Aira closes successful Series B financing with 145 million euros

Clean energy company Aira announces the closing of an oversubscribed €145 million Series B financing led by renowned investors from Europe, the US and Asia.

Berlin, January 16, 2024 - Clean energy tech company Aira has successfully closed a €145 million Series B financing round. The round was supported by leading climate tech investors from Europe, the US and Asia and was significantly oversubscribed with 85 million euros. Altor, Kinnevik and Temasek led the financing, which was accompanied by investors such as the Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments and Statkraft Ventures.

Beyond the financing, they bring invaluable strategic insights, networks and expertise. Together, we will drive the much-needed green revolution in home heating.

Martin Lewerth, Aira Group CEO

Focus on the electrification of heating systems

This financing enables Aira to drive forward the electrification of heating systems in European households. The aim is to help families reduce their energy costs, promote decarbonization and reduce dependence on natural gas imports. The equity financing is part of a comprehensive plan aimed at making Europe less dependent on fossil fuels.

Domestic heating is currently the third largest source of CO2 emissions and accounts for 10% of total CO2 emissions in Europe. Aira offers a solution: switching to air-to-water heat pumps can reduce heating costs by up to 40% and CO2 emissions by 75%, or even 100% if renewable electricity is used. With this technology, Aira wants to actively contribute to reducing its environmental impact.

In addition to the equity financing, the Polish government has provided Aira with a further 15 million euros for the construction of a production facility in Poland. Aira has now received a total of 195 million euros in equity and grants.

Objectives of the round

• Continue market expansion in Italy, Germany and the UK, with the aim of supplying five million European households with clean energy solutions over the next ten years.
• Develop an affordable monthly payment model to make it easier for European homeowners to access Aira's offerings.
• Expanding the portfolio to include smart heat pumps, PV systems, battery storage and electricity tariffs.
• Research and development for user-friendly technological solutions in the field of clean energy.
• Establishment of production capacities in Wroclaw, Poland, to start production of own smart heat pumps from the first half of 2024

Aira Group CEO, Martin Lewerth, emphasized his delight with the new investors and their valuable contributions. He believes the company is now well positioned to accelerate its pan-European expansion and sustainably reduce both heating costs and carbon emissions across Europe.