introduce this new but experienced and highly innovative brand to the German market and make a mark. Spreading knowledge about heat pumps is one of my driving forces. I genuinely want to create change and make things better. Qvantum is a company where this is a part of the DNA and not just words. That is why I am convinced that we will have a significant impact on the market."
The new company will be based in Bavaria and will work with installers and consultants nationwide in Germany. Qvantum was founded in Sweden in 1993 and has been a manufacturer of high-end tailor-made heat pumps ever since. In 2021, Fredrik Rosenqvist and a group of energy industry executives entered the company and started a transformation towards higher volumes.
One of the main focuses is on low-temperature grids – also called “5th generation district heating” and heat pumps for such systems. From large units for central use to the innovative new apartment heat pump that won the ISH award in Frankfurt.
€42 million invested
In January 2023, Qvantum received €42 million from leading Swedish investors such as Thomas von Koch (Partner and ex CEO of global private equity firm EQT) investing through his family office, IMAS Foundation (a sister foundation to the INGKA Foundation, owner of INGKA Group operating most IKEA stores globally) and Munters AB - a global leader in energy efficient air treatment and climate solutions. A new Qvantum factory, with a 50,000 units/year capacity is being commissioned in Q2. Besides Germany, Qvantum already has a subsidiary in the UK and aims to enter several new markets during 2023.