On Monday, U.S.-UK zero-emission aviation startup ZeroAvia announced that it has raised $35 million in capital from new investors United Airlines and Alaska Airlines, which will join a roster of backers including Amazon‘s Climate Pledge Fund, AP Ventures, Breakthrough Energy Ventures, Horizons Ventures, Summa Equity and Shell Ventures. The company says it plans to use the funds toward commercialization of its 2-5MW hydrogen-electric powertrain system for regional carriers. As part of the investment, ZeroAvia anticipates an order from United for 50 ZA2000-RJ engines, with the option to buy 50 more.
The new round brings ZeroAvia‘s total capital raised to $115 million.
ZeroAvia says it remains on track to achieve commercialization for its hydrogen propulsion technology in 2024. Initially, the company is targeting a 500-mile range in a 10-20 seat aircraft used for commercial passenger transport, package delivery, agriculture, and beyond. This funding round targets the next segment of 40-80 seat aircraft, targeting turboprops by 2026 and regional jets by 2028. The funding will also allow ZeroAvia to further ramp up presence across its US, UK, and continental Europe locations.
“We are very excited to welcome our new investors, including one of the world’s largest airlines in United, into the ZeroAvia family,” said ZeroAvia CEO Val Miftakhov. “As we prepare for ground and flight testing of our first commercial intent product in the coming weeks, this backing by our investors will enable us to accelerate delivery of our engine for larger aircraft. We are tremendously grateful to all our investors who are helping us achieve our mission – a world where every aircraft is powered by hydrogen-electric engines, delivering a true zero-emission future for flying.”
“Hydrogen-electric engines are one of the most promising paths to zero-emission air travel for smaller aircraft, and this investment will keep United out in front on this important emerging technology,” said Scott Kirby, CEO of United. “United continues to look for opportunities to not only advance our own sustainability initiatives but also identify and help technologies and solutions that the entire industry can adopt.”
”Aviation remains crucial to efficient global travel and trade. The resulting carbon emissions are however significant. ZeroAvia offers a credible and compelling pathway to zero-emission aviation, enabling the long-term future of the industry,” said Kevin Eggers of AP Ventures. ”ZeroAvia is pioneering practical clean aviation solutions in a meaningfully short time frame. We are excited to work alongside established industry companies, such as United Airlines, Alaska Airlines, and British Airways to further this historic transformation.”
In a statement from the company, ZeroAvia noted that the new investment round follows a recent period of “significant commercial momentum” for the company, including partnerships with Alaska Airlines, Rose Cay, Hindustan Aeronautics Limited, ASL Aviation Holdings, Mitsubishi Heavy Industries Regional Jet division and Rotterdam the Hague Airport.
Earlier this fall, ZeroAvia CEO Val Miftakhov addressed the UK Climate Change Conference (COP26) in Glasgow, as well as the UK Parliament, calling for a focus on delivering zero-emission aviation as soon as possible to ensure the industry’s climate change impact can be tackled. This followed the company’s second annual Hydrogen Aviation Summit, the largest event examining the future of hydrogen in the sector.
In addition to its private sector backers, ZeroAvia’s UK operations are supported by grants from the UK’s Aerospace Technology Institute and Innovate UK. The company is also part of the UK Government’s Jet Zero Council.
