ZeroAvia today announced that it has completed its Series C funding round at a total of $116m. This step is set to accelerate the company’s journey to certification of its first engines and advance R&D that will scale the clean propulsion technology for larger aircraft.
ZeroAvia – The Next Step
ZeroAvia recently announced the successful completion of its Series C funding round, securing an impressive $116 million. This achievement also propels the UK into a leadership role in hydrogen technology development.
Joining the funding round are major players like the UK Infrastructure Bank, Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund (NIF), indicating widespread industry support for ZeroAvia’s clean propulsion technology.
The Power of Clean Propulsion
ZeroAvia’s Series C funding is earmarked to accelerate the company’s journey toward certifying its first engines and advancing research and development crucial for scaling clean propulsion technology for larger aircraft.
As aviation stands as one of the fastest-growing yet challenging sectors to decarbonize, ZeroAvia’s commitment to clean propulsion aligns with global efforts to combat climate change.
Addressing Carbon Emissions in Aviation
The aviation industry currently contributes over 38 million tonnes of CO2 from international and domestic journeys originating in the UK.
Aiming to address this environmental challenge, the Series C funding provides vital support for the UK government’s ambitious target to decarbonize aviation by 2050.
ZeroAvia’s focus on developing innovative clean propulsion technologies capable of operating between UK airports by the end of this decade is a significant step toward achieving this goal.
Recognizing the importance of a thriving sustainable hydrogen ecosystem for achieving net zero, the UK Infrastructure Bank has played a pivotal role in this funding round.
By acting as a market leader in the hydrogen sector, the Bank aims to catalyze the development and widespread adoption of hydrogen infrastructure, not only in the UK but also on a global scale.
This initiative further aligns with the Bank’s mandate to support emerging technologies and attract private investment, contributing to regional growth and addressing climate change simultaneously.
ZeroAvia’s Growth Trajectory
Val Miftakhov, Founder and CEO of ZeroAvia, expressed enthusiasm about the substantial backing from the UK Infrastructure Bank.
He emphasized the company’s rapid growth in the UK and its commitment to delivering groundbreaking advancements in aerospace engineering.
Miftakhov highlighted the significance of this support in realizing the first commercial zero-emission flights and unlocking substantial export potential for the UK.
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, praised the funding as a strategic move to support groundbreaking technology with the potential to significantly impact carbon emissions.
Brown emphasized the Bank’s commitment to fostering a green hydrogen ecosystem and acknowledged the crucial role private investment plays in achieving net-zero goals, particularly in challenging sectors like aviation and hydrogen.
The Series C funding round saw participation from a diverse group of investors, including Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and the Amazon Climate Pledge Fund.
This broad spectrum of support underlines the industry’s recognition of ZeroAvia’s transformative potential and the collective commitment to advancing sustainable aviation solutions.
Did you know AviationSource has two newsletters? One covers the general news and analysis of the industry as a whole, and the other to do with emergencies that take place throughout the year! To subscribe to our General News Newsletter, CLICK HERE!
To subscribe to our Emergencies, Accidents & Incidents Newsletter, CLICK HERE!
Click the photo to join our WhatsApp channel so then you can stay up to date with everything going on in the aviation industry!