- Qvantum makes landmark acquisition from leading global appliance company Electrolux Group of a high-tech refrigerator manufacturing facility in Hungary, strategically located in the European ‘heat pump valley’
- Production power to increase by one million electric heat pumps yearly once conversion of the facility is completed, making Qvantum one of the largest producers in Europe
- Strengthens Qvantum’s position in decarbonizing and electrifying urban areas and cities across Europe by providing smart, easy to install and service, and affordable electric heat pumps to the broader public
The fast-growing heat pump systems and technology company Qvantum today announces its third strategic acquisition: Electrolux Group’s high-tech refrigerator manufacturing facility in Nyíregyháza, Hungary, at a transaction value of EUR 38 million.
With the acquisition of the land, building and certain production equipment, Qvantum assumes ownership not only of a state-of-the-art factory site but also cutting-edge production equipment, which will enable the company to further develop its own R&D competencies. The facility will undergo a phased conversion to produce electric heat pumps and is expected to start production during the second half of 2024. Qvantum anticipates that the site will have an annual production capacity of one million heat pumps once the different phases of the transformation are completed. This will make Qvantum one of the largest producers in Europe. The production facility in Nyíregyháza is Qvantum’s third factory after Limhamn and Åstorp in Sweden.
We are super-excited about the acquisition which is just as much about technology as of 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.
The electric heat pump market continues to grow at an exponential pace driven by the escalating need to decarbonize European cities. Data from the European Heat Pump Association shows that sales were at record levels in 2022 with more than three million heat pumps sold (equivalent to a year-on-year increase of almost 40 percent). The market is expected to grow further over the coming years and with the acquisition in Hungary, Qvantum will have a leading position to capture both the commercial and impact opportunities.
Qvantum’s electric heat pump platform is state-of-the-art technology, fully digital and features modular units that fit into single households 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 very few providing both advanced and affordable heating and cooling solutions to the broader public. Following the expansion in Germany, the Netherlands and the UK, Qvantum has received prestigious recognitions such as the German Design Plus and the British Renewable Energy awards. Both awards highlight the sustainability approach, aesthetic appeal, and smooth functionality of the electric heat pump platform.
The Qvantum team has pan-European knowledge of design and deployment, with long tenures at leading heat pump and energy solution companies, and a collective experience exceeding some mind-boggling 500 years. In January, the company announced a EUR 42 million Series B fundraise (one of the largest rounds in Sweden in 2023), including renowned investors such as Thomas von Koch (ex CEO of global private equity firm EQT) and IMAS Foundation (a sister foundation to the INGKA Foundation, operating IKEA stores globally). To facilitate the Nyíregyháza acquisition, the lead investors have doubled their commitments in Qvantum.