ZeroAvia secures $116m of investments to 'scale up' hydrogen-powered flight for use in larger aircraft
A third of the cash will come from the UK government’s investment bank
Anglo-American hydrogen aviation start-up ZeroAvia has secured $116m of investment which it says will allow the company to scale-up its hydrogen fuel cell-powered powertrains for use in larger aircraft, ZeroAvia said today (Monday).
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Around a third of the cash ($40m) will be supplied by the UK Infrastructure Bank (UKIB), which is wholly owned by the British government.
The investment was announced as ZeroAvia concluded its third round of equity funding (Series C), in which the company also netted investors such as aircraft maker Airbus, commercial bank Barclays and the Neom Investment Fund (an arm of the Saudi Arabian government-backed urban development of the same name).
“This backing by such a preeminent investor as the UK Infrastructure Bank will help us deliver the first commercial zero-emission flights, and help the UK realise substantial export potential,” said Val Miftakhov, ZeroAvia’s founder and chief executive.
ZeroAvia plans to bring one of its 19-seater aeroplanes — powered by its 600kW fuel cell system — into commercial operation by 2025.
The results could also apply to slightly bigger planes, including one with 90 seats, ZeroAvia said.
“Aviation and hydrogen are sectors that need significant private investment to get to net zero,” said Ian Brown, head of banking and investments at the UKIB.
“By providing confidence to investors, our equity has helped to crowd in the private investment needed for the continued development of this cutting-edge technology and should help stimulate the development and deployment of hydrogen technology across other hard to decarbonise sectors.”