The financing was significantly oversubscribed and upsized from its initial €85 million target.
The equity funding will allow Aira to further accelerate the electrification of residential heating in Europe. By switching from a gas boiler to an air source heat pump with Aira’s innovative and accessible, clean energy-tech solution, consumers can reduce their household heating costs by up to 40% and CO2 emissions by 75%, rising to 100% if fossil-free energy is used as the source of power for the heat pump. Aira's monthly payment plan requires no upfront cost.
The Polish government has also granted Aira €15 million for the establishment of a state-of-the-art manufacturing site in Poland to produce heat pumps.
Martin Lewerth, Aira Group CEO, says: "We are thrilled to welcome our new shareholders. Above and beyond the funding, they bring invaluable strategic insights, networks, and expertise. Together, we are committed to spearheading the much-needed green revolution in residential heating.”
The Series B round was led by Altor, Kinnevik and Temasek and also includes the Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments and Statkraft Ventures. Aira was originally founded by Vargas and subsequent growth financing included a Series A financing of €35 million from a group of investors including Vargas, senior management, a broader group of committed employees, and related individual investors.
