ZeroAvia announced today the completion of its Series C funding round, raising $116 million to advance hydrogen-powered flight. The UK Infrastructure Bank, Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund (NIF) are joining as cornerstone-level investors. This funding will accelerate the certification of ZeroAvia’s first engines. It will also advance research and development for scaling clean propulsion technology in larger aircraft.
The financing supports ZeroAvia’s growth plans in the UK. It contributes to the country’s position as a market leader in aviation and hydrogen research and development. Aviation is one of the fastest-growing sectors and a significant contributor to carbon emissions. The funding will aid in the UK government’s target to decarbonize aviation by 2050. It will help develop new clean propulsion technologies that could be operational in UK airports within this decade.
The UK Infrastructure Bank sees value in a thriving hydrogen ecosystem and in achieving net-zero goals. It aims to be a market leader in the process. The success of hydrogen adoption in aviation can catalyze the development of a wider hydrogen infrastructure. This could help create a green hydrogen market in the UK and beyond. This investment aligns with the Bank’s mandate to support emerging technologies, drive regional growth, and address climate change.
ZeroAvia Grows In UK, Advancing Hydrogen-Powered Flight
Val Miftakhov, Founder and CEO of ZeroAvia, said: “ZeroAvia has grown rapidly in the UK as we have worked to deliver two major historic milestones in aerospace engineering as we look to preserve the benefits of flight through clean propulsion. This backing by such a preeminent investor as the UK Infrastructure Bank will help us deliver the first commercial zero-emission flights and help the UK realize substantial export potential. We are looking forward to working with UKIB over the next few years.”
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, said:
“This is a great example of the Bank supporting a first-of-a-kind technology that has real potential to have a telling impact on carbon emissions and help position the UK at the forefront of a developing green hydrogen ecosystem.
“Aviation and hydrogen are sectors that need significant private investment to get to net zero. By providing confidence to investors, our equity has helped to crowd in the private investment needed for the continued development of this cutting-edge technology and should help stimulate the development and deployment of hydrogen technology across other hard to decarbonize sectors.”
ZeroAvia and the UK Infrastructure Bank are poised to collaborate and drive the transition towards a sustainable and cleaner aviation industry. Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and Amazon Climate Pledge Fund have also participated in the funding round.