ZeroAvia, a sustainable aviation startup, has secured $116 million in funding to accelerate the development of a hydrogen-electric engine, aiming to decarbonize the aviation industry and establish a green hydrogen ecosystem.
The Series C funding was co-led by the UK Infrastructure Bank, Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund (NIF).
In a resounding show of support, Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and Amazon Climate Pledge Fund have all participated in the funding round, underscoring the industry’s collective commitment to sustainable aviation.
The startup will use the funds to accelerate its journey to certification of its first Hydrogen engines and advance R&D to scale the clean propulsion technology for larger aircraft.
Decarbonizing Aviation for a Greener Future
As aviation ranks among the fastest-growing yet most challenging sectors to decarbonize, the $116 million windfall is a strategic move to address the industry’s substantial carbon footprint. The initiative aligns seamlessly with the ambitious target to decarbonize aviation by 2050, focusing on developing groundbreaking clean propulsion technologies.
Val Miftakhov, Founder and CEO of ZeroAvia, said, “The company 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,” he added.
Supporting a Green Hydrogen Ecosystem
Integral to achieving net-zero emissions is establishing a thriving, sustainable hydrogen ecosystem. The UK Infrastructure Bank, eager to lead in this domain, recognizes the potential of hydrogen engines in aviation as a catalyst for broader hydrogen infrastructure development.
This not only fosters a green hydrogen market in the UK but also resonates with the bank’s mandate to support nascent technology, driving regional growth and combating climate change simultaneously.
ZeroAvia’s mission centers on delivering hydrogen-electric engines for every aircraft, providing an environmentally and economically friendly solution to the aviation industry’s climate impact. The company’s immediate focus involves crafting engines supporting a 300-mile range in 9–19 seat aircraft by the close of 2025, with aspirations to extend this capability to a 700-mile range in 40–80 seat aircraft by 2027.
Progress and Partnerships
Founded in California and now operating from thriving teams in Everett, WA, and the United Kingdom, ZeroAvia has notched significant milestones. Experimental certificates from the FAA and CAA have been secured, enabling the testing of engines in three distinct testbed aircraft.
Boasting key engineering partnerships with major aircraft OEMs, the company has garnered nearly 2,000 pre-orders for engines from major global airlines, indicating future revenue potential exceeding $10 billion.
In a landscape where aviation emissions loom large, ZeroAvia’s Series C funding triumph marks a pivotal step towards revolutionizing the industry. The substantial financial backing, coupled with strategic partnerships, positions ZeroAvia at the forefront of the green aviation revolution, with a vision to reshape the future of flight.
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