Business
Qvantum intends to establish a heat pump manufacturing facility in Hungary
Swedish Manufacturer Qvantum's Expansion into Hungary for Heat Pump Production.
Swedish manufacturer Qvantum has revealed its ambitious plans to establish a heat pump factory in Hungary. The company has acquired an old refrigerator factory in Nyíregyháza from the Electrolux Group for €38 million ($40.7 million). Qvantum intends to transform this facility into a hub for electric heat pump production, with operations scheduled to commence in the second half of 2024. Upon completion of various transformation phases, the site is anticipated to achieve an annual production capacity of one million heat pumps.
In addition to this strategic move, Qvantum has successfully secured €42 million through a financing round, attracting investments from notable entities like private equity firm EQT and the IMAS Foundation, a sibling foundation of the INGKA Foundation that oversees IKEA stores worldwide. As a testament to their commitment, lead investors have significantly increased their contributions to support the Nyíregyháza acquisition.
Notably, Qvantum, with over 30 years of experience in heat pump production, unveiled a propane heat pump designed for apartments connected to low-temperature district heating systems earlier this year. The company is further expanding its operations by constructing a new factory in Sweden, equipped with an annual production capacity of 50,000 heat pumps.
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