Sustainable aircraft firm ZeroAvia has secured $116 million in its third round of fundraising, including $40 million in investment from the UK Infrastructure Bank.
The UK and US-based company wants to start commercial passenger flights using new hydrogen-electric aircraft by the end of 2025.
ZeroAvia has announced the completion of its Series C round of funding, with the state-owned UK Infrastructure Bank becoming a “cornerstone-level investor”, alongside Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund.
The company said this latest fundraising would “accelerate” the journey to certification for its first engines, as well as support research and development to scale the technology for larger aircraft.
ZeroAvia plans to start operations in 2025 with aircraft that can carry between nine and 19 passengers and fly up to 300 miles. This would then be followed by 40-80 seat aircraft with a range of 700 miles by 2027. The first test flights were successfully completed earlier this year.
Val Miftakhov, founder and CEO of ZeroAvia, said: “This backing by such a pre-eminent investor as the UK Infrastructure Bank will help us deliver the first commercial zero-emission flights, and help the UK realise substantial export potential. We are looking forward to working with UKIB over the next few years.”
Ian Brown, head of banking and investments at the UK Infrastructure Bank, said this kind of new aviation technology has “real potential to have a telling impact on carbon emissions”.
“Aviation and hydrogen are sectors that need significant private investment to get to net zero,” added Brown.
“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 decarbonise sectors.”