Swedish heat pump manufacturer Aira has raised €150 million ($174.7 million) in equity financing from existing investors as the company pursues growth in key European markets.
The funds will be used in increased production capacity at Aira’s factory in Wroclaw, Poland, as well as in the company’s R&D center in Sweden.
Aira was founded in 2022 by Vargas, a co-founder of the recently insolvent Swedish battery manufacturer Northvolt. Aira heat pumps are available in the United Kingdom, Germany and Italy. The company is positioning itself as a one-stop energy management for consumers, with plans to offer a comprehensive household energy management system (EMS). Aira told pv magazine in February 2025 it was developing the hardware, software and inverter to offer a full EMS solution.
Aira’s latest equity financing was secured from existing investors Altor, Kallskär, Kinnevik, Lingotto and Temasek. It follows a change in senior leadership in May 2025, when Aira appointed Peter Prem as Group CEO, succeeding CEO Martin Lewerth, who led the company from its development phase in 2022.
In a press release, Peter Prem said the new investment “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.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.