Vargas Launches AIRA - A NEW clean energy-tech company to serve 5 million homes

STOCKHOLM, June 16, 2023 /PRNewswire/ -- Today, Vargas announces its fourth venture to accelerate decarbonisation. Aira will reduce CO₂ emissions from residential heating and dependence on foreign gas, whilst cutting consumer energy bills. The new venture is set to become Europe's number one direct-to-consumer brand within clean energy-tech, providing innovative and affordable solutions with intelligent heat pumps at the heart.

• Residential heating is a major, but overlooked, source of global carbon emissions. Heating of residential buildings constitutes 10% of Europe's direct emissions and is the third largest contributor of CO₂ emissions.
• Aira makes it easy for consumers to decarbonise their homes with a complete home energy system with a highly efficient and intelligent heat pump at the heart. Aira offers an affordable fixed monthly fee, with significant energy bill savings compared to current solutions, including gas boilers and other fossil-based alternatives.
• Aira is currently piloting in Italy and will launch in Germany and UK later this year. The 2030 ambition is to be present in more than 20 markets, with more than 10,000 clean energy experts and technicians employed across Europe. Within ten years, Aira will serve 5 million European homes with much needed greener and cheaper residential heating.
• To realise the company's ambition, Aira has secured a world-class production facility in Wroclaw, Poland, where production will start in 2024.

Europe is facing a multitude of strategic challenges that together add up to a polycrisis, including a climate crisis, an energy crisis, and a cost-of-living crisis. Heating of residential buildings constitutes 10% of Europe's total emissions and is the third largest contributor of CO₂ emissions.

Having already founded Polarium, Northvolt and H2 Green Steel, the Swedish impact company builder and investor, Vargas, is launching Aira to accelerate electrification of residential heating with clean energy-tech for every home. Heat pumps have long been recognised as a highly efficient alternative to oil and gas boilers since they are 4 to 5 times more energy efficient. The technology is the most efficient and affordable way to decarbonise homes at scale and will be pivotal to Europe's ability to effectively combat climate change. Widespread adoption of heat pumps in Europe has been hindered by high upfront costs, low awareness, and the absence of urgency to decarbonise the residential heating sector.

Harald Mix, Chairman of Vargas and Aira, says: "The EU's Fit-for-55 is a vital political framework for reaching the Paris Agreement, but we need bold business initiatives to meet the commitments. By applying Vargas proven model of vertical integration and scale, Aira can offer consumer cost-savings as well as greener residential heating – this is the most efficient way to achieve net zero. The heat pump technology is widely adopted across Scandinavia. Aira's offering, together with national regulations and subsidies, will accelerate adoption across Europe."

Aira is a direct-to-consumer brand and offers a complete and intelligent clean energy-tech ecosystem for every home. Aira will start with a heat pump, as heating is a necessity and electrifying heating has the largest impact for a household in terms of reducing energy costs and usage, as well as CO₂ emissions. Aira makes heat pumps affordable and accessible with zero up-front costs and a monthly fee, lowering heating related costs by 30%. Aira will also provide a quick and smooth customer journey going from quote to installation within four weeks.

With a heat pump, homeowners can further unlock the true potential of more energy-saving solutions, including battery storage, dynamic electricity tariffs and solar panels. The complete energy ecosystem will be managed by Aira's fully integrated digital platform and increase customer savings up to 50% on energy related costs.

Martin Lewerth, CEO of Aira says: "With clean energy-tech for every home, Aira is transforming residential heating and accelerating Europe's energy transition and decarbonisation. Today, consumers spend thousands of euros on inefficient, dirty and expensive gas based heating. We will make heat pumps affordable, cut energy bills and emissions. Our unique direct-to-consumer model will dramatically change how European families heat their homes."

The market for clean energy-tech has a significant, and still largely untapped, potential. To meet a booming demand for heat pumps, Aira will swiftly establish and grow its business over the coming years.

For more information, please contact Vargas press contact:
Maria Stern, mobile: + 46 70-571 04 17, e-mail: maria.stern@vargasholding.se

About Aira

Aira provides clean energy-tech solutions to consumers and is set to become Europe's number one direct-to-consumer brand within the industry. The company was founded by Vargas in Stockholm, Sweden, in 2022, with a mission to empower people to join the clean energy revolution, one home at a time. Aira accelerates electrification of residential heating with intelligent clean energy-tech to enable the net zero future we all need. With Aira, consumers across Europe have a go-to-provider for complete home energy saving solutions, with intelligent heat pumps at the heart. Our consumer-centric subscription model and vertical integration enables best-in-class consumer economics and cost leadership.

For more information: www.airahome.com

About Vargas

Vargas is a long-term investor and an active owner of purpose-led companies. Together with bold entrepreneurs, we build companies from the ground up to realise ideas that push boundaries for a sustainable future. Vargas was founded in 2014 in Sweden. We have started with green batteries, steel and hydrogen, and Polarium, Northvolt, H2 Green Steel and Aira are our first impact companies – all with the aim to establish regional or global leadership.

For more information: www.vargasholding.com