Sweden: Heat Pump Specialist Raises £124m in Funding Round

Aira, the Swedish expert in renewable energy, which acquired All Seasons Energy in Sheffield last year through an international transaction, has successfully secured €145m (£124m) in a series B funding round, surpassing its original objective of €85m.

The Altor, Kinnevik, and Temasek consortium spearheaded the Series B funding round, which also attracted investments from the Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments, and Statkraft Ventures.

The equity capital would help Aira to expedite the process of electrifying domestic heating in Europe, thereby facilitating European households in reducing their energy expenses, promoting decarbonisation, and decreasing reliance on imported natural gas.

Aira announced in August that it would utilise its Sheffield headquarters to facilitate its expansion across the United Kingdom after acquiring All Seasons. In November, the company revealed its intentions to establish academies in Yorkshire and London with the aim of training a large number of employees and accomplishing a goal of one million installations in the UK.

The company stated that the additional money will significantly advance its goal of transitioning Europe away from natural gas. Aira has successfully obtained €195 million in equity capital and grants, which provides a solid basis to support its ambitious long-term growth goals.

The finance will expedite Aira's strategic plans by facilitating additional investments in swift market expansion throughout Italy, Germany, and the UK, and enabling the implementation of a monthly payment structure.