ZeroAvia, a company focused on clean aviation solutions, has completed its Series C funding round, raising a total of $116M (approximately €105.95M).
The funding will accelerate ZeroAvia’s efforts to certify its first engines and further research and development to expand clean propulsion technology for larger aircraft.
According to ZeroAvia, this financial support is expected to play a crucial role in facilitating the company’s expansion plans within the UK.
Investors supporting ZeroAvia
The investment came from Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and the Amazon Climate Pledge Fund.
The UK Infrastructure Bank has also joined as a cornerstone-level investor, joining co-leads Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund (NIF).
The UK Infrastructure Bank, established in 2021 as part of the National Infrastructure Strategy, operates independently from the government. Its goals include addressing climate change and fostering regional and local economic growth.
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank says, “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 technology and should help stimulate the development and deployment of hydrogen technology across other hard-to-decarbonise sectors.”
“The leader in hydrogen-electric, zero-emission aviation”
ZeroAvia, a company that claims to be a leader in zero-emission aviation, aims to provide hydrogen-electric engines for every aircraft to address the industry’s climate impact.
The company plans to support a 300-mile range in 9–19 seat aircraft by 2025 and up to a 700-mile range in 40–80 seat aircraft by 2027.
With teams in California, Washington, and the UK, ZeroAvia has obtained experimental certificates for engine testing and achieved significant flight test milestones.
Partnering with major aircraft OEMs, the company has garnered nearly 2,000 pre-orders, indicating future revenue potential exceeding $10B.
Decarbonising aviation by 2050
As mentioned by ZeroAvia in a statement, the aviation industry, a fast-growing but challenging sector to decarbonise, contributes over 38 million tonnes of CO2 from UK flights.
Anticipating a quarter of the country’s carbon emissions to originate from aviation in 2050, ZeroAvia’s funding will help the government’s goal of decarbonising aviation by 2050.
The funds will be directed towards developing clean propulsion technologies for use between UK airports within this decade.
The UK Infrastructure Bank aims to lead in establishing a sustainable hydrogen ecosystem, essential for achieving net-zero goals. Success in hydrogen aviation can drive broader infrastructure development, creating a green hydrogen market globally.
This initiative aligns with the bank’s mandate to support emerging technology, attract private investment, and fulfill its dual objectives of promoting regional growth and addressing climate change.
Val Miftakhov, founder of ZeroAvia says, “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 realise substantial export potential. We are looking forward to working with UKIB over the next few years,” adds Miftakhov.