Heart Aerospace raises $107M in Series B funding

Front view of Heart Aerospace ES-30 aircraft
Image Credit: Heart Aerospace

Swedish hybrid-electric airplane manufacturer, Heart Aerospace, has moved a step close to realizing its goal of sustainable regional air travel.

The manufacturer has announced the successful closure of its Series B funding, securing a solid $107 million.

This substantial investment marks a furthermilestone for the company, propelling it closer to its mission of revolutionizing air travel through decarbonization and democratization.

Investors Backing Heart Aerospace

The Series B funding round saw the entry of several prominent investors, underlining the widespread interest and support for Heart Aerospace’s innovative approach.

Among these investors is Sagitta Ventures, a distinguished Danish investor specializing in early-stage companies.

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Additionally, notable contributors include Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.

Render of a Heart Aerospace electric aircraft showing battery system.
Image Credit: Heart Aerospace

Heart Aerospace CEO Comments

Anders Forslund, co-founder, and CEO of Heart Aerospace expressed his pleasure for the recent funding, emphasizing the company’s commitment to decarbonize and democratize air travel.

He highlighted the pivotal role of electric aircraft, such as the ES-30, in addressing the dual challenge of accommodating the soaring demand for air travel while reducing emissions.

Forslund asserted that the ES-30’s superior economics would not only restore connectivity to underserved communities but also unlock new markets, heralding a new era of sustainable aviation.

“This upcoming year is an exciting one for Heart Aerospace as we prepare to unveil our full-scale aircraft demonstrator,” said Forslund.

Ted Persson Joins Heart Aerospace Board

EQT Ventures partner Ted Persson’s appointment to Heart Aerospace’s Board of Directors further strengthens the company’s leadership team.

“As someone said, the stone age didn’t end because we ran out of stones and the fossil fuel age won’t end because we run out of fossil fuels,” said Persson.

“Heart Aerospace is taking decarbonization to the skies and we’re proud to be funding technology that will fundamentally change the aviation industry.”

Persson’s extensive expertise in product design, user experience, storytelling, and branding is poised to contribute significantly to Heart Aerospace’s strategic direction and market positioning.

Render of a Heart Aerospace ES30 electric aircraft in flight.
Image Credit: Heart Aerospace

The ES-30 Hybrid-Electric Aircraft

With the infusion of fresh capital, Heart Aerospace is poised to accelerate its business development efforts and make significant strides towards obtaining type certification for its flagship product, the ES-30 hybrid-electric airplane.

Boasting a seating capacity of 30 passengers, the ES-30 offers compelling advantages over conventional aircraft, including lower emissions, reduced noise pollution, and enhanced operational efficiency on short-haul routes.

United Airlines and Air Canada

United Airlines Ventures Managing Director Andrew Chang and Air Canada President & CEO Michael Rousseau both underscored the strategic importance of investing in low-carbon technologies like the ES-30.

United Airlines the ES-30 as a pivotal solution for reducing its carbon footprint while serving regional markets effectively.

“United’s goal of net zero emissions requires bold solutions and that’s why we’ve invested in a broad portfolio of low-carbon technologies including hybrid-electric aircraft,” said Andrew Chang.

Similarly, Air Canada, in pursuit of its ambitious climate change goal of net-zero emissions by 2050, sees substantial potential in the Swedish manufacturer’s innovative aircraft technology.

Further to our initial equity position in Heart Aerospace to support the development of the ES-30 hybrid-electric regional aircraft which could be deployed in Air Canada’s regional markets, we recently strengthened our financial investment with an additional US$5 million to advance the ES-30 aircraft towards type certification,” said Michael Rousseau.

Strong Market Demand for ES-30

Heart Aerospace’s ES-30 has already garnered significant interest from the market, with 250 confirmed orders and additional options and purchase rights for 120 planes.

Furthermore, the company has secured letters of intent for an additional 191 airplanes, signaling robust demand for its pioneering hybrid-electric aircraft.

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