ZeroAvia secures $116m in series C round funding. The UK Infrastructure Bank joins the round as a cornerstone-level investor alongside co-leads Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF) as announced in September.
Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the funding round.
The Series C round set to accelerate the company’s journey to certification of its first engines and advance R&D that will scale the clean propulsion technology for larger aircraft.
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The financing supports the UK’s status as a market leader in research and development in both aviation and hydrogen and will support ZeroAvia’s ambitious growth plans in the UK.
Aviation is one of the fastest growing sectors, and one of the most challenging to decarbonise, contributing the equivalent of more than 38 million tonnes of CO2 from international and domestic journeys starting and ending in the UK.
Val Miftakhov, Founder & CEO, ZeroAvia said: “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.”
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, said: “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 cutting-edge technology and should help stimulate the development and deployment of hydrogen technology across other hard to decarbonise sectors.”
ZeroAvia is a leader in zero-emission aviation with the mission of delivering a hydrogen-electric engine in every aircraft as the most environmentally and economically friendly solution for addressing the industry’s climate impact.