Aira raises €145m with climate technology investors from Europe, the US and Asia

The statement added: "The equity funding will allow Aira to further accelerate the electrification of residential heating in Europe to enable European households to reduce their energy bills, to drive decarbonisation, and to reduce dependency on imports of natural gas.

“The Series B round was led by Altor, Kinnevik and Temasek and also includes the Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments and Statkraft Ventures.”

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.”

Lisa Barclay, Executive Director of Nesta Impact Investments, said: “For over a decade, Nesta Impact Investments has been dedicated to supporting innovative businesses that address serious social challenges, including utilising the expertise of Nesta’s research to help boost these ventures.

"Our investment in Aira brings together our record of supporting purpose-driven businesses with our commitment to reduce household carbon emissions.”