ZeroAvia completes $116m series C raise
ZeroAvia has raised $116m from its Series C funding round led by UK Infrastructure Bank, Airbus, Barclays and NEOM’s investment fund.
The Series C cash will further fund certification of ZeroAvia’s first engines and advance development to scale its propulsion technology for larger aircraft. Around a quarter of UK carbon emissions are predicted to come from aviation in 2050. According to ZeroAvia, the funding will support the UK government’s target to decarbonise aviation by 2050. It aims to have its technologies flying domestically before 2030.
Val Miftakhov, founder and CEO, 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 realise substantial export potential.”
A sustainable hydrogen ecosystem is crucial to achieving net zero emissions. It is an area in which the UK Infrastructure Bank wants to act as a “market leader”. The establishment of an ecosystem strongly aligns with the bank’s mandate to support nascent technology driving regional growth and tackling climate change.
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 decarbonise sectors,” he added.
Other round participants included Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund.