Aira Secures €63 Million in Follow-On Funding from Existing Investors

Image Credit: Aira

Aira has secured an additional €63 million from its existing investors, Temasek, Statkraft Ventures, Kinnevik, and Altor. This equity funding is earmarked to propel Aira's mission to electrify residential heating across Europe. This initiative aims to reduce household energy expenses, advance decarbonization efforts, and diminish the continent's reliance on imported fossil fuels. With approximately 130 million fossil fuel-based boilers still operating, residential heating remains a significant contributor to Europe's CO2 emissions, accounting for 10% of the total.

Aira offers innovative solutions, such as intelligent heat pumps, through affordable monthly payment schemes. The company also provides clean energy tariffs and solar installation services. The fresh capital will facilitate Aira's expansion across Germany, Italy, and the UK, enhancing its presence in these critical markets while bolstering the green skills workforce. Additionally, Aira plans to enrich its clean energy-tech portfolio with new products and services designed to cut consumer costs further.

Since its initial capital raise in January, Aira has become a prominent player in the clean energy-tech sector, establishing a fully integrated direct-to-consumer platform. The company has launched several initiatives, including the Aira Heat Pump, various clean energy tariffs, consumer financing options, and a research and development centre in Sweden. It also operates a substantial 220,000 sqm manufacturing facility in Poland.

Now employing over 1,200 individuals, Aira has not only achieved a commanding market position in Germany, Italy, and the UK but also boasts an annual revenue run rate of €100 million. The company has inaugurated 11 regional sales and installation hubs this year and actively visits thousands of homes monthly. Furthermore, Aira has founded academies across its operational regions to train and upskill a new generation of clean energy professionals and installers.

To date, Aira has amassed €243 million in equity funding, laying a robust foundation for its ambitious growth plans.

"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."

Martin Lewerth, Aira Group CEO, 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."