Swedish heat pump manufacturer Qvantum has acquired an old refrigerator factory in Nyíregyháza, Hungary, from Electrolux Group for €38 million ($40.7 million).
“The facility will undergo a phased conversion to produce electric heat pumps and is expected to start production during the second half of 2024,” the Swedish company said in a statement. “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.”
The company said it has also raised €42 million via a financing round. It has attracted investors such as private equity firm EQT and IMAS Foundation, a sister foundation to the INGKA Foundation that operates IKEA stores throughout the world.
“To facilitate the Nyíregyháza acquisition, the lead investors have doubled their commitments in Qvantum,” the company said.
In March, the manufacturer unveiled a propane heat pump for use in apartments connected to low-temperature district heating systems.
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Qvantum has been producing heat pumps for more than 30 years. It is now building a new factory in Sweden with an annual capacity of 50,000 heat pumps.
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