ZeroAvia, a sustainable aviation startup, recently completed a funding round, raising a total of $150 million. The company is focused on developing technologies for hydrogen-electric airplanes and has secured deals with various aircraft manufacturers, with over 2,000 orders for engines and components from airlines and cargo operators. On May 1, 2023, ZeroAvia showcased its engine at Paine Field, with CEO Val Miftakhov in front of a massive ground-test truck featuring two 900-kW engines and a Q400 propeller.
The startup is currently working on getting certification for a powertrain designed for aircraft with up to 20 seats and is also developing engines and components for planes with up to 80 seats. ZeroAvia is headquartered in California and the United Kingdom, with significant operations in Washington state, including research and development activities and a new 136,000-square-foot manufacturing facility at Everett’s Paine Field. The company is also exploring opportunities to expand its manufacturing capacity in the UK.
As aviation is considered to be one of the more challenging industries to transition away from fossil fuels, ZeroAvia’s hydrogen-electric airplane technology is seen as a promising solution to reduce greenhouse gas emissions in the sector. With air travel expected to increase, the need for sustainable aviation solutions is becoming more urgent. In addition to hydrogen and battery-powered flights, sustainable aviation fuels are also being considered as a climate-friendly alternative.
ZeroAvia’s latest funding round was co-led by Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund, with the UK Infrastructure Bank joining as a cornerstone investor. Other new investors include Scottish National Investment Bank, American Airlines, International Airlines Group, and ITOCHU Corporation. Previous investors such as Bill Gates’ Breakthrough Energy Ventures, Alaska Airlines, Amazon Climate Pledge Fund, and others also participated in the Series C round. The company had previously secured funding through a $72 million Series B round and a $56 million Series A round.
With partnerships in place with major airlines and aircraft manufacturers, ZeroAvia is well-positioned to continue developing its hydrogen-electric airplane technology. The company’s focus on sustainability and reducing emissions in the aviation industry aligns with the global shift towards more environmentally friendly practices. The successful completion of its latest funding round will enable ZeroAvia to further advance its technology and bring hydrogen-electric airplanes to the market, contributing to a more sustainable future for air travel.
