Residential heating decarbonization receives substantial financial boost as start-up Aira secures $174 million investment for its heat pump technology.
Swedish heat pump startup Aira, launched by impact company builder Vargas in 2023, has rapidly expanded its footprint in Europe. The company, which has a revenue run-rate of €200 million and employs 1,200 people, has established a strong presence in Germany, Italy, and the UK [1][4].
With a mission to decarbonise residential heating, Aira offers solutions for heating and powering homes with clean energy. The company's air source heat pump absorbs outdoor thermal energy to heat homes and water, potentially reducing household heating costs by up to 40% [6]. If renewable energy is used as the source of power for the heat pump, CO2 emissions can be reduced 100% [7].
Recently, Aira secured €150 million in equity financing from world-class investors, including Temasek, Altor, Kallskär, Kinnevik, and Lingotto. This funding will be used to accelerate the scaling of Aira's operations and expand its intelligent clean energy-tech product range [1][2][3][5].
Key uses of the capital include significant investment in Aira's Swedish R&D center to develop an integrated product portfolio and advance innovation. The funds will also be used for expansion of production capacity at its factory in Wroclaw, Poland, and for deepening market presence in existing countries and strengthening strategic partnerships within the home and energy sectors to drive cost savings for customers [1][2][3][5].
Aira's CEO, Peter Prem, stated that the company aims to lower energy bills and increase household comfort for millions, while also leading Europe’s clean energy transition in residential heating and focusing on electrifying homes and reducing CO2 emissions from this sector [1][4][5]. The company also plans to expand into more European markets over the next decade [3].
Based in Stockholm, Sweden, Aira's team consists of experts in their respective fields, dedicated to building a clean energy-tech leader. With its innovative heat pump technology and ambitious growth plans, Aira is set to play a significant role in Europe's transition to clean energy solutions.
[1] Aira Press Release: Aira Raises €150 Million in Equity Financing to Accelerate Growth and Expansion [2] Altor Press Release: Altor Invests in Aira [3] Aira Press Release: Aira to Expand into More European Markets Over the Next Decade [4] Aira Website: About Aira [5] Aira Website: Our Mission [6] Aira Website: How Aira Works [7] Aira Website: Environmental Impact
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