ZeroAvia secures massive zero emission airplanes funding from Amazon and GatesDecember 17, 2020
A Series A round scored $37.7 million in venture and grant funds for the hydrogen-electric solutions.
ZeroAvia has announced that its hydrogen-electric powertrain solutions for zero emission airplanes now have an additional $21.4 million in venture funding and $16.3 million in grant funding.
These new funds will help to accelerate the H2 solutions it is developing for the aircraft.
Investors into the ZeroAvia hydrogen-electric zero emission airplanes technology development include the Amazon Climate Pledge Fund, Breakthrough Energy Ventures founded by Bill Gates, Shell Ventures, Horizon Ventures, the Ecosystem Integrity Fund, and Summa Equity.
Additional grant funding came through the Aerospace Technology Institute (ATI), the Department for Business Energy & Industrial Strategies (BEIS), and Innovate UK.
The hydrogen-electric powertrain solutions company is also in a partnership with British Airways by way of Hanger 51 Accelerator, for the exploration of the way in which H2-powered aircraft will be able to play a central role in the future of sustainable air travel.
The Series A round for ZeroAvia’s zero emission airplanes was deemed highly successful.
The new funding is focused on a 19-seat hydrogen-electric powered aircraft. The goal is to accelerate its development to ensure its readiness to hit the market by 2023. This new funding round has brought the company’s total funding up to $49.7 million. The Series A round is boosting the company’s next phase of R&D, which will take aim at the development and testing of the certification-ready ZA-600 powertrain. That powertrain has a flight capacity for a 10 to 20 seat aircraft and has a 500-mile range.
This new round of funding arrived on the heels of the company’s successful completion of the first-ever commercial-scale battery-electric flight in the UK. That took place in June, followed by the first flight of the largest hydrogen fuel cell aircraft, which occurred in September. These achievements were components of the HyFlyer I project. ZeroAvia is already slated to begin testing long-distance 250-mile flights within the next three months.
“Our most recent milestone achievements are closing the gap for the airline industry to begin its transition away from fossil fuels. In fact, over ten forward-looking airlines are now gearing up to implement our powertrains when they are ready in 2023,” said Val Miftakhov, CEO and founder of the ZeroAvia zero emission airplanes company. “We feel deeply grateful to our top-tier investors for joining us in the next phase of our exciting journey; to bring in a new golden age of aviation.”