Hydrogen aviation company gets new round of financing from industry giantsSeptember 26, 2023
ZeroAvia announced the investors that took part in its latest financing round.
ZeroAvia, a hydrogen aviation company currently working on developing the world’s first zero-emissions engines for commercial flight, announced that Airbus, NEOM, and Barclays Sustainable Impact Capital have co-led the company’s most recent round of financing.
The investment will aid ZeroAvia in accelerating its progress.
In addition to the investors mentioned above, other organizations that also participated in the investment include Alaska Airlines, Summa Equity, Amazon Climate Pledge Fund, Ecosystem Integrity Fund, AP Ventures, Horizons Ventures, and Breakthrough Energy Ventures.
This latest investment will help the hydrogen aviation company speed up its progress toward certification of its first engine. It will also aid in delivering ZeroAvia’s mission: “A hydrogen-electric engine in every aircraft.”
Combined with the investment, Airbus and ZeroAvia will collaborate on certification approaches for hydrogen power systems. Additionally, the companies plan to team up on various critical technical areas. Among these include ground and flight testing of fuel cell propulsion systems, liquid hydrogen fuel storage, and developing hydrogen refueling infrastructure and operations.
The hydrogen aviation company’s H2 engines use fuel cells to generate electricity.
ZeroAvia believes that hydrogen-electric propulsion systems are the most eco-friendly and economically sound solution to the aviation industry’s ever-increasing impact on climate change. The hydrogen aviation company’s hydrogen-electric engines use hydrogen fuel cells to produce electricity that powers the electric motors which turn the aircraft’s propellers. The only byproduct from the power that is produced during flight is water.
“Anybody following the development of hydrogen aviation – and its potential to transform the industry – will see this investment as a positive step,” said Val Miftakhov, Founder and CEO, ZeroAvia, in a recent news release.
“Airbus has led the way with its zero-emission vision and its commitment to extensive R&D programs. For ZeroAvia to now have investors such as Airbus coming on board is the strongest possible validation of the prospects for hydrogen-electric propulsion technology.”
While the investment will support the hydrogen aviation company’s overall continued growth and technology development, most notably it will progress its ZA600 (its first product), through to certification.
Recently, ZeroAvia completed the first stage of flight testing of the prototype ZA600 and plans to complete design work ahead of certification, with a target for 2025 entry-in-service to support an up to 20 seat aircraft.
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