Aira announces €63 million investment from existing investors – Temasek, Statkraft Ventures, Kinnevik and Altor. This extension adds to the upsized and oversubscribed €145 million Series B round co-led by Temasek, Kinnevik and Altor, which closed in January 2024.

The equity funding will enable Aira to further accelerate the electrification of residential heating in Europe, helping European households reduce their energy bills, drive decarbonisation, and reduce dependency on fossil fuel imports. There are still 130 million fossil fuel-based boilers in use, and consequently, residential heating is the third-largest source of CO₂ emissions, representing 10% of Europe’s total CO₂ emissions.

Aira provides in-house developed intelligent heat pumps through affordable monthly payment plans, along with clean energy tariffs and solar installations.

The new investment will enable Aira to expand further across Germany, Italy and the UK, gaining a wider geographical footprint in all three markets while growing the green skills workforce. Furthermore, Aira will develop its clean energy-tech portfolio with additional products and services to increase total cost savings for customers.

Since the initial capital raise in January, Aira has established a leading 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 has established a leading position in Germany, Italy and the UK with an annual revenue run rate of €100 million. This year Aira has opened 11 regional sales and installation hubs and are 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 €243 million in equity funding, establishing a strong foundation to support its ambitious long term growth objectives.

“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.” says, Martin Lewerth, Aira Group CEO.

Martin Lewerth, continues, “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.”