Qvantum completed the acquisition of high-tech manufacturing facility in Hungary from Electrolux for €38m.

Qvantum, a heating equipment supplier, completed the acquisition of high-tech manufacturing facility in Hungary from Electrolux, a Swedish multinational home appliance manufacturer, for €38m. “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. 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,” Fredrik Rosenqvist, Qvantum CEO and Founder.