ZeroAvia has three major airline groups as strategic investors in the form of IAG, United Airlines and Alaska Airlines. The new investment will advance ZeroAvia’s 2-5MW hydrogen-electric powertrain development program, which aims to equip 40-80-seat aircraft with zero-emission engines by 2026. Large aircraft will use liquid rather than gaseous hydrogen for small aircraft, allowing for higher energy density and increased range and payload. Being a forerunner in this space opens up the possibility of capturing a significant share of the regional aviation engine market.
ZeroAvia will also deploy the funding for infrastructure construction at airport sites, which will support live demonstrations of its hydrogen refueling ecosystem for airports (HARE), in preparation for routes carrying passengers and cargo over the next few months. years.
Val Miftakhov, Founder and CEO, ZeroAvia said: “Each of these star investors brings a unique perspective and strength to the extended ZeroAvia team – from one of the world’s largest airline groups, one of the largest and most historic banks , to the ambitious plan to build the world’s first zero-carbon metropolis, as well as a pure-play impact investor. Our new investors each look at our journey through a different lens, but all energized by our mission to enable zero flight. emission using hydrogen electric motors. This is great recognition of ZeroAvia’s leadership in space, fueled by real, tangible achievements.”
AGI brings together leading airlines Ireland, Spain and the UK, including Aer Lingus, British Airways, Iberia, LEVEL and Vueling. It was the first airline group in the world to commit to achieving net zero emissions by 2050 and began partnering with ZeroAvia in 2020, when its Hangar 51 accelerator program introduced it as a participant.
Luis GallegoIAG’s Chief Executive, said, “IAG has led aviation’s efforts to achieve net zero emissions by 2050. We are investing in a range of solutions, including hydrogen, which we believe has enormous potential, especially for short-haul flights. routes.”
It’s the 14the the overall investment made by Barclays through their Sustainable Impact Capital Programwhich has a mandate to invest up to £175m of equity in sustainability-focused start-ups by 2025.
Steven PoulerHead of Principal Structuring and Investments at Barclays, said: “The aviation industry will require significant and recurring investment in the years to come to ensure that its technological evolution can keep pace with global decarbonization goals. ZeroAvia is an innovative and industry-leading aerospace company – we are delighted to support its ambition towards zero-emission flight, and I look forward to seeing them accelerate change in the sector.”
NEOM harnesses green hydrogen as a key energy source to create the world’s first zero-carbon city. NEOM can produce green hydrogen for electricity on a large scale and recently launched a hydrogen innovation and development center. In addition to the investment relationship, ZeroAvia and NEOM will partner to bring fleets of ZeroAvia fuel cell aircraft of all size classes to the region.
John Selden, CEO of NEOM Airports, said: “Aviation will play a key role in supporting our work to create a zero-carbon city and we envision hydrogen-electric aircraft connecting NEOM to regional destinations and beyond. via a zero-emission flight. Airport, a flight to Cairo for example, will be well within range of a 20-seat turboprop aircraft powered by ZeroAvia’s hydrogen fuel cell engine by the end of the decade.”
UNEAan evergreen impact fund that invests in stages in climate technology and social impact companies in Europe and the United States, makes ZeroAvia its first green aviation investment, applying its mission to drive environmental sustainability to one of the hardest-to-reduce sectors.
The funding announcement comes amid ground testing of ZeroAvia’s ZA600 powertrain at its UK R&D facility at Cotswold Airport, as part of the HyFlyer II project which aims to demonstrate hydrogen-electric flight in an aircraft Dornier 228. This is the second in a family of projects designed to pioneer the technology, supported by the UK government through matching grants provided by the Department for Business, Energy and Industrial Strategy (BEIS), Innovate UK and the Aerospace Technology Institute (ATI). ZeroAvia also recently welcomed a second Dornier 228 test bed to its expanded facility at Hollister, California.
ZeroAvia is a zero-emissions aviation leader, focused on hydrogen-electric aviation solutions to meet a variety of markets, initially targeting 300-mile range in 9- to 19-seat aircraft by 2024, and up to 700 miles range in 40- 80 seat aircraft by 2026. Based in UK and UNITED STATES, ZeroAvia has already obtained experimental certificates for its two prototype aircraft from the CAA and FAA, achieved significant flight test milestones, entered into a number of key partnerships with major aircraft OEMs and the world’s leading airlines, and is on track for commercial operations in 2024. The company’s expanding UK operations are supported by grants from the UK Institute of Aerospace Technology and Innovate UK, and ZeroAvia is doing part of the UK government’s Jet Zero Council. To learn more, visit ZeroAvia.com, follow @ZeroAvia on Twitter, Instagram and LinkedIn.
International Airlines Group (IAG) is one of the largest airline groups in the world with 533 aircraft serving 279 destinations and carrying approximately 118 million passengers annually (pre-COVID). Its main airlines in Spainthe UK and Ireland to understand Aer LingusBritish Airways, Iberia, Vueling and LEVEL.
About Barclays Sustainable Impact Capital
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As part of wider corporate commitments, Barclays will invest £175 million of its own capital, led by the Principal Investments team, in fast-growing, innovative and environmentally focused businesses whose values are aligned with those of Barclays and which target the goals and deadlines of the Paris Agreement. The investments will be strategic for Barclays, its customers and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns. To learn more, click here.
NEOM is an accelerator of human progress and a vision of what a New Future could look like. It is a region of the northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this new future. It will be a destination and a home for people who dream big and want to help build a new model of exceptional livability, create thriving businesses and reinvent environmental preservation.
NEOM will include hyperconnected and cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As an innovation hub, entrepreneurs, business leaders, and businesses will come to research, incubate, and commercialize new technologies and businesses in game-changing ways. NEOM residents will embody an international ethos and embrace a culture of exploration, risk-taking and diversity. For more information send an e-mail [email protected] or visit www.neom.com and www.neom.com/en-us/newsroom.
AENU is an evergreen impact fund that invests in several stages in climate technology and social impact companies in Europe & WE. UNEA leads the systemic transformation of venture capital towards impact, accessibility and stakeholder alignment. Visit aenu.com or follow us on LinkedIn and Twitter.