Aira shares
Unlisted company
Aira has built a vertically integrated platform encompassing in-house product development with a research and development (R&D) centre in Helsingborg, large-scale manufacturing at a factory in Wrocław, Poland, as well as direct sales and installation for end customers through its own local teams in each market.
Revenue from heat pumps and home energy
Revenue is generated through the sale of heat pumps and associated energy systems to individuals replacing existing gas or oil boilers. The core offering consists of intelligent air-to-water heat pumps with cloud-based controls that optimise energy consumption based on electricity prices, weather data and household usage patterns. The product portfolio is complemented by solar panels, battery storage and electric vehicle charging stations, brought together in an integrated home energy package. Customers are offered a monthly payment plan with no upfront cost and a 15-year warranty, making the company both the supplier and financier of the installation. By eliminating the wholesaler and installer layers, Aira controls the entire margin from the factory to the completed installation.
Regional hubs and an in-house factory
Aira operates through its own regional hubs, which manage sales, installation and service locally. The factory in Wrocław is designed for large-scale production and supplies all markets. The parent company in Stockholm is responsible for group-wide functions, product development and strategy.
Growth through more markets and products
The growth strategy is based on expanding its geographical presence in the European market, increasing production capacity and complementing the heat pump offering with additional energy products to increase revenue per customer.
The core of the business model
Vertically integrated throughout
Direct sales without intermediaries
Monthly payments with a 15-year warranty
Production and markets
In-house factory in Poland
Heat pump, solar, battery, charging
In-house hubs in Europe
Financial performance
Published 24 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2023-12-31
- 408MSEK
- Burn rate
- 56MSEK/mo
- Runway
- 7mo
| Metric | FY 2023 | FY 2022 | 2022 |
|---|---|---|---|
| EBIT | -437 | – | -130 |
| Net income | -465 | – | -130 |
| Equity | 979(+1,005.6 %) | 89 | 89 |
| Cash and bank | 408(+622.2 %) | 57 | 57 |
| Operating cash flow | -667 | – | -90 |
Documents and reports
2New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 1bn | SEK 7bn |
Questions about Aira
Is Aira publicly listed?
No, Aira is a private company and is not publicly listed. The company has not conducted an IPO, and its shares are therefore not traded on a regulated stock exchange, but rather on the private market.
Can I buy shares in Aira?
Yes, it is possible to buy Aira shares through trading in unlisted shares, provided there are sellers. Through Eqvor, you can place a buy order and be matched with existing sellers in the company.
How do I buy Aira shares?
To buy Aira shares, you need to create an account, verify your identity, and then place an order for the shares. When a buyer and seller are matched, the transaction is completed and the change of ownership is registered in accordance with the company’s structure.
Can I sell shares in Aira?
Yes, if you already own shares in Aira, you can place a sell order. The sale is subject to there being a buyer and compliance with any transfer restrictions in the company.
Is Aira affiliated with Euroclear?
No, Aira is not currently affiliated with Euroclear. This means that the shares are normally registered directly in the company's share register rather than held in a traditional securities account.
Can I hold Aira shares with Avanza or Nordnet?
Since Aira is not connected to Euroclear, the shares normally cannot be held in a standard securities account with Avanza or Nordnet. Instead, ownership is registered directly in the company’s share register.
Are there any rights of first refusal or pre-emption clauses in Aira?
Aira is an unlisted company, and its shares may be subject to transfer restrictions, such as rights of first refusal or pre-emption clauses. The exact terms are set out in the company’s shareholders’ agreement or articles of association and are handled in connection with any potential transaction.
What is Aira's valuation?
Aira's market value is stated as SEK 169.48 billion. Since Aira is a private company, there is no official share price on a regulated marketplace. Instead, the valuation is based on available transactions, funding rounds, and trading in the private market.
When will Aira be listed on the stock exchange?
There is currently no officially communicated timeline for a stock market listing of Aira. We therefore do not currently know when Aira may be listed or whether the company will carry out an IPO.
Has Aira carried out any funding rounds?
Yes, Aira has completed several funding rounds to finance its expansion and continued growth. The company's Capital raised is stated as SEK 4.6 billion.
What are the risks of investing in Aira?
Investing in Aira involves risk, just like other investments in unlisted shares. Liquidity is generally lower than for publicly traded shares, disclosure requirements are less extensive, and it may take longer to sell the shares. Aira’s value may also be affected by capital requirements, the pace of expansion, competition, developments in the energy market, and demand for the company’s heat pumps and energy systems.
Where can I find Aira's annual report?
Aira's annual report is available under Investor Relations and Financial Reports. The company's annual reports can be downloaded there.
How much capital has Aira raised in total?
Aira's Capital raised is stated as SEK 4.6 billion. An equity raise is an English term for raising capital, but in Swedish, terms such as funding round, financing, or new share issue are more commonly used.
Has Aira reported a profit or loss?
Aira reports a negative result in the latest available information. Under Key figures, EBITDA is stated as -1,193,412 TSEK and net income as -1,214,270 TSEK. The company’s earnings trend is also shown in the Results by year chart.