Aviation start-up ZeroAvia have announced that it has completed its Series C funding round at a total of $116m, including a $40 million backing from the UK Infrastructure Bank.
The fundraising round also received investments from co-leads Airbus, Barclays Sustainable Impact Capital and Saudi Arabia’s NEOM Investment Fund with the round set to accelerate the company’s journey to clean propulsion technology, hydrogen-electric engine production and zero-emission flights.
The company hopes that the funding will help to support the UK’s status as a market leader in research and development in both aviation and hydrogen as well as ZeroAvia’s growth plans within the UK.
Val Miftakhov, Founder & CEO, 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.”
Aviation contributes the equivalent of more than 38 million tonnes of CO2 from international and domestic journeys starting and ending in the UK. Around a quarter of UK carbon emissions are predicted to come from aviation in 2050. This funding in an emission-free and clean energy aircraft could provide support to the Government’s target of decarbonising aviation by 2050.
The company believes that a sustainable hydrogen ecosystem will be crucial for net zero and is an area in which the UK Infrastructure Bank is keen to act as a market leader.
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, said:
“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.”
