Clean energy-tech champion Aira, secures SEK 1 billion of equity funding to take Europe off gas
The new capital will finance the expansion of Aira's pan-European, fully vertically integrated platform and customer offering.
Europe still relies on 130 million fossil fuel-based boilers to heat homes, accounting for 10% of Europe’s CO₂ emissions. Switching to an air source heat pump substantially reduces household heating bills and carbon emissions. With Aira’s innovative and accessible solution, households can save up to 40% on their heating costs while simultaneously reducing CO₂ emissions by more than 75%.
Aira’s consumer offering is already live in Italy and Germany and will launch in the UK later this year.
The first phase was funded with more than SEK 400 million from a group of committed employees, management, and Vargas founders.
Today, Aira onboards a group of climate and innovation focused investors, underscoring its commitment to decarbonise residential heating. New shareholders joining Aira on its important mission include Altor, Collaborative Fund, Creades, Kinnevik and Lingotto.
This additional funding will enable Aira to make further investments to spearhead the electrification of residential heating, drive decarbonisation and reduce energy consumption:
Martin Lewerth, Aira Group CEO, continues "the funding secured is a key milestone on our journey to serve five million European households with clean energy-tech solutions. With this investment, we will further expand our European presence and accelerate our product and tech development to become a leading direct-to-consumer brand.”
Georgi Ganev, Kinnevik CEO, comments “at Kinnevik, we continue to focus on our generation’s biggest challenge – climate change. Residential heating stands for around 10 percent of the CO₂ footprint, and we believe that Europe is at the start of a major transformation towards green energy. We strongly believe in Aira’s vision to connect the full value chain, which allows for stronger margins and a harmonised consumer experience. Bold visions require great execution, and Martin Lewerth and the team have the right combination of experienced leadership and expertise across the critical functions. In addition, with Kinnevik’s experience in scaling global consumer businesses, I believe we can be a strong strategic partner to Aira and add significant value as an early investor.”
Andrew Montgomery, Partner at Collaborative Fund, adds “our strategy is to invest in businesses that can generate the highest possible financial returns and have the largest climate impact – and we are constantly reviewing initiatives from entrepreneurs, startups, and large corporations. We are excited about Aira’s bold ambitions for clean energy-tech for every home, as residential heating is a prioritised sector from an abatement perspective. We’re also thrilled to be investing in a Swedish company helping to export the Nordics' leadership in heat pump adoption, innovation, and design.”
Pamela Brown, Group CMO
+44(0)7884 313193
Aira provides clean energy-tech solutions to consumers and is set to become Europe’s number one direct-to-consumer brand within the industry. Aira accelerates the electrification of residential heating with intelligent clean energy-tech to enable the net zero future we all need. With Aira, consumers across Europe have a go-to-provider for complete home energy saving solutions, with intelligent heat pumps at the heart. Aira’s consumer-centric monthly payment plan model and vertical integration enable best-in-class consumer economics and cost leadership. Aira’s mission is to empower people to join the clean energy revolution, one home at a time. Founded in Stockholm, Sweden, by Vargas Holding and backed by climate and innovation investors including Altor, Collaborative Fund, Creades, Kinnevik, and Lingotto.