ZeroAvia Locks In A $116M Series C Funding Round To Scale Hydrogen-Electric Aviation

ZeroAvia Locks In A $116M Series C Funding Round To Scale Hydrogen-Electric Aviation - Carbon Herald

ZeroAvia – the hydrogen-electric aircraft developer, announced on November 27th that it has completed its Series C funding round at a total of $116 million. The UK Infrastructure Bank joins the round as a cornerstone-level investor alongside co-leads Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF) as announced in September.

The Series C round is set to accelerate the company’s journey to certification of its first engines and advance R&D that will scale the clean propulsion technology for larger aircraft. The funding supports the UK’s status as a market leader in research and development in both aviation and hydrogen and will support the ambitious growth plans of ZeroAvia in the UK. 

Relevant: Hydrogen Planes Edge Closer To Reality With ZeroAvia Test Flight

Aviation is one of the fastest-growing sectors, and one of the most challenging to decarbonize, contributing the equivalent of more than 38 million tonnes of CO2 from international and domestic journeys starting and ending in the UK. Around a quarter of UK carbon emissions are predicted to come from aviation in 2050. This funding raise will help support the Government’s target to decarbonize aviation by 2050 by developing new clean propulsion technologies that can be flying between UK airports this decade. 

A thriving sustainable hydrogen ecosystem will be crucial for net zero and is an area in which the UK Infrastructure Bank is keen to act as a market leader. The success of hydrogen in aviation can act as a catalyst for the development and rollout of wider hydrogen infrastructure, helping to create a green hydrogen market in the UK and beyond. It also strongly aligns with the Bank’s mandate to support nascent technology and crowd in private investment against its twin objectives of driving regional growth and tackling climate change. 

Val Miftakhov, Founder and CEO, ZeroAvia said: “ZeroAvia has grown rapidly in the UK as we have worked to deliver two major historic milestones in aerospace engineering as we look to preserve the benefits of flight through clean propulsion. 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 realize substantial export potential. We are looking forward to working with UKIB over the next few years.”

Relevant: ZeroAvia Signs Deal With Otto Aviation To Power Its New Hydrogen Aircraft

Ian Brown, Head of Banking and Investments at the UK Infrastructure Bank, said: “This is a great example of the Bank supporting a first-of-a-kind technology that has real potential to have a telling impact on carbon emissions and help position the UK at the forefront of a developing green hydrogen ecosystem. 

“Aviation and hydrogen are sectors that need significant private investment to get to net zero. 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-decarbonize sectors.” 

Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the funding round. 

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