Aircraft developer Zeroavia has successfully garnered support from the UK Infrastructure Bank in its most recent fundraising round, aiming to advance its efforts in building hydrogen-electric engines for low-carbon aviation.
The company, with offices in London, Kemble, and California, disclosed that it achieved a total of $116 million (£91.9 million) in Series C funding from various investors. Notably, £32 million came from the UK’s state-owned infrastructure investment bank. Additional support came from prominent entities such as Airbus, Barclays Sustainable Impact Capital, and the Saudi-backed NEOM Investment Fund.
This funding injection is pivotal for Zeroavia as it endeavors to develop hydrogen fuel cell engines, aligning with the aviation industry’s commitment to zero-emission flights. The company has set an ambitious goal of creating a 19-seat aircraft capable of flying distances up to 300 miles, with the aim of introducing commercial flights by 2025.
Since its establishment in 2017 by Chief Executive Valery Miftakhov, Zeroavia has successfully secured over $250 million (£198.3 million) in equity investments.
Miftakhov expressed gratitude for the substantial backing from the UK Infrastructure Bank, highlighting its significance in realizing the vision of commercial zero-emission flights and unlocking significant export potential for the UK. He emphasized the anticipation of a collaborative partnership with UKIB over the coming years.
Ian Brown, Head of Banking and Investments at the UK Infrastructure Bank, underscored the importance of private investment in sectors like aviation and hydrogen to achieve net-zero goals. He noted that the equity provided by UKIB instills confidence in investors and contributes to the development of cutting-edge technology, fostering the advancement and deployment of hydrogen technology in challenging-to-decarbonize sectors.
The UK government has set a target to decarbonize aviation by 2050, with the expectation that clean propulsion technologies will be operational between UK airports by the end of the decade. Hydrogen stands out among various technologies proposed to bring the sector’s emissions close to zero. Virgin Atlantic, for instance, is poised to make history with the first transatlantic flight this week using 100% sustainable aviation fuel derived from food waste, such as cooking oil and plants.
In this recent funding round, participation extended beyond the UK Infrastructure Bank, with notable involvement from investment firms associated with Bill Gates, including Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and Amazon Climate Pledge Fund. These investments further underscore the growing interest and commitment to sustainable and innovative solutions in the aviation sector.