Gothenburg, Sweden-based Heart Aerospace, a company making a 19-seater electric airplane, announced today that it has raised $35M (approx €29.67M) in its Series A round of funding.
Investors in the current round
The round was led by Breakthrough Energy Ventures, United Airlines Ventures, and Mesa Air Group Inc. Additionally, the company also saw investment from its existing investors EQT Ventures and Lowercarbon Capital.
Carmichael Roberts, Breakthrough Energy Ventures, says, “Aviation is such a critical piece of our global economy. At the same time, it’s a major source of carbon emissions and one of the most difficult sectors to decarbonise. We believe electric aircraft can be transformational in reducing the emissions of the industry, and enable low cost, quiet and clean regional travel on a broad scale. Heart’s visionary team is developing an aircraft around its proprietary electric propulsion technology that will allow airlines to operate at a fraction of the cost of today and has the potential to change the way we fly.”
With the new agreement, United Airlines is working on its commitment to reduce its greenhouse gas emissions 100 per cent by 2050. As part of this new deal, United Airlines Ventures and Mesa Air Group have together placed purchase orders for 200 aircraft, the ES-19, with options for an additional 100 planes.
With the new agreement, United Airlines is working on its commitment to reduce its greenhouse gas emissions 100 per cent by 2050
Carmichael Roberts, Breakthrough Energy Ventures, says, “Aviation is such a critical piece of our global economy. At the same time, it’s a major source of carbon emissions and one of the most difficult sectors to decarbonise. We believe electric aircraft can be transformational in reducing the emissions of the industry, and enable low cost, quiet and clean regional travel on a broad scale. Heart’s visionary team is developing an aircraft around its proprietary electric propulsion technology that will allow airlines to operate at a fraction of the cost of today and has the potential to change the way we fly.”
“Electrifying regional air travel”
Heart Aerospace is an electric airplane company founded in 2018. It is a spin-off from the Elise research program funded by the Swedish Government through the Swedish Innovation Agency Vinnova. Heart’s main office and hangar facility is located at Säve Airport in Gothenburg, Sweden.
The company is on a mission to create the fastest, affordable, and sustainable transportation for regional travel around the world. It has developed its first aircraft, ES-19, a nineteen-passenger airliner with an operating range of 400 km. And now, Heart’s goal is to have the aircraft certified for commercial operation by 2026.
Speaking on the development, Anders Forslund, CEO of Heart Aerospace, says, “I can’t imagine a stronger coalition of partners to advance our mission to electrify short-haul air travel. There’s BEV – the world’s most influential climate fund. There’s United – one of the world’s largest airlines, who’s poised to be the global leader in decarbonising air travel, and there’s Mesa, the largest operator of 19-seater aircraft in history. This combination of near-term commercial viability and long-term climate investment philosophy is exactly what we need to make commercial electric air travel a reality.”
Heart is also one of the founding members of the Nordic Network for Electric Aviation, together with airlines, airport operators, and other stakeholders across the Nordic Countries.
According to the company, in 2019, the company participated in the Y combinator startup accelerator, and closed its Seed round with lead investments from EQT Ventures and Norrsken Foundation. And in 2020, it was awarded a €2.5M grant from the European Investment Council as part of the European Green Deal.
About the “ES-19”
ES-19 is Heart Aerospace’s first aircraft, a 19-passenger regional airplane driven entirely by batteries and electric motors. As mentioned earlier, the aircraft will currently have a range of up to 400 km (250 miles) using today’s lithium-ion batteries, however, the range will increase as battery energy densities improve.
The core of the ES-19 is the electric propulsion system. In 2020, Heart demonstrated its first iteration of this electric propulsion system, consisting of a 400kW electric motor, an electric motor controller and a battery pack with an integrated BMS system.
The ES-19 will have zero operational emissions, and offer lower operating costs compared to similar sized gas-turbine aircraft. The company claims that the aircraft will also be quieter than its turboprop counterparts, with less vibration and noise.
What’s in it for investor Mesa Air Group?
Mesa claims to be one of the largest independent regional airlines in the USA, and has decades of experience in connecting smaller communities across America. Back in the 1990s, the airline was the world’s largest operator of 19-seat aircraft.
Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 95 cities in 35 states, the District of Columbia, and Mexico as well as cargo services out of Cincinnati/Northern Kentucky International Airport. As of May 31st, 2021, Mesa operated a fleet of 165 aircraft with approximately 450 daily departures and 3,100 employees.
“Over the past 30 years, as the economics of operating 19-seat aircraft became unprofitable, operators exited markets and over 1,500 nineteen seat passenger aircraft have been retired. The reduced operating costs of the ES-19 aircraft holds the promise of revitalising travel options that are currently not economically viable with traditional aircraft,” reads the press release.
Jonathan Ornstein, Chairman and CEO of Mesa Air Group, says, “We are proud to work with United and Heart to launch the world’s first electric, regional aircraft. Mesa intends to continue its expansion through the introduction of revolutionary technology that benefits our passengers and the environment. These technological innovations are good for the environment, will expand the national transportation system, and provide significant growth opportunities for Mesa.”
