ZeroAvia bags investment from United Airlines in latest funding round
13th Dec 2021 | In News | By Michael Tyrrell
Hydrogen-electric aviation company, ZeroAvia, has secured $35m to help develop its 2-5MW zero-emission powertrain for regional aircraft.
United Airlines has invested in ZeroAvia through this round, and the airline company anticipates an order for 50 ZA2000-RJ engines, with an option for 50 more.
United joins an already announced new investor, Alaska Air Group, in this round, alongside existing investors Amazon’s Climate Pledge Fund, AP Ventures, Breakthrough Energy Ventures, Horizons Ventures, Summa Equity, and Shell Ventures. This brings the company’s total investment to date up to $115m.
ZeroAvia says it is on track to achieve commercialisation 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.
Val Miftakhov, CEO and founder of ZeroAvia, said: “We are very excited to welcome our new investors, including one of the world’s largest airlines in United, into the ZeroAvia family. 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.”
Scott Kirby, CEO of United, added: “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. 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.”
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