The heat pumps developed by Qvantum are small and built in modules, to simplify both production and installation. Another distinctive feature is that the pumps can easily be used in interconnected systems. This makes them particularly suitable for urban environments. Put simply, they constitute an alternative for property owners currently connected to gas or district heating networks who want to save energy, reduce costs, and protect the environment.
“In Europe, gas-based heating systems are much more common than in Sweden, and the fact that our heat pumps can be used in interconnected systems gives us the opportunity to reach many people in densely populated areas,” says Fredrik Rosenqvist, CEO of Qvantum.
In December 2022, SEB invested in Qvantum through its venture capital unit, Greentech VC. When the company was ready for the next phase in 2024 – and sought financing to increase production capacity and expand geographically – the bank was also heavily involved.
“We helped raise SEK 790 million and lent SEK 170 million ourselves, supported by guarantees from the Swedish Export Credit Agency and SAAB. Additionally, we were able to guarantee bridge loans totaling SEK 260 million in connection with the capital raise,” explains Richard Karlsson, client responsible within Mid Corporate at SEB.
The influx of funds has, among other things, enabled Qvantum to complement its factories in Limhamn and Åstorp with a new factory in Hungary, in premises previously used by Electrolux.
“We are just on the threshold of starting production in Hungary – we should be up and running within the next few weeks. That factory means we will be able to produce on a completely different scale. It gives us the opportunity to become one of the major players in the market,” says Fredrik Rosenqvist.
Richard Karlsson comments on Qvantum’s latest initiative:
“It’s unusual for us to provide regular financing at such an early stage in a company’s journey, but this also shows how much we believe in the idea and the important climate benefits it can bring."
A pilot project in Vellinge municipality
The collaboration between SEB and Qvantum has also taken other, perhaps unexpected, forms. In spring 2024, a pilot project was carried out in the south of Sweden, where a joint offer from Qvantum and SEB was presented to the bank’s customers in Vellinge municipality. Vellinge has a gas pipeline, and many households therefore use gas heating.
“We talked about sustainable heating with our customers in Vellinge and guided them to a website where Qvantum offered heat pumps at a good price, while we offered favorable financing for switching heating systems,” explains Maja Mårtensson, Head of Private Market at SEB in Malmö.
According to Mårtensson, the pilot was well received by the target group.
“They were positive about the offer and appreciated us taking initiatives in sustainability issues. The project also led to increased awareness of giving sustainability advice among our advisors and created a good foundation for future collaborations.”
Fredrik Rosenqvist is also pleased:
“Our relationship with SEB has many dimensions – it is our bank, lender, financial advisor, and co-owner. I appreciate that the bank is so forward-leaning, just as this pilot project shows. We will now evaluate the overall outcome, but I hope for a continuation, as financing solutions are a key piece of the puzzle to get households to take the step and switch to greener heating alternatives,” he concludes.