Kinnevik
Assembly Line
Aira raises €145 million in Series B financing
Aira announces the completion of a €145 million Series B financing round with leading climate tech investors from Europe, the US and Asia. The financing was significantly oversubscribed and upsized from its initial €85 million target. The transaction was led by Altor, Kinnevik and Temasek. The equity funding will allow Aira to further accelerate the electrification of residential heating in Europe to enable European households to reduce their energy bills, to drive decarbonisation, and to reduce dependency on imports of natural gas.
The new capital will further spearhead Aira’s ambition to take Europe off gas. There are still 130 million fossil fuel-based boilers in use and consequently, residential heating is the third-largest source of CO2 emissions, representing 10% of Europe’s total CO2 emissions. 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.