heat pumps startups in Europe

Europe makes efforts to meet climate and energy security goals by relying heavily on heat pumps to replace gas boilers. Locally, in Germany there’s a new law to be adopted in 2024 forcing the use of heat pumps in properties.

Europe’s heat pump market reached a record 3 million units sold in 2022 (+38% yoy) getting at a total number of heat pumps installed in Europe to around 20 million, which provide heating to around 16% of residential and commercial buildings. The current European market size is estimated at €4.5 billion and is projected to grow to €13.6 billion by 2027.

Below we have made a review of the heat pump startups from Europe.

🇸🇪 Qvantum Energi - raised $44 million from Climentum Capital, IMAS Foundation, Gullspang
🇳🇱 HeatTransformers - raised $16 million from Energy Impact Partners, Fair Capital and ENERGIIQ.
🇬🇧 Mixergy - raised $16 million from EDP Ventures, Nesta, Oxford Science Enterprises, Kiko Ventures, Foresight

🇨🇿 Woltair - raised $16 million from Kaya VC, Movens, Inven, ArcTern Ventures
🇳🇱 Triple Solar - raised $12 million from DOEN, APG, Enfuro
🇩🇰 Lun Energy - raised $11.5 million from Lowercarbon Cap, MCJ Collective, Norrsken
🇳🇴 Heaten - raised $10 million from Azolla Ventures, Nysnø, Shell Ventures
🇳🇱 Quatt - raised $3.4 million from Impact Equity Fund
🇫🇷 Equium - raised $5.4 million from Bpifrance
🇳🇴 Winns - raised $3 million from Statkraft Ventures
🇮🇪 ActionZero - raised $3.2 million from Dunbia Ballymena
🇬🇧 Barocal - raised $1.8 million from Cambridge Enterprise and IP Group
🇸🇪 Drem - raised $2.6 million from  ByFounders, Redstone, Wiski Capital
🇬🇧 Futraheat - raised $1.9 million from Clean Growth Fund
🇩🇰 Bodil - funding n/a