The €145 Million Boost That’s Shaking Up the Future of Home Heating in Europe

Innovative Energy-Tech Company Secures Monumental Funding to Revolutionize Residential Heating

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Key Takeaways:

  • Aira announces a massive €145 million Series B financing, led by top climate tech investors.
  • The investment aims to accelerate the electrification of residential heating across Europe, reducing dependency on natural gas.
  • Aira’s innovative solutions promise significant reductions in energy costs and CO2 emissions for European households.

A Milestone in Clean Energy-Tech

Stockholm, Sweden – On the 16th of January 2024, Aira, a trailblazer in clean energy-tech solutions, has marked a monumental achievement by completing a €145 million Series B financing round. This round, initially targeted at €85 million, was significantly oversubscribed, highlighting the immense interest and confidence in Aira’s vision and capabilities.

Leading the Green Revolution in Heating

Under the strategic direction of Martin Lewerth, Aira Group CEO, the company is set to lead a green revolution in residential heating. “The completion of our Series B funding makes us well-capitalized and ready to accelerate our pan-European platform expansion, significantly reducing both heating bills for households and carbon emissions across Europe,” Lewerth states.

Series B Financing: A Diverse Consortium of Investors

The funding round saw participation from a diverse group of climate tech investors from Europe, the US, and Asia. Key players include Altor, Kinnevik, and Temasek, alongside other notable investors like the Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments, and Statkraft Ventures. This backing is a testament to the growing importance of sustainable energy solutions in the global market.

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Aira’s Vision: Electrifying Residential Heating

Aira’s ambitious plan is to transition Europe off gas, addressing the 130 million fossil fuel-based boilers currently in use. With residential heating being the third-largest source of CO2 emissions in Europe, Aira’s clean energy-tech solution is a game-changer. Their air source heat pumps can reduce household heating costs by up to 40% and CO2

emissions by 75%, which can increase to 100% if powered by fossil-free energy. This innovation represents a significant step towards meeting Europe’s environmental goals and reducing reliance on imported natural gas.

Expansion and Accessibility

With the new capital, Aira is poised to expand rapidly across key European markets, including Italy, Germany, and the UK. Their goal is ambitious yet attainable: to serve five million European homes with clean energy-tech solutions over the next decade. Furthermore, Aira is introducing an affordable monthly payment model, making sustainable home energy solutions more accessible to a broader range of European homeowners.

Enhancing Product Portfolio and R&D

The funding will also facilitate investments in broadening Aira’s clean energy-tech portfolio, which includes intelligent heat pumps, solar panels, battery storage, and electricity tariffs. The focus on R&D and technology aims to provide user-friendly and customer-centric solutions, aligning with the increasing demand for sustainable and efficient home energy systems.

Manufacturing Expansion in Poland

An essential part of Aira’s strategy is the ramp-up of manufacturing capabilities. A state-of-the-art manufacturing site is set to open in Wroclaw, Poland, with the Polish government granting Aira €15 million for this purpose. This facility will commence production of Aira’s intelligent and connected heat pumps in the first half of 2024, marking a significant step in their operational expansion.

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Industry and Investor Perspectives

Lisa Barclay, Executive Director of Nesta Impact Investments, emphasizes the alignment of their investment with their mission to support purpose-driven businesses and reduce household carbon emissions. “Aira is making the transition to greener heating more accessible and affordable,” Barclay notes, underlining the importance of Aira’s solutions in meeting the UK’s net-zero commitments.

Aira: A Pioneer in the Clean Energy Revolution

Aira’s vertically integrated model, combined with its consumer-centric monthly payment plan, positions the company as a leader in cost-effective clean energy solutions. With a mission to empower individuals to join the clean energy revolution, Aira is poised to transform the European residential heating sector, one home at a time.

Conclusion

Aira’s successful Series B financing round marks a significant milestone in the clean energy sector, especially in the field of residential heating. With strong financial backing, innovative technology, and a clear vision, Aira is well on its way to becoming Europe’s leading provider of sustainable home

heating solutions. The company’s approach not only promises to reduce energy bills and CO2 emissions but also plays a crucial role in Europe’s broader energy transition and environmental sustainability efforts.


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