In California, propelling their mission towards delivering airlines zero-carbon, hydrogen-fueled flight, ZeroAvia is launching the development program for a 2MW hydrogen-electric powertrain for full-size regional aircraft. The program kick-off is supported by a new raise of $24.3 million, led by Horizons Ventures, joined by a new investor British Airways. Existing investors Breakthrough Energy Ventures, Ecosystem Integrity Fund, Summa Equity, Shell Ventures, and SYSTEMIQ also participated in the financing. This new round accelerates the larger hydrogen-electric engine development for the 50+ seat aircraft and supports additional commercial airlines initiatives to adopt hydrogen in aviation. Today’s announcement brings the company’s total private investment to over $53 million and the total funding raised since inception to nearly $74 million.
This latest funding follows the announcement in December that the UK Government – through the Department for Business Energy & Industrial Strategy (BEIS), the Aerospace Technology Institute (ATI), and Innovate UK – had awarded a £12.3m grant ($16.3m) to deliver a breakthrough 19-seat hydrogen-electric powered aircraft that is market-ready by 2023. The company announced its $21.4 million Series A funding round at the same time, accelerating its 600kW development program scheduled for commercial entry in 2024.