ZeroAvia secures $30m to advance hydrogen-electric aircraft plan

Zero emission flight company ZeroAvia has announced it has raised $30m in funding from a raft of existing and new investors as it looks to accelerate the development of its zero emission hydrogen-electric plane technology.

The UK-based firm said it had clinched fresh funding from Barclays Sustainable Impact Capital, Saudi Arabian zero-carbon city project Neom, and venture capital firm AENU, as well as existing investor International Airlines Group (IAG), the parent company of British Airways .

ZeroAvia said the additional investment brought its total Series B funding to $68m, after it raised funds from a string of investors in December, including United Airlines and Alaska Airlines.

It said the new funds would go towards its hydrogen-electric powertrain development programme, which is aiming to pave the way for zero emission flight by 40 to 80 seat aircraft by 2026.

The technology firm said larger aircraft would use engines fueled with liquid hydrogen, which has a higher energy density and increased range and payload, while smaller aircraft would rely on hydrogen in a gas form.

Val Miftakhov, CEO at the company, hailed the latest round of investment as testament to its leadership position in the emerging zero emission aviation sector.

“Each of these star investors brings a unique perspective and strength to ZeroAvia’s wider team – from one of the world’s largest airline groups, one of the largest and most historic banks, to the ambitious project to build the world’s first zero-carbon metropolis, as well as a pure-play impact investor,” he said. “Our new investors are each looking at our journey through a different lens, but all energized by our mission to enable zero-emission flight using hydrogen-electric engines.”

ZeroAvia said it would also use the new funding to build the demonstrator hydrogen refuelling infrastructure at airports where hydrogen-electric planes might eventually land.

It noted that being an early mover in the field of hydrogen-electric flight gave it potential to “capture a significant chunk of the regional aviation engine market”.

The funding announcement comes in the same week that the UK government launched its Jet Zero Strategy, setting out how it intended to reduce carbon emissions from the aviation sector to net zero using a combination of sustainable aviation fuels, zero emission flight technologies, and carbon offsets .

.

Leave a Comment