Zero-emissions aviation firm ZeroAvia has wrapped up its Series C funding round, securing a total of $116 million. The UK Infrastructure Bank has joined the investor lineup, alongside major contributors Airbus, Barclays Sustainable Impact Capital, and the NEOM Investment Fund (NIF).
This financing round, known as Series C, is earmarked to propel research and development efforts aimed at scaling up clean propulsion technology for larger aircraft. ZeroAvia's mission centers on integrating hydrogen-electric engines into every aircraft, presenting an environmentally sustainable solution to mitigate the aviation industry's climate impact.
With an eye on the future, ZeroAvia seeks to achieve the significant milestone of enabling the first commercial zero-emission flights. Approximately a quarter of the UK's projected carbon emissions in 2050 are anticipated to originate from aviation.
The UK Infrastructure Bank, a key participant in this funding round, aligns with the UK government's National Infrastructure Strategy introduced in 2020. Launched in June 2021, the bank is committed to addressing climate change and fostering regional and local economic growth.
Val Miftakhov, Founder and CEO of ZeroAvia, expressed enthusiasm about the backing from the UK Infrastructure Bank, anticipating collaborative efforts to realize the company's goals and contribute to the UK's export potential.
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, sees the investment as a pivotal move in supporting groundbreaking technology with the potential to significantly impact carbon emissions and position the UK at the forefront of the evolving green hydrogen ecosystem.
ZeroAvia, having forged key engineering partnerships with major aircraft original equipment manufacturers (OEMs), boasts nearly 2,000 pre-orders for engines from prominent global airlines, reflecting future revenue potential exceeding $10 billion. The Series C funding marks a critical step for ZeroAvia in advancing its clean aviation objectives.