USA/United Kingdom – ZeroAvia is launching a research program for a 2MW hydrogen-electric powertrain for full-size regional aircraft as part of their goal to provide airlines with zero-carbon, hydrogen-fueled travel.
The program’s launch is funded by a recent $24.3 million raise led by Horizons Ventures and followed by a new partner British Airways. Breakthrough Energy Ventures, Ecosystem Integrity Fund, Summa Equity, Shell Ventures, and SYSTEMIQ, as well as existing partners, invested in the funding.
$74 million total capital
This new round expedites the production of larger hydrogen-electric engines for 50+ seat aircraft and encourages further commercial airline efforts to adopt hydrogen in aviation. The company’s cumulative private investment currently approaches $53 million, taking the total capital generated since incorporation to nearly $74 million.
This new funding followed the announcement in December that the UK Government – via the Department for Business, Energy and Industrial Strategy (BEIS), the Aerospace Technology Institute (ATI), and Innovate UK – has granted a £12.3 million ($16.3 million) grant to produce a pioneering 19-seat hydrogen-electric powered aircraft that will be market-ready by 2023. Around the same time, the company reported a $21.4 million Series A financing round, accelerating its 600kW production program, which is expected to go commercial in 2024.
Commercialization early as 2024
ZeroAvia anticipates that the hydrogen-electric powertrain will be commercialized as early as 2024. Its hydrogen aviation technologies will target a 500-mile range in 10-20 seat aircraft used for commercial passenger travel, package delivery, agriculture, and other applications. ZeroAvia will also aim to join the 50+ seat commercial aircraft market by 2026, thanks to this recent capital injection.
The round would also help to reduce the risks associated with the company’s goal of powering a 100-seat single-aisle aircraft by 2030. To date, ZeroAvia’s accomplishments are the first steps in understanding the near-term transition from fossil fuels to zero-emission hydrogen as the main supply for commercial aviation.