ESG Today reports that the financing round significantly surpassed Aira's expectations, as officials initially targeted 85 million euros. 2022-founded Aira is a startup based in Sweden that provides cleantech energy solutions for the electrification of home heating. A high-efficiency heat pump is on the company's development list.

Heat pumps are devices that use a technology similar to that found within our refrigerators, meaning that it extracts heat from a source, such as air, geothermal energy or water. Using that heat, it amplifies it and sends it through pipes within a building.

Aira officials claim that switching to its own air-based heat pump from a boiler can reduce heating costs in a household by as much as 40%, as well as cutting CO2 emissions by 75%. If clean electricity is used to power the pump, then emissions are being reduced to zero.

The team of the Swedish startup will use the funds to expand to new markets, including Italy and Germany. Company officials also announced a 15 million euros grant from the Polish government in order to establish a next-generation heat pump manufacturing facility.

Martin Lewerth, Aira Group CEO, said that "the completion of our Series B funding makes us well capitalized and ready to accelerate our pan-European platform expansion, significantly reducing both heating bills for households and carbon emissions across Europe."