QHeat announced raising a €2.5 million funding round from Auris Energiaratkaisut, Valve Ventures et all.

QHeat, a Helsinki, Finland-based provider of geothermal energy, announced getting into a financing deal for having available fund of €2.5 million ($2.8M).

The funding was provided by a range of Finnish investors, including Auris Energiaratkaisut Oy and an investor group led by Valve Ventures Oy.

Before the financing round, QHeat was entirely owned by its founders Miska Eriksson, Rami Niemi and Mikael Maksimow. In QHeat’s new Board of Directors, Mika Paloranta will represent AER and Eerik Paasikivi will represent Valve and the investor group.

QHeat (Quantitative Heat), founded in 2018, implemented Finland’s first deep geothermal well in Koskelo, Espoo in January 2020. The company' technology is based on approximately 2,000-meter-deep geothermal wells. QHeat also works with Vantaa Energy, which will build a geothermal heating plant in Varisto, Vantaa, utilizing QHeat’s solution. The plant’s emission-free heat is directed to Vantaa’s district heating network and sold to customers interested in geothermal heat.