Altor
Assembly Line
Aira raises €145 million in Series B financing
Aira announces the completion of a €145 million Series B financing round with leading climate tech investors from Europe, the US and Asia. The financing was significantly oversubscribed and upsized from its initial €85 million target. The transaction was led by Altor, Kinnevik and Temasek. 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 new capital will further spearhead Aira’s ambition to take Europe off gas. There are still 130 million fossil fuel-based boilers in use and consequently, residential heating is the third-largest source of CO2 emissions, representing 10% of Europe’s total CO2 emissions. By switching from a gas boiler to an air source heat pump with Aira’s innovative and accessible, clean energy-tech solution, consumers can reduce their household heating costs by up to 40% and CO2 emissions by 75%, rising to 100% if fossil-free energy is used as the source of power for the heat pump.
H2 Green Steel raises €1.5 billion in equity to build the world's first green steel plant
The private placement is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes new investors Andra AP - fonden and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.
The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on the site in Boden since summer 2022, and through this transaction H2 Green Steel takes another big leap towards start of operations end of 2025.
The plant will deliver steel with up to 95 percent less CO2 emissions compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along with an unmatched approach to both circularity and recycling, will make the steel plant the first of its kind.