Tuesday, April 23, 2024

Qvantum’s factory in Hungary will produce 1 million heat pumps per year

Swedish heat pump manufacturer Qvantum acquired a high-tech refrigerator manufacturing facility in Nyíregyháza, Hungary, located in the European’ heat pump valley’, from Electrolux Group for €38 million ($40.7 million).

Now, Quantum has a state-of-the-art factory site with buildings and land. Also, state-of-the-art production equipment will enable the company to develop its R&D capabilities. The facility will undergo phased conversion to produce electric heat pumps.

After the conversion, the site will have an annual production capacity increase of one million electric heat pumps annually, making Qvantum one of the largest heat pump producers in Europe.

Qvantum’s electric heat pump platform is state-of-the-art technology, fully digital, and features modular units that fit into single homes 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 few to provide advanced and affordable heating and cooling solutions to a wide range of public.

“We are super-excited about the acquisition, which is just as much about technology as 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 Qvantum production facility in Nyíregyháza is the company’s third factory in Sweden after Limhamn and Astorp. Following expansion into Germany, the Netherlands, and the UK, Quantum has received prestigious recognitions such as the German Design Plus and the British Renewable Energy Awards.

In January, the company raised €42 million ($44.66 million) in Series B funding, one of the largest rounds in Sweden in 2023. These include Thomas von Koch, former CEO of global private equity firm EQT, and the IMAS Foundation, a sister organization of the INGKA Foundation that runs IKEA stores throughout the world.

Qvantum Nyíregyháza facility is expected to start production during the second half of 2024.