As it nears commercialization of its hydrogen-electric technology, ZeroAvia has acquired a new $35 million funding round to assist in the development of its 2-5MW zero-emission powertrain system for regional aviation.
United Airlines has invested in ZeroAvia in this round, as disclosed today, and our agreement with United anticipates an order for 50 ZA2000-RJ engines, with an option for an additional 50. United joins existing investors Amazon’s Climate Pledge Fund, AP Ventures, Breakthrough Energy Ventures, Horizons Ventures, Summa Equity, and Shell Ventures in this round, plus previously announced new investment Alaska Air Group. This puts the total investment to date by the firm to $115 million.
ZeroAvia’s hydrogen propulsion technology is on schedule to reach production in 2024. Initially, the business plans to operate a 500-mile range aircraft with ten to twenty seats for commercial passenger transport, package delivery, agricultural, and other uses. This funding cycle is aimed towards the 40-80 seat aircraft category, with turboprops targeted for 2026 and regional jets for 2028. Additionally, the money will enable ZeroAvia to expand its presence in the United States, the United Kingdom, and continental Europe.
“We are very excited to welcome our new investors, including one of the world’s largest airlines in United, into the ZeroAvia family,” said ZeroAvia CEO Val Miftakhov. “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.”
“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,” said Scott Kirby, CEO of United. “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.”
”Aviation remains crucial to efficient global travel and trade. The resulting carbon emissions are however significant. ZeroAvia offers a credible and compelling pathway to zero-emission aviation, enabling the long-term future of the industry,” said Kevin Eggers of AP Ventures. ”ZeroAvia is pioneering practical clean aviation solutions in a meaningfully short time frame. We are excited to work alongside established industry companies, such as United Airlines, Alaska Airlines, and British Airways to further this historic transformation.”
ZeroAvia has made substantial progress toward its objective of zero-emission flight over the last few weeks. This financing round comes on the heels of the company’s tremendous commercial momentum, which includes agreements with Alaska Airlines, Rose Cay, Hindustan Aeronautics Limited, ASL Aviation Holdings, Mitsubishi Heavy Industries Regional Jet division, and Rotterdam the Hague Airport.
Additionally, in recent weeks, ZeroAvia CEO Val Miftakhova addressed the United Kingdom’s Climate Change Conference (COP26) in Glasgow, as well as the UK Parliament, urging a focus on achieving zero-emission aviation as soon as possible in order to address the industry’s climate change effect. This comes on the heels of the company’s second annual Hydrogen Aviation Summit, the industry’s largest gathering to discuss the future of hydrogen in aviation.
