ZeroAvia, a Farnborough, UK-based leader in hydrogen-electric, zero-emission aviation, raised $30 million in funding.
Backers included Barclays Sustainable Impact Capital, NEOM and AENU, with International Airlines Group (IAG) adding to prior investment from the Group, bringing the Series B round to $68 million.
The company intends to use the funds for building infrastructure at airport sites, which will support live demonstrations of its Hydrogen Airport Refueling Ecosystem (HARE), in preparation for routes carrying passengers and cargo in the next handful of years. 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.
Led by Val Miftakhov, founder and CEO, ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting a 300-mile range in 9-19 seat aircraft by 2024, and up to 700-mile range in 40-80 seat aircraft by 2026. 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.
FinSMEs
20/07/2022