Swedish direct-to-consumer clean energy-tech Aira has secured €150 million ($175 million) equity financing to accelerate the electrification of residential heating in Europe.
The firm said in a statement on Monday that the investment is secured from existing investors, Altor, Kallskär¹, Kinnevik, Lingotto and Temasek.
The equity will drive the accelerated scale-up of Aira’s operations and the expansion of its intelligent clean energy-tech offering.
Aira will invest in its Swedish research and development (R&D) center to develop its integrated product portfolio, while increasing production capacity at its factory in Wroclaw, Poland.
At the same time, Aira will deepen its presence in existing markets and strengthen strategic partnerships with key players in the home and energy sectors to boost market presence and deliver greater cost savings for customers.
Since launching in June 2023, Aira has expanded into Germany, Italy, and the UK, rapidly establishing itself as a leading clean energy-tech company in Europe, with an annual sales run-rate of €200 million ($233.71 million).
Aira offers an unmatched customer proposition, including a monthly payment plan, end-to-end service, and a 15-year Aira Guarantee.
The company now employs 1,200 people and has opened 18 hubs and four Aira Academies to train highly skilled heat pump installers across Europe.
“This investment reflects the strong, long-term support of our investors and enables us to build on the substantial foundation we’ve established as we transition from a start-up to scale-up,
“It empowers us to double down on our mission to take Europe off gas by expanding with operational excellence, launching new innovations, and accelerating our growth to bring clean energy-tech to millions of homes,” said Peter Prem, Aira Group Chief Executive Officer.
With 130 million boilers still in use across Europe, residential heating is the third largest emitter of carbon dioxide (CO₂) across the continent, contributing to 10 percent of Europe’s total emissions.
By switching from a gas boiler to an air source heat pump with Aira’s innovative and accessible clean energy-tech solution, people can reduce their household heating costs by up to 40 percent and CO₂ emissions by up to 100 percent with clean energy tariffs.
“The European heat pump market is expected to reach more than €150 billion ($175 million) by 2030, and with our vertically integrated model and world-class products, Aira is uniquely positioned to transform home energy across Europe,” said Prem.
“Backed by world-class investors, we’re building a clean energy-tech leader with expert teams and a clear mission to decarbonize residential heating, all while lowering energy bills and increasing household comfort for millions,
“We’re just getting started. Aira is ready to lead the clean energy transition – one home at a time,” he added.
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