Clean energy-tech company Aira has announced it has raised €150 million in equity financing from its existing backers, Altor, Kallskär, Kinnevik, Lingotto and Temasek, to speed up its mission of replacing gas boilers with cleaner alternatives across Europe.

Since its launch in June 2023, Aira has expanded operations into Germany, Italy, and the UK, achieving an annual sales run-rate of €200 million. The company’s offering combines a monthly payment plan, full end-to-end service, and a 15-year Aira Guarantee, which it describes as an unmatched customer proposition in the sector. Aira now employs 1,200 staff and operates 18 hubs alongside four Aira Academies, designed to train highly skilled heat pump installers across the continent.

Aira Group CEO Peter Prem said: “This investment reflects the strong, long-term support of our investors and enables us to build on the substantial foundation we’ve established as we transition from a start-up to scale-up.”

He continued: “It empowers us to double down on our mission to take Europe off gas by expanding with operational excellence, launching new innovations, and accelerating our growth to bring clean energy-tech to millions of homes.”

The latest funding will be channelled into scaling Aira’s operations and expanding its intelligent clean energy-tech portfolio. Plans include investing in the company’s Swedish R&D centre to advance its integrated product range, increasing production at its Wroclaw factory in Poland, strengthening its position in existing markets, and building strategic partnerships within the home and energy sectors to enhance market reach and customer savings.

Across Europe, around 130 million boilers remain in use, making residential heating the continent’s third-largest source of CO₂ emissions, responsible for around 10% of the total. Aira says that switching from a gas boiler to an air source heat pump, combined with clean energy tariffs, can reduce household heating costs by up to 40% and cut CO₂ emissions by as much as 100%.

Peter Prem added: “The European heat pump market is expected to reach more than €150B by 2030, and with our vertically integrated model and world-class products, Aira is uniquely positioned to transform home energy across Europe.”

He concluded: “Backed by world-class investors, we’re building a clean energy-tech leader with expert teams and a clear mission to decarbonise residential heating, all while lowering energy bills and increasing household comfort for millions. We’re just getting started. Aira is ready to lead the clean energy transition – one home at a time.”