AIRA can earn 150 million euros to accelerate Europe’s conversion from gas boiler to heat pump
European clean energy company Aira has raised €150 million in equity financing from existing backers Altor, Kallskär1, Kinnevik, Lingotto and Temasek to accelerate the electrification of residential heating throughout the continent.
The Stockholm-based company, headquartered in June 2023, quickly expanded to Germany, Italy and the UK, reaching annual sales rates of 200 million euros. Aira’s customer quotes combine monthly payment plans, end-to-end service and a 15-year guarantee. The company has 1,200 employees, operates 18 hubs and opens 4 AIRA colleges to train heat pump installation programs.
CEO Peter Prem said the funding reflects the “strong, long-term support” of its investors and will help Aira “reject” its mission to remove Europe from gas. “We are transitioning from launching to scaling up, launching new innovations and accelerating our growth to bring clean energy technology to millions of homes,” he said.
The new capital will be used to expand AIRA operations, expand its smart energy technology products, invest in its Swedish R&D center, and improve the manufacturing capacity of its Wroclaw plant in its Polish factory. The company also plans to deepen its footprint in the existing market and strengthen partnerships in the home and energy sectors to expand its customer base and provide further cost savings.
In Europe, 130 million weather boilers are still in use, and residential heating accounts for 10% of the continent’s emissions. Aira said replacing gas boilers with one of the air source heat pumps can reduce heating costs by up to 40% and eliminate emissions completely when paired with clean energy tariffs.
Prem believes that the opportunity is great: “By 2030, the European heat pump market is expected to exceed €150 million. With our vertically integrated model and world-class products, Aira is ready to lead the clean energy transition – one home at a time.”
