ZeroAvia Raises Further $35 Million for Zero-Emission Flight Technology,Taking Total Raised to $115 Million
- New investors Alaska Airlines and United Airlines join existing investors Amazon's Climate Pledge Fund, AP Ventures, Breakthrough Energy Ventures, Horizons Ventures, Summa Equity and Shell Ventures in the round
- New raise will accelerate the development of ZeroAvia's 2-5MW powertrain for larger aircraft
KEMBLE, England and HOLLISTER, Calif., Dec. 13, 2021 /PRNewswire/ -- As the company moves closer to commercialization of its hydrogen-electric technology, ZeroAvia has secured a new raise of $35 million to help develop its 2-5MW zero-emission powertrain system for regional aviation. As announced today, United Airlines has invested in ZeroAvia through this round, and our agreement with United anticipates an order for 50 ZA2000-RJ engines, with an option for 50 more. United joins an already announced new investor, Alaska Air Group, in this round, alongside existing investors Amazon's Climate Pledge Fund, AP Ventures, Breakthrough Energy Ventures, Horizons Ventures, Summa Equity, and Shell Ventures. This brings the company's total investment to date up to $115 million.
ZeroAvia is on track to achieve commercialization for its hydrogen propulsion technology in 2024. Initially, the company is targeting a 500-mile range in a 10-20 seat aircraft used for commercial passenger transport, package delivery, agriculture, and beyond. This funding round targets the next segment of 40-80 seat aircraft, targeting turboprops by 2026 and regional jets by 2028. The funding will also allow ZeroAvia to further ramp up presence across its US, UK, and continental Europe locations.
"We are very excited to welcome our new investors, including one of the world's largest airlines in United, into the ZeroAvia family," said ZeroAvia CEO Val Miftakhov. "As we prepare for ground and flight testing of our first commercial intent product in the coming weeks, this backing by our investors will enable us to accelerate delivery of our engine for larger aircraft. We are tremendously grateful to all our investors who are helping us achieve our mission - a world where every aircraft is powered by hydrogen-electric engines, delivering a true zero-emission future for flying."
"Hydrogen-electric engines are one of the most promising paths to zero-emission air travel for smaller aircraft, and this investment will keep United out in front on this important emerging technology," said Scott Kirby, CEO of United. "United continues to look for opportunities to not only advance our own sustainability initiatives but also identify and help technologies and solutions that the entire industry can adopt."
''Aviation remains crucial to efficient global travel and trade. The resulting carbon emissions are however significant. ZeroAvia offers a credible and compelling pathway to zero-emission aviation, enabling the long-term future of the industry," said Kevin Eggers of AP Ventures. ''ZeroAvia is pioneering practical clean aviation solutions in a meaningfully short time frame. We are excited to work alongside established industry companies, such as United Airlines, Alaska Airlines, and British Airways to further this historic transformation.''
Throughout the past few weeks, ZeroAvia has made significant progress towards achieving its goal of zero-emission aviation. This investment round follows significant commercial momentum for the company, including partnerships with Alaska Airlines, Rose Cay, Hindustan Aeronautics Limited, ASL Aviation Holdings, Mitsubishi Heavy Industries Regional Jet division and Rotterdam the Hague Airport.
Also in the last few weeks, ZeroAvia CEO Val Miftakhov addressed the UK Climate Change Conference (COP26) in Glasgow, as well as the UK Parliament, calling for a focus on delivering zero-emission aviation as soon as possible to ensure the industry's climate change impact can be tackled. This followed the company's second annual Hydrogen Aviation Summit, the largest event examining the future of hydrogen in the sector.
About ZeroAvia
ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting 500 mile range in 10-20 seat aircraft used for commercial passenger transport, cargo, agriculture, and more. Based in the UK and USA, ZeroAvia has already secured experimental certificates for its two prototype aircraft from the CAA and FAA, passed significant flight test milestones, and is on track for commercial operations in 2024. The company's expanding UK operations are supported by grants from UK's Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Government's Jet Zero Council. For more, please visit ZeroAvia.com, follow @ZeroAvia on Twitter, Instagram, and LinkedIn.
SOURCE ZeroAvia
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