Aira, a company based in Stockholm, Sweden, has successfully raised €145 million in a Series B financing round led by prominent climate tech investors from Europe, the US, and Asia.

The funding exceeded the initial target of €85 million and will enable Aira to accelerate the electrification of residential heating in Europe.

The company aims to help households reduce energy bills, drive decarbonization, and decrease reliance on natural gas imports.

By switching from gas boilers to Aira’s clean energy-tech solution, which includes air source heat pumps, consumers can lower heating costs by up to 40% and reduce CO2 emissions by 75% (or 100% with fossil-free energy).

Aira plans to expand its market presence in Italy, Germany, and the UK, introduce affordable payment models, diversify its clean energy-tech portfolio, invest in R&D and technology, and commence production of heat pumps in Poland.

The funding, along with a €15 million grant from the Polish government, brings Aira’s total equity funding and grants to €195 million, supporting its long-term growth objectives.