ZeroAvia has reportedly announced funds of USD 30 million from new investors NEOM, AENU, and Barclays Sustainable Impact Capital, along with International Airlines Group (IAG) adding to prior investment, bringing the value of the Series B round to USD 68 million.
ZeroAvia considers three major airlines as key investors in the form of United Airlines, IAG, and Alaska Airlines.
The latest investment will advance the company’s development program of a 2-5MW hydrogen-electric powertrain which intends to power 40-80 seater aircraft with zero-emission engines over the next four years.
Bigger aircraft will use liquid hydrogen fuel while smaller aircraft will use gaseous fuel. This will offer increased payload, and range and enable a higher energy density. Making early moves in this sector opens the ability to encompass a significant share of the local aviation engine market.
ZeroAvia will use the proceeds for developing infrastructure at airports, which will conduct live demonstrations of its HARE (Hydrogen Airport Refueling Ecosystem), in preparing routes carrying cargo and passengers over the next few years.
Commenting on the investor group, ZeroAvia, Founder and CEO, Val Miftakhov, has stated that each investor brings strength and a distinct perspective to the company’s broader team.
Miftakhov added that the investors are encouraged by the company’s objective to develop hydrogen-electric engines and enable zero-emission flight.
IAG’s chief executive, Luis Gallego, has stated that the group has been leading many efforts in the aviation industry to attain net-zero emission levels by 2050.
For the unaware, IAG consolidates leading airlines in Spain, Ireland, and the UK, including British Airways, Aer Lingus, LEVEL, Iberia, and Vueling. It was the first airline group across the world that pledged to achieve net-zero emissions by 2050 and partnered with ZeroAvia two years ago when its accelerator programme Hangar 51 showcased it as a participant.