Category: Aviation

ZeroAvia Secures $24.3 Million to Kick Off Large Engine Development In 2021

ZeroAvia is propelling their way towards the delivery of zero-carbon, hydrogen-fueled flight in 2021. Recently they have raised around $24.3 million to start their brand new engine development this …

ZeroAvia is propelling their way towards the delivery of zero-carbon, hydrogen-fueled flight in 2021. Recently they have raised around $24.3 million to start their brand new engine development this year. The money raised from the different rounds of funding have helped the company to get a big boost in the long run. They are launching a project that involves the development of 2MW hydrogen-electric powertrain that can be used to power a full-size aircraft. Several investors like British Airways and Horizons Ventures have joined hands to contribute to this cause. There are several companies who were already invested in the project that include Breakthrough Energy Ventures, Ecosystem Integrity Fund, Summa Equity, Shell Ventures, and also SYSTEMIQ.

The new round of funding has been focused completely on the development of a larger hydrogen electric engine that can power a 50+ seat aircraft in the future. This engine will also be able to support commercial airline activities. This round of funding has increased the overall private investment value to to $53 million and the company has raised nearly $74 million. The latest funding round from ZeroAvia will stimulate the development of a zero-emission hydrogen electric motor for the more than 50 seat segment for commercial aircraft by 2026.

The company announced a Series A funding round of $21.4 million each, for a 600 kW development program slated for commercial entry in 2024. Val Miftakhov, CEO and founder of ZeroAvia said that “This new funding, in conjunction with our other recent milestones, will significantly accelerate our path to zero-emission solutions for larger regional aircraft at a commercial scale”. Now, only time will tell how ZeroAvia makes the most of these funds in the coming future.