Thursday, April 18, 2024
HomeFunding Swedish Heart Aerospace Secures $107 Million in Series B Round Funding

[Funding alert] Swedish Heart Aerospace Secures $107 Million in Series B Round Funding

Swedish Heart Aerospace Secures $107 Million in Series B Round Funding. The new round brings the total financing raised by Heart Aerospace since its inception to $145 million.

Swedish Heart Aerospace Secures $107 Million in Series B Round Funding. The new round brings the total financing raised by Heart Aerospace since its inception to $145 million.

Among new investors is Sagitta Ventures, a Danish investor focused on early-stage companies. Other investors include Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.

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Anders Forslund, co-founder, and CEO of Heart Aerospace said, “We couldn’t be more excited about this round, This investment furthers our mission to decarbonize and democratize air travel. Air travel is globally its infancy. Billions of people around the world are looking to be connected to this amazing infrastructure over the next decade. Meanwhile, the industry has committed to net zero emissions by 2050. The only way forward is to decouple the tremendous growth in aviation from its emissions, and we believe ES-30 is the first stepping stone. Moreover, because of the superior economics of electric aircraft over their fossil-fuel counterparts, the ES-30 will bring back service to communities that have lost connectivity and open many new markets. This upcoming year is an exciting one for Heart Aerospace as we prepare to unveil our full-scale aircraft demonstrator.”

In addition to announcing new funding, Heart Aerospace said EQT Ventures partner Ted Persson will be joining the company’s Board of Directors.

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John Slattery, Chairman of Heart Aerospace’s Board of Directors said, “Ted brings to Heart Aerospace’s Board a wealth of expertise in product design, user experience, storytelling and branding, We are delighted to have him on our team.”

Heart Aerospace intends to use the funds to further build its business and make progress toward type certification of the company’s first hybrid-electric airplane, the ES-30.

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United Airlines Ventures Managing Director Andrew Chang said, “United’s goal of net zero emissions requires bold solutions and that’s why we’ve invested in a broad portfolio of low-carbon technologies including hybrid-electric aircraft, Once operational, we believe Heart’s ES-30 aircraft have the potential to reduce our carbon footprint, while serving regional markets across the country.”

Michael Rousseau, President & Chief Executive Officer at Air Canada said, “Air Canada has adopted a multi-pronged approach to addressing its ambitious net zero emissions by 2050 climate change goal, from advocating for commercial scaling of Sustainable Aviation Fuels to active investment in a range of revolutionary new technologies. Further to our initial equity position in Heart Aerospace to support the development of the ES-30 hybrid-electric regional aircraft which could be deployed in Air Canada’s regional markets, we recently strengthened our financial investment in Heart Aerospace with an additional US$5 million to advance the ES-30 aircraft towards type certification,”.

About Heart Aerospace

At Heart Aerospace we work at the cutting edge of technology while contributing towards a sustainable future. Heart’s mission is to decarbonize and democratize air travel.

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