ZeroAvia has announced $30 million in funding from new investors Barclays Sustainable Impact Capital, NEOM and AENU, with International Airlines Group (IAG) adding to an earlier investment, bringing the Series B round to $68 million.
ZeroAvia counts three major airline groups as strategic investors in the shape of IAG, United Airlines and Alaska Airlines.
The fresh investment will further advance ZeroAvia’s 2-5MW hydrogen-electric powertrain development programme, 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. Being an early mover in this space opens up the potential to capture a significant chunk of the regional aviation engine market.
Infrastructure at airport sites
ZeroAvia will also deploy the funding 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.
Val Miftakhov, founder and CEO, ZeroAvia said: “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.”
Luis Gallego, IAG´s chief executive, said: “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.”
This article first appeared on https://www.wearefinn.com
Published 20th July 2022
