ZeroAvia, the UK-based hydrogen-electric, zero-emission aviation, has secured $30M funding from new investors Barclays Sustainable Impact Capital, NEOM, and AENU, with International Airlines Group (IAG). The latest round brings the total fund raised to $68M.
How will the funding be used?
The company will deploy the funds towards building infrastructure at airport sites, which will support live demonstrations of its Hydrogen Airport Refueling Ecosystem (HARE).
ZeroAvia says the investment will further advance ZeroAvia’s 2-5MW hydrogen-electric powertrain development program, which aims to power 40-80 seat aircraft with zero-emission engines by 2026.
Larger aircraft will use liquid hydrogen fuel as opposed to gaseous for smaller aircraft, allowing a higher energy density and increased range and payload, says the company.
The announcement comes in the midst of ground testing of ZeroAvia’s ZA600 powertrain at its UK R&D facility at Cotswold Airport, part of Project HyFlyer II, which aims to demonstrate hydrogen-electric flight in a Dornier 228 aircraft.
Val Miftakhov, ZeroAvia, Founder & CEO, says, “Each of these star investors brings a unique perspective and strength to ZeroAvia’s wider team—from one of the world’s biggest 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. 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. This is a great recognition of ZeroAvia’s leadership in the space, fueled by real, tangible achievements.”
Founded by Val Miftakhov, ZeroAvia is zero-emission aviation, focused on hydrogen-electric aviation solutions.
The company intends to address a variety of markets, initially targeting a 300-mile range in 9–19 seat aircraft by 2024 and up to a 700-mile range in 40–80 seat aircraft by 2026.
The company has already secured experimental certificates for its two-prototype aircraft from the CAA and FAA and is on track for commercial operations in 2024.
The company’s expanding UK operations are supported by grants from UK’s Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Government’s Jet Zero Council.
Luis Gallego, IAG’s chief executive, says, “IAG has been leading aviation’s efforts towards achieving net-zero emissions by 2050. We are investing in a range of solutions, including hydrogen, which we believe has huge potential, especially for short-haul routes.”
Steven Poulter, Head of Principal Structuring and Investments at Barclays, says, “The aviation industry will require significant and recurring investment in the years ahead to ensure its technological evolution can keep pace with global decarbonisation targets. ZeroAvia is an innovative, industry-leading aviation business—we are delighted to support its ambition towards zero-emission flight, and look forward to seeing them accelerate change in the sector.”