Stockholm-based Aira, a company that offers clean energy-based heating solutions, has secured €63M in equity funding. The investment came from Aira’s existing investors, including Temasek, Statkraft Ventures, Kinnevik, and Altor.
This extension is part of an upsized and oversubscribed €145M Series B round that was co-led by the same investors and closed in January 2024.
In June, the Swedish company secured €200M in debt commitments from BNP Paribas to install thousands of Aira Heat Pumps in homes across Germany.
Capital utilisation
Aira will use the funds to advance its efforts in electrifying residential heating across Europe, addressing the CO2 emissions from fossil fuel-based boilers, which number around 130 million and account for about 10 per cent of Europe’s total emissions.
This investment aims to help European households reduce energy bills and decrease dependence on fossil fuel imports, contributing to decarbonisation.
Aira offers a variety of intelligent heat pumps through accessible monthly payment plans, clean energy tariffs, and solar installations. The new funds will support Aira’s expansion into Germany, Italy, and the UK while also promoting the development of a green skills workforce.
Additionally, Aira intends to enhance its clean energy technology portfolio by launching new products and services that will maximise customer cost savings.
Martin Lewerth, Aira Group CEO, says, “With this extended funding, we are capitalising on our commercial momentum and accelerating the decarbonisation of residential heating. This investment allows us to ramp up our fully vertically integrated platform and expand our footprint across markets.”
“Switching people to cleaner and more affordable heating solutions is critical amidst the cost-of-living crisis. Together with Temasek, Statkraft Ventures, Kinnevik and Altor, we are demonstrating our commitment to taking Europe off gas.”
On a mission to bring clean energy-tech to every home
Founded in 2022, Aira aims to position itself as Europe’s top direct-to-consumer brand in clean energy technology. The firm focuses on accelerating the electrification of residential heating through intelligent heat pumps and offers comprehensive home energy-saving solutions.
Aira’s vertically integrated model, paired with a consumer-centric monthly payment plan that requires no upfront costs, enhances its economic competitiveness. The company aims to empower households to participate in the clean energy revolution.
Growth and development since January
Since the initial capital raise in January, Aira has established a direct-to-consumer fully vertically integrated clean energy-tech platform, launched the Aira Heat Pump, clean energy tariffs, consumer financing, established an R&D centre for product development in Sweden, and is operating a 220,000 sqm manufacturing facility in Poland.
Today, Aira employs 1,200 people and claims to have established a leading position in Germany, Italy and the UK with an annual revenue run rate of €100M.
This year the company has opened 11 regional sales and installation hubs and is visiting thousands of homes each month. Additionally, Aira has established academies across its markets to upskill and train the next generation of clean energy experts and installers.
In total, Aira has secured €243M in equity funding, establishing a strong foundation to support its ambitious long term growth objectives.
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