As part of a more than £10 million funding round, HydrogenOne Capital Growth and Safran Corporate Ventures have signed definitive agreements for a joint investment in Cranfield Aerospace Solutions (CAeS).
In this round of funding, HGEN is putting in £7 million and Safran Corporate Ventures is putting in £3.5 million. Each company is entitled to a board seat at CAeS as a result of the purchase of a minority equity stake.
CAeS is a market leader in the design and manufacture of new aircraft design concepts, complex modifications to existing aircraft, and the integration of cutting-edge technologies to address the industry’s most pressing challenges. CAeS has refocused its efforts on Project Fresson, which aims to make commercial hydrogen-electric flight a reality. CAeS will initially concentrate on CAA (Civil Aviation Authority) certification of the Britten-Norman Islander passenger aircraft powered by hydrogen fuel cells.
Safran will collaborate with CAeS in the area of hydrogen fuel cell powered electric propulsion for aviation in addition to its investment.
Simon Hogan, Chairman of HydrogenOne said, “Today is an important moment for us as the successful decarbonization of flight is an imperative in order to reach ‘net zero’. We believe that Cranfield Aerospace has the team and the strategy to facilitate clean flight through the application of technology and innovation. This deal demonstrates how HydrogenOne is simultaneously unlocking growth value for investors, while contributing to the wider ESG agenda.”
“This investment and this technological partnership confirm Safran’s strategy in net zero aviation and contribute to making Safran a competitive player for the development of fuel cells for aircraft,” declared Ghislaine Doukhan, CEO of Safran Power Units.
Paul Hutton, CAeS CEO, commented “We are very excited to welcome our new investors, HydrogenOne and Safran Corporate Ventures, on our journey to achieve the world’s first fully certified zero-emissions passenger carrying flights. As we prepare for ground and flight testing, this backing by our investors will enable us to accelerate delivery of our flying demonstrator in 2023 and certified aircraft in 2025.’
