Swedish heat pump maker Aira raises €150 million, plans production capacity expansion

Aira is raising €150 million in equity financing to support increased production capacity in Wroclaw, Poland, as well as further research and development in Sweden.

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.”