The funding will accelerate the development of new home energy products and expansion across Europe, as the firm says it wants to help three million households transition to sustainable energy by 2030.
Quatt, an Amsterdam-based smart heat pump company, has raised €25m in a funding round led by Swiss impact investor Blue Earth Capital.
Quatt has developed an intermediate solution towards fully decarbonising residential heating by connecting a hybrid heat pump to people’s existing boilers.
Heat pumps are an important element of reducing consumption in the residential sector, where space and water heating accounts for 80% of demand. The investment will allow Quatt to expand outside of the Netherlands, where it has installed over 7,500 smart heat pumps over the past two years.
In addition to that, Quatt said it aims to help three million households transition to sustainable energy by 2030.
“Heat pumps are an important part of the energy transition for Europe, where nearly 80% of final energy consumption in the residential sector is used for space and water heating, with a high dependence on natural gas,” said Kayode Akinola, head of private equity at Blue Earth Capital.
Energy transition
Seaya Andromeda, a climate tech venture capital firm with €300m assets under management, also participated in the round, joining existing investor Impact Equity Fund.
“Over the next five to 10 years, Europe will need to take significant steps in transitioning the built environment to sustainable energy. We aim to make sustainable homes accessible to everyone while reducing energy costs,” Marijn Flipse, CEO and co-founder of Quatt said.
Looking ahead, Quatt said its heat pump can be upgraded to a fully electric pump by the end of 2024, adding that it plans to launch an air conditioning system that cools using the existing heat pump by spring 2025.
Carlos Fisch, partner and co-head at Seaya Andromeda added: “Quatt’s modular system will play an important role in the energy transition. Consumers can gradually switch to sustainable energy.”
