Nesta Impact Investments backs tech ventures working in areas aligned with Nesta’s 2030 impact goals. Nesta’s sustainable future mission aims to reduce UK household carbon emissions by 28%, from 2019 levels, by 2030. To achieve this we need to make it easier and more affordable for people to use clean, green sources of energy to heat and power their homes. Nesta has made an investment of £2 million in Aira, alongside leading investors from Europe, the US and Asia, including Altor, Kinnevik and Temasek, The Burda family, Collaborative Fund, Creades, Lingotto and Statkraft Ventures. 

Aira’s ambition is to help Europe get off gas. Their end-to-end offer delivers clean energy: tech solutions, starting with heat pumps, which accelerate homes switching to electrified, low-carbon heating. Aira offers a seamless consumer experience, starting with a quick and simple quote, through to grant and planning applications, home optimisation works, installation and a 10-year product and performance warranty. To make this switch affordable, and accessible to all, Aira eliminates any upfront costs and provides consumers with a monthly payment plan.

At 10% of Europe’s CO2 emissions, residential heating is the third largest carbon-emitting sector in Europe: 130 million fossil-fuel-based boilers remain. In the UK, residential homes account for 16% emissions, most of which is generated by heating. Heat pumps are the most affordable and efficient solution to decarbonise households at scale. Aira’s model addresses two key barriers to consumers moving from gas boilers to heat pumps: taking away the upfront cost and offering a seamless end-to-end, customer-centric service. Aira’s solution stands to reduce household carbon emissions by at least 75%.  

This investment round will support Aira to rapidly scale up across the UK, Germany and Italy towards the goal of serving 5 million European homes with clean energy tech solutions. It will allow the company to introduce its affordable monthly payment model and broaden its product portfolio to include solar PV and batteries alongside heat pumps.

Martin Lewerth, Aira Group CEO, said: "We are thrilled to welcome our new shareholders. Above and beyond the funding, they bring invaluable strategic insights, networks and expertise. Together, we are committed to spearheading the much-needed green revolution in residential heating. The completion of our Series B funding makes us well-capitalised and ready to accelerate our pan-European platform expansion, significantly reducing both heating bills for households and carbon emissions across Europe."