Scottish National Investment Bank invests £20m in ZeroAvia

ZeroAvia has received an extra £20m ($26m) from Scottish National Investment Bank to bring its Series C financing to a total of £114m ($150m). 

This is the Bank’s first investment in hydrogen-based technology and follows recent investments from American Airlines, International Airlines Group (IAG) and ITOCHU Corporation. ZeroAvia is also looking to build a manufacturing facility in Scotland. 

Val Miftakhov, founder and CEO, ZeroAvia said: “We have closed an exceptionally strong financing round to help us deliver the clean future of flight for the entirety of aviation. As a purpose–driven impact investor, the bank is an ideal partner for ZeroAvia. Scotland’s ambitious net zero targets, its strategic focus on hydrogen and its strong existing aerospace skills base make it an attractive place for ZeroAvia’s UK production operations as we scale into a major aerospace manufacturer.” 

The round was co-led by Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF), with UK Infrastructure Bank joining as a cornerstone-level investor. There was also support from existing shareholders including Breakthrough Energy Ventures, Horizons Ventures and Ecosystem Integrity Fund.

Robin Tayal, investment director at Scottish National Investment Bank said: “Decarbonising aviation is one of the key environmental challenges we face and it is fundamental to the net zero transition. We are pleased to address it by investing in ZeroAvia, enabling critical research and manufacturing. We are particularly encouraged by the potential of its technology to provide sustainable connectivity in the Highlands and Islands.”