Swedish clean energy-tech company, Aira, has raised SEK 1 billion from a group of climate and innovation focused investors to support its mission to take Europe off gas and accelerate the pathway to energy sovereignty. The new capital will finance the expansion of Aira's pan-European, fully vertically integrated platform and customer offering.

Europe still relies on 130 million fossil fuel-based boilers to heat homes, accounting for 10% of Europe’s CO₂ emissions. Switching to an air source heat pump substantially reduces household heating bills and carbon emissions. With Aira’s innovative and accessible solution, households can save up to 40% on their heating costs while simultaneously reducing CO₂ emissions by more than 75%.

Aira’s consumer offering is already live in Italy and Germany and will launch in the UK later this year. The first phase was funded with more than SEK 400 million from a group of committed employees, management, and Vargas founders.

Today, Aira onboards a group of climate and innovation focused investors, underscoring its commitment to decarbonise residential heating. New shareholders joining Aira on its important mission include Altor, Collaborative Fund, Creades, Kinnevik and Lingotto.

This additional funding will enable Aira to make further investments to spearhead the electrification of residential heating, drive decarbonisation and reduce energy consumption:

• Rapid market expansion across Italy, Germany, and the UK, creating 10,000 new clean energy expert jobs to serve five million homes within the next decade.
• Advance Aira’s commercial proposition by introducing an affordable monthly payment model, making home energy solutions accessible to European homeowners.
• Broaden Aira’s clean energy-tech portfolio with products and services including solar, dynamic energy tariffs and energy storage, starting with intelligent heat pumps. 
• Invest in R&D and technology to provide a simple to use energy optimisation customer experience.
• Enable the ramp-up of Aira’s manufacturing capabilities in Poland.

Our investors join us on our mission to take Europe off gas

"We are delighted to welcome our new investors, who all have a track record of scaling impact companies. Our investors join us on our mission to drive the green transition and to take Europe off gas. The funding secured is a key milestone on our journey to serve five million European households with clean energy-tech solutions. With this investment, we will further expand our European presence and accelerate our product and tech development to become a leading direct-to-consumer brand”, says Martin Lewerth, Aira Group CEO.

“The diverse group of new investors underlines the widespread support of the green transition. Aira is transforming residential heating and accelerating Europe’s energy transition and decarbonisation. This transformation is being achieved by implementing Vargas’ well-established model of vertical integration and scalability. Aira’s innovative approach not only promises cost savings for consumers but also promotes cleaner residential heating, which is deemed the most effective pathway toward achieving net-zero emissions”, says Carl-Erik Lagercrantz, CEO of Vargas.