Europe still has approximately 130 million boilers in operation, making residential heating the third-largest CO₂ emitter on the continent and accounting for about 10% of total emissions. The upfront cost of heat pumps and a lack of skilled installers have historically slowed adoption. Stockholm-based clean energy-tech company Aira operates in a sector facing significant challenges, particularly in shifting consumer habits away from gas boilers.
The company addresses these issues through its no-upfront-cost payment model, training academies to expand the installer workforce, and educating consumers on the economic and environmental benefits of the switch.
Investment to expand production capacity
Now, Aira has landed €150 million in equity financing to fuel its expansion across Europe. The round was led by existing backers Altor, Kallskär, Kinnevik, Lingotto, and Temasek. The fresh equity will accelerate the scale-up of Aira’s operations and strengthen its intelligent clean energy technology portfolio. The company plans to invest heavily in its Swedish R&D centre to advance product integration and innovation, expand production capacity at its Wroclaw, Poland factory, and deepen its presence in Germany, Italy, and the UK.
Also, the funds will also go toward expanding its network of 18 hubs and four Aira Academies, which train highly skilled heat pump installers. Additionally, it intends to forge stronger partnerships in the home and energy sectors to deliver greater customer savings and extend its market leadership.
Visionary team with climate credentials
Aira was founded in 2022 in Stockholm by Vargas, a climate-focused investment group known for building companies that accelerate the energy transition. The company is led by CEO Peter Prem, who brings extensive experience in scaling consumer-focused energy solutions. Under his leadership, Aira has grown from launch in June 2023 to employing 1,200 people, achieving an annual sales run-rate of €200 million, and expanding into three major European markets in just over a year.
Reinventing home heating for the net-zero era
Aira specialises in electrifying residential heating with a vertically integrated, direct-to-consumer business model. At its core is the intelligent heat pump, supported by an end-to-end home energy-saving service. Its proposition includes a monthly payment plan with no upfront costs, making clean energy solutions accessible to more households. The offering is backed by a 15-year Aira Guarantee, ensuring long-term reliability for customers.
The company’s mission is to reduce household energy costs, cut emissions, and accelerate the net-zero transition by replacing traditional gas boilers with high-efficiency, clean energy-powered systems.
Why Aira stands out in the clean energy race
Aira’s competitive edge lies in its vertically integrated approach, controlling everything from manufacturing and installation to after-sales service. This enables the company to deliver efficiency, affordability, and quality assurance at scale. Its combination of zero-upfront payment, guaranteed performance, and a focus on customer economics is uncommon in the market.
Additionally, by producing its own systems in Europe and investing in local training, Aira ensures shorter supply chains, faster installations, and job creation within its target markets. With the potential to cut household heating costs by up to 40% and reduce emissions to near zero with clean energy tariffs, Aira is positioning itself as a leading force in Europe’s clean energy revolution.
What’s next?
Aira’s €150 million equity raise positions it as a major force in Europe’s push toward net-zero. By combining intelligent heat pump technology, a no-upfront-cost model, and in-house installer training, it is tackling both cost and accessibility barriers. With strong backing from climate-focused investors, Aira is set to accelerate the shift from gas boilers to clean, affordable heating solutions.
