Heat pump company based in Sweden secures €150 million in equity investments
Swedish Clean-Energy Tech Company Aira Secures €150m in Funding for European Expansion
Aira, a Swedish clean-energy tech company, has secured €150 million in funding from five private equity investors: Altor Equity Partners, Kallskär, Kinnevik, Lingotto, and Temasek. This investment will propel Aira from a start-up to a scale-up, enabling the company to expand its operations across Europe, boost research and development in Sweden, and increase production capacity at its factory in Wroclaw, Poland.
Since its launch in June 2023, Aira has made significant strides, expanding into Germany, Italy, and the UK. The company's mission is to reduce Europe's carbon footprint by targeting residential heating, which accounts for about 10% of the continent's CO₂ emissions. Aira aims to electrify heating systems with intelligent, clean technology, facilitating the energy transition.
Peter Prem, CEO of Aira Group, stated that the investment reflects strong, long-term support from investors. The funds will be used for Aira's ongoing expansion into the European market, accelerating growth to bring clean energy-tech to millions of homes.
The investment will also bolster Aira's Swedish R&D centre for product development, allowing the company to further its mission to replace gas boilers with air-source heat pumps for residential heating. Aira plans to offer consumers a monthly payment plan, installation, and after-sales service, all backed by a 15-year guarantee.
In addition to expanding its operations, Aira aims to operate with excellence. The company plans to enhance industry partnerships, grow market presence in existing markets, and double down on its mission to take Europe off gas. The funding round was supported by five private equity investors, demonstrating a strong belief in Aira's potential to lead the clean energy revolution in Europe.
It is worth noting that about half of the energy consumption used to fuel homes in Europe is still met by fossil fuels, making Aira's mission even more crucial. The European Environment Agency reports that residential heating is the third largest emitter of CO₂ across the continent. By focusing on clean energy solutions, Aira is poised to make a significant impact on Europe's carbon emissions.
References: [1] Aira Press Release, (2023). Aira Secures €150m in Funding. Retrieved from www.aira.com/news [2] European Environment Agency, (2022). Key indicators for Europe's environment. Retrieved from www.eea.europa.eu/data-and-maps/indicators/co2-emissions-from-energy-use-1 [3] Aira, (2023). Our Mission. Retrieved from www.aira.com/mission [4] Aira, (2023). Investors. Retrieved from www.aira.com/investors
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