AirEx announces close of £2.6m Series A funding round
Investment led by Nesta and Barclays allows London-based climate tech start-up Airex to expedite expansion plans for its smart air brick technology, driving the transition to low-carbon housing.
Airex, has successfully closed its £2.6m Series A funding round, co-led led by Barclays’ Sustainable Impact Capital and Nesta Impact Investments. Further investors include Green Angel Syndicate and Unreasonable Collective.
Airex is a rapidly growing climate tech company, designing and manufacturing the world’s first smart air brick technology which optimises ventilation, helping householders reduce their energy bills. This novel IoT-enabled technology transforms the building retrofit market by offering an easy to install “fit and forget” approach that has the potential to lift millions of households out of fuel poverty.
Founded in 2016 and launched in 2020, Airex has already deployed over 7,000 smart air brick units across the UK, helping low income households reduce their carbon footprint whilst saving money on their energy bills. This Series A investment will help Airex accelerate commercial growth and help the company scale in the UK and overseas markets whilst developing new products.
Airex provides an easy-to-install, low-cost solution for reducing fabric heat loss, improving thermal comfort and protecting residents’ health. The patented technology is approved by UK energy regulator, Ofgem, and has recently been recognised within the EPC (Energy Performance Certificate) by the Building Research Establishment, following independent validation of the product’s energy saving impact. Furthermore, Airex has recently been approved by the Scottish Government under the Warmer Homes Scotland scheme - Scotland’s national fuel poverty programme providing funded energy efficiency products for vulnerable customers.
At full market penetration across Europe, Airex’s customers could collectively save over 370 million tonnes of lifetime carbon emission.
Agnes Czako, Co-Founder & CEO of Airex said: “The decarbonisation of homes is absolutely crucial in the fight to reach net-zero emissions targets, and Airex is positioned to be a low-cost, low-risk smart technology to help facilitate the retrofit challenge.The financial support and extensive expertise this investment brings us will accelerate the execution of our vision – to become a ‘no brainer’ solution for social landlords and homeowners looking to reduce energy consumption in a non-disruptive way while reducing their carbon footprint. We are grateful to have the support of such like-minded, mission driven investors.”
James Ferrier, Head of Sustainable Impact Capital at Barclays, said: “We are incredibly excited to be supporting Airex on their journey to decarbonise the housing sector. Their technology has the power to positively impact not only the environment, but also households’ social welfare.”
Alex Hook, Senior Investment Director at Nesta, said: “Airex is a fantastic example of a company whose products provide a clear environmental impact alongside a strong commercial ROI. By helping households reduce energy demands saving costs on bills, Airex makes a meaningful contribution towards net zero whilst improving the habitability of homes. We’re delighted to be supporting Agnes and the team at Airex on the company’s journey to scaling its commercial reach and impact.”
About Airex
Airex was founded in 2016 with the mission to tackle the dual challenges of fuel poverty and climate change through its innovative smart home solution. Airex designs and manufactures the UK’s first smart air brick technology, helping householders reduce their energy bills without compromising air quality. The novel, patented solution disrupts the building retrofit market by being a smart, connected homes platform, without the complexity of the tech, with the potential to lift millions of households out of fuel poverty. The company has deployed thousands of units in the field, across multiple UK regions and secured established commercial relationships with energy companies, social landlords and installer organisations. Airex has won numerous industry awards, including Business Green Technology Award and Innovate UK Women in Innovation Award.
About Barclays Sustainable Impact Capital initiative
As part of the firm’s broader commitments, Barclays will invest £175m of its own capital, led by the Principal Investments team, in fast-growing, innovative, environmentally-focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement. Investments will be strategic to Barclays, its clients and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns. To find out more, click here.
About Nesta Impact Investments
Nesta Impact Investments provides financial, knowledge and network capital to innovative tech ventures that are changing the world for good. We look to back businesses in edtech, foodtech, healthtech, climate tech, the future of work and productivity, that are closely aligned to Nesta’s Mission impact goals: