Aira lands £125m from top global investors amid drive to decarbonise UK homes

Heat pump specialist Aira has landed £125m (€145m) of investment from worldwide backers to fuel its expansion in Europe.

The Swedish clean tech installer, which has its sights on the UK household market following the acquisition of Sheffield’s All Seasons Energy last year, said the Series B financing round was led by Altor, Kinnevik and Temasek and includes Statkraft Ventures, Creades, Nesta Impact Investments, Lingotto, the Burda family and Collaborative Fund. In addition, Aira has secured equity funding from the Polish government to the tune of €15m which will go towards the setting up heat pump production lines at its Wroclaw facility, due to launch this year.

Late last year, Aira said it would plough £300m into its efforts in the UK, including through South Yorkshire and London training facilities that promises to turn out thousands of clean energy workers. The firm has ambitions to scoop up a sizeable share of the 600,000-a-year heat pump installations the UK Government has targeted by 2028.

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The firm points to residential heating as one of the main sources of CO2 emissions and says that by swapping gas boilers for its intelligent heat pumps, it can play a part in bringing down European figures.

Martin Lewerth, Aira Group CEO, said: “We are thrilled to welcome our new shareholders. Above and beyond the funding, they bring invaluable strategic insights, networks, and expertise. Together, we are committed to spearheading the much-needed green revolution in residential heating. The completion of our Series B funding makes us well capitalised and ready to accelerate our pan-European platform expansion, significantly reducing both heating bills for households and carbon emissions across Europe.”

Lisa Barclay, executive director of Nesta Impact Investments, said: “For over a decade, Nesta Impact Investments has been dedicated to supporting innovative businesses that address serious social challenges, including utilising the expertise of Nesta’s research to help boost these ventures.

“Our investment in Aira brings together our record of supporting purpose-driven businesses with our commitment to reduce household carbon emissions. Aira is making the transition to greener heating more accessible and affordable, filling a gap in the market for heat pumps by providing them without the usual upfront costs and with an end-to-end service from insulation and installation to aftercare. The scale of Aira’s ambitions for the UK market is exactly what is needed to meet the country’s net zero commitments, so Nesta Impact Investments is delighted to be investing to support their business.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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