Swedish heat pump company, Aira, has received an additional $US174.2 million from investors to scale up operations and expand its product portfolio.
The funds have been secured from existing investors, Altor, Kallskär, Kinnevik, Lingotto and Temasek.
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 annual sales topping $US232.3 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.
Aira Group CEO, Peter Prem, said this investment reflects the strong, long-term support of investors enabling Aira to continue the 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,” Prem said.
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 R&D centre 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.
With 130 million boilers still in use across Europe, residential heating is the third largest emitter of CO₂ across the continent, contributing to 10 per cent 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, customers can reduce their household heating costs by up to 40% and CO₂ emissions by up to 100% with clean energy tariffs.
“Backed by world-class investors, we’re building a clean energy-tech leader with expert teams and a clear mission to decarbonise residential heating, all while lowering energy bills and increasing household comfort for millions," he said.
"We’re just getting started. Aira is ready to lead the clean energy transition – one home at a time.”