Switzerland-based electric propulsion aviation provider H55 announced that it has raised CHF 45M (€46,68M) in the first part of its Series C round of funding.
Founded by a team of experienced engineers and aerospace experts, H55 aims to revolutionise the aviation industry by enabling sustainable air travel through certified electric propulsion and battery management systems for various aircraft.
Its products are designed to enhance the aerospace sector’s sustainability, efficiency, and safety.
The latest round was led by ND Capital, Tippet Venture Partners, and RTX Ventures, along with the participation of other prominent private investors.
“This financing milestone is a testament to the hard work and dedication of the entire H55 team,” says André Borschberg, H55 Executive Chairman and Co-Founder.
“Making a significant and positive impact on the aviation industry has been a very dear personal goal of mine, first with the Solar Impulse project and now with H55, who is revolutionising the aviation industry. As such, we are immensely grateful to our investors for sharing this vision and recognising the transformative impact of electric aviation,” he adds.
“We are deeply grateful to our investors for their belief in our mission in changing the historical economic and technological paradigms associated with air transportation,” says Martin Larose, CEO of H55.
“A great team and a great group of investors, the perfect team to bring clean aviation to a new level,” Larose adds.
H55 started as the technological legacy of the Solar Impulse project, the renowned electric aeroplane that flew around the globe in 2016 powered only by the sun. The project was created by Borschberg and his partner Bertrand Piccard.
In 2017, former Solar Impulse executives André Borschberg, Sébastien Demont, and Gregory Blatt founded H55.
This funding will support H55’s path to Type Certification (TC) by 2024. In addition, the company says it will use the funds to expand its infrastructure and accelerate the development and commercialisation of its electric aviation technologies.
“As the demand for electric propulsion solutions is growing, these funds will be instrumental in expanding our team as well as our production capacity to respond to specific ongoing customer projects,” adds Borschberg.
Larose also shared how the funds will help the company expand H55’s market reach, especially in the North American and European markets.
First, the company will build a factory in its recently established Montreal, Quebec facility. Subsequently, H55 will execute its plans to transition its production process to a semi-automated approach at its manufacturing facilities in both Switzerland and Canada. It will also open a subsidiary in Toulouse, France.
Stepping towards sustainable aviation
H55’s current operations include engineering, R&D, manufacturing, aircraft integration, and customer support. It collaborates with Switzerland’s top engineering and scientific minds on R&D projects through the country’s federal engineering schools.
Its Electric Propulsion Systems have received praise for their performance and environmental impact. They reduce carbon emissions and noise pollution, propelling the aviation industry towards a cleaner, more sustainable future.
In 2022, H55 became the first European company to receive a Design Organisation Approval (DOA) for electric aviation, including flight testing, from the European Union Aviation Safety Agency (EASA). On top of that, it also received the Production Organisation Approval (POA) from the Swiss Federal Office of Civil Aviation.
One of the company’s first customer applications is on the B23 Energic from Czech aircraft manufacturer BRM Aero. H55 specifically developed a 100 EPS 100kW electric propulsion system for the two-seater fully electric pilot training aircraft. The B23 Energic first flew in June 2019 and continues to fly today.