QHeat

What QHeat does

QHeat (legally Quantitative Heat Oy) is a Finnish geothermal energy technology company that develops and licenses patented coaxial deep geothermal well technology for heating, cooling, and seasonal heat storage. Its core technology reaches 1-2 kilometers depth using an insulated coaxial flow design that enables flow reversal for heating, cooling, and waste energy storage in crystalline bedrock. The system combines deep geothermal heat production with heat pumps and integrates with 5th Generation District Heating and Cooling (5GDHC) networks operating at 20-45°C.

The company's primary revenue streams are technology licensing (rights to use patented designs and well equipment), hardware sales (specialized drilling equipment and custom composite collector pipes co-developed with Exel Composites), consultation and engineering services for deep drilling in crystalline rock, and turnkey project delivery in its home Finnish market. Per-well investment costs are reported at less than EUR 1 million versus tens of millions for conventional deep geothermal systems, with payback times of approximately 10 years. Target customers include district heating providers, waste-to-energy plants, real estate investors, and drilling partners across the Nordic and Baltic regions.

QHeat is headquartered in Helsinki, Finland, was founded in 2017 by Miska Eriksson, Rami Niemi, and Mikael Maksimow, and has secured approximately EUR 5.8 million in cumulative funding across a 2020 seed round (EUR 2.5M from Auris Energiaratkaisut and Valve Ventures) and a 2022 capital loan (EUR 3.3M from the Finnish Climate Fund). The company has delivered five commercial heating plants, holds patents granted in Europe, Canada, and Russia, and is expanding internationally via a partner licensing model into Estonia, Norway, and Sweden.

Name

QHeat

Legal name

Quantitative Heat Oy

Website

https://qheat.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

QHeat (Quantitative Heat Oy) is a Finnish geothermal technology company that develops and licenses patented coaxial deep geothermal well systems (1-2 km depth) for heating, cooling, and seasonal heat storage. It serves district heating providers, waste-to-energy plants, and real estate developers across the Nordic and Baltic regions via a partner licensing model.

Ownership category

akta.pro rank

Product category

Geothermal Heating & Cooling Technology

NAICS

Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Geothermal Heat Pumps & Ground-Source Systems (Residential/Commercial, Drilling/Loop Installation) (EUAMAEAH)

akta.pro secondary industries

Geothermal Drilling & Well Construction (Production/Injection, Directional, Well Services) (EUAMAEAB), Geothermal Equipment & Component Manufacturing (Turbines, Heat Exchangers, Pumps, ORC Units) (EUAMAEAI), Geothermal Direct Use Heat Projects (District Heating, Greenhouses, Aquaculture, Industrial Heat) (EUAMAEAG), Heat Pumps (Air/Water/Ground Source) (IMAHAKAF)

Keywords

• Deep geothermal heating
• Coaxial heat wells
• District heating systems
• Seasonal heat storage
• Geothermal energy licensing

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Technology Licensing: QHeat's primary revenue stream. Partners receive rights to use QHeat's patented designs, physical well equipment, and expertise. The company provides comprehensive guidance including standardized well design, comprehensive manuals, and end-of-well reports. Licensing model enables international scaling without being a drilling company.
2. Equipment and Components: Sale of physical well equipment and components including specialized drilling equipment, collector pipes, and well hardware to partners.
3. Consultation and Engineering Services: Expert consultation services for deep drilling in crystalline rock, project planning, and operational support. Includes data analysis, lessons learned sharing, and technical guidance throughout project execution.
4. Turnkey Project Delivery: Complete geothermal heating plant projects including design, drilling, commissioning, and operation. QHeat designs and simulates energy systems, drills boreholes, and operates thermal networks for joint ventures.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

QHeat develops and delivers patented coaxial deep geothermal technology (heat wells at 1-2 km depth) for large-scale heating, cooling, and seasonal heat storage. The company combines deep geothermal heat production with heat pumps, supporting the system with lifecycle services and shared expertise, and licenses its designs, physical well equipment, and project know-how to drilling, engineering, and energy partners to build low-emission heat solutions.

Product overview

QHeat offers a unified geothermal energy platform centered on patented coaxial deep heat wells (1-2 km depth) combined with heat pumps. The core product portfolio includes the Coaxial Deep Geothermal Heat Wells, the integrated Geothermal Heating and Cooling System, and the 5th Generation District Heating and Cooling (5GDHC) network technology. Supporting products include Custom Composite Collector Pipes (co-developed with Exel Composites for 10% efficiency boost), Lifecycle Services, and Technology Licensing. The company has deployed commercial installations including the Lounavoima waste-to-energy heat storage system (six wells, 8-14 GWh annual output) and the Finnoo district heating plant (three wells serving 250 apartments).

Differentiator

Problem solved

Functional benefit

Products and services

• Coaxial Deep Geothermal Heat Wells Patented coaxial heat wells reaching 1-2 km depth that extract and store geothermal heat via an insulated coaxial flow design enabling reversible heating, cooling, and seasonal storage in urban environments. Sold as core technical offering for energy companies, district heating providers, and real estate owners.
• 5th Generation District Heating and Cooling (5GDHC) Network Local low-temperature (20-45°C) bidirectional two-pipe heating and cooling network where buildings use heat pumps to raise or lower water temperature according to demand, enabling dynamic energy exchange between connected buildings.
• Custom Composite Collector Pipes Fiberglass composite well pipes manufactured via pultrusion, metal-free and lightweight, designed for flow and insulation optimization in geothermal boreholes. Boost borehole energy efficiency by ~10% with an estimated 50-year lifecycle.
• Technology Licensing Partner licensing model providing rights to use QHeat's patented designs, physical well equipment, and expertise across the project lifecycle. Includes standardized well designs, comprehensive manuals, and end-of-well reports for international partners.
• Lifecycle Services and Expertise Support services covering project development, drilling expertise, operational guidance, and shared expertise across the project lifecycle, including consultation, data analysis, lessons learned, and technical guidance to reduce delivery risk and improve project economics.

Quantifiable outcome

• Reduces purchased energy by up to 80% compared to combustion-based heat production
• +7 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and key.

• Exel CompositescoreTechnology or Integration · 3 June 2025Co-developed custom composite collector pipes for geothermal wells at Lounavoima site. Pipes made of fiberglass using pultrusion, boosting borehole energy efficiency by 10%. Solution is metal-free, lightweight, with estimated 50-year lifecycle and recyclability. Funded by Business Finland. Projects underway in Norway and Sweden.
• Engineering Bureau SteigercoreStrategic or Co-development Partner · 1 December 2023First international licensing project in Estonia. Drilled 712-meter deep heat well at Arbavere research center. Also drilling 500m wells in Tallinn and five 500m wells near Roosna-Alliku. QHeat provided consultation services and technology licensing. First geothermal drilling at such depths for Steiger.
• Geomachine OycoreStrategic or Co-development Partner · 10 December 2021Joint development of world's first well-drilling rig (GM2000) for geothermal heating wells. Rig designed for 2,000-meter medium-deep heating wells with remote control capability and data logging. Optimized for DTH drilling in hard Nordic bedrock. Electric power unit option reduces emissions.
• LounavoimacoreTechnology or IntegrationWaste-to-energy plant partnership for heat storage technology. Six deep coaxial heat wells (1.6-2km depth) store excess summer heat for winter district heating. Korvenmäki eco-power plant produces ~220 GWh heating annually. System reduces CO2 emissions and provides peak capacity for district heating.
• Vantaa Energy (Vantaan Energia)keyTechnology or IntegrationGeothermal heating plant integrated into Vantaa Energy's district heating network. First use of geothermal heat in Finnish district heating network. Supports Vantaa's goal of carbon neutrality by 2030 with up to 95% lower emissions than fossil fuels.
• Avara OykeyTechnology or IntegrationReal estate partnership for geothermal district heating in Finnoo, Espoo. Three medium-depth heat wells (1940 MWh/year) for six apartment buildings. 14,000 sqm floor space heated emission-free. Partnership aims to halve heating costs and achieve ESG targets.
• TA-Asunnot OykeyTechnology or IntegrationJoint venture (Finnoon Syvälämpö Oy) with Avara Oy for geothermal district heating plant. Six apartment buildings heated via low-temperature network. Partnership validates sustainability credentials for investors.
• Geological Survey of EstoniakeyStrategic or Co-development PartnerCommissioned Arbavere research center project exploring deep geothermal potential in Estonia. Project tests low-temperature district heating and cooling in crystalline basement rock. QHeat provided technology and consultation.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Climeon: Swedish company developing low-temperature geothermal power technology. Adjacent peer in Nordic geothermal technology space, focused on power generation from low-temp heat rather than direct-use heating.
• GreenFire Energy: US-based geothermal technology company developing closed-loop and advanced geothermal systems. Comparable in developing next-generation geothermal technologies targeting commercial scalability.
• Sage Geosystems: US geothermal energy company developing deep well technology for power and energy storage. Comparable in pursuing deep drilling innovations and subsurface energy storage for geothermal applications.
• Fervo Energy: US company developing enhanced geothermal systems for power generation. Comparable in deploying innovative deep drilling and completion technologies for geothermal, though primarily power-focused.

Direct peers

• Eavor Technologies: Canadian deep geothermal company developing closed-loop geothermal systems for heating and power. Direct competitor in deep geothermal well technology targeting district heating and industrial heat applications, similar to QHeat's coaxial approach.
• Dandelion Energy: US-based geothermal heating and cooling company providing ground-source heat pump systems for residential and commercial buildings. Comparable in deploying geothermal heat pump systems at scale, though focused on shallower wells.
• Stiesdal: Danish deep geothermal technology company developing deep drilling and heating solutions. Most direct Nordic competitor to QHeat, also targeting district heating decarbonization with deep well technology.

Broad incumbents

• Ormat Technologies: US-listed global leader in geothermal power generation with broader renewable energy portfolio. Established incumbent in geothermal energy space, though primarily focused on power generation rather than direct-use heating.
• Danfoss Climate Solutions: Danish global provider of heating, cooling, and district energy solutions. Broad incumbent in HVAC and district heating infrastructure, serving similar energy companies and real estate customers as QHeat.
• NIBE Group: Swedish global leader in heat pump manufacturing and sustainable energy solutions. Broad incumbent providing heat pump technology that QHeat's system integrates with, serving similar district heating and real estate customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/qheat
• Xx.com/Qheat_finland

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about QHeat