Scotland's SNIB Invests in ZeroAvia's Hydrogen-electric Engines for Aviation Innovation
Key Ideas
  • The Scottish National Investment Bank (SNIB) has invested £20 million in ZeroAvia for the development of zero-emission, hydrogen-electric engines for commercial aircraft.
  • ZeroAvia's initiative is set to bolster Scotland's aerospace supply chain, potentially introducing zero-emission flight technology on Highlands and Islands routes.
  • The partnership aligns with Scotland's net zero targets and strategic focus on hydrogen, marking SNIB's first investment in hydrogen-based technology for sustainable aviation.
  • SNIB's investment in ZeroAvia is part of a Series C funding round co-led by Airbus and joined by other major investors in the aviation sector.
The Scottish National Investment Bank (SNIB) has made a significant £20 million investment in ZeroAvia, a company specializing in zero-emission, hydrogen-electric engines for commercial aviation. ZeroAvia, initially founded in California and expanding its presence in the UK, is working on developing the world's first zero-emission engines for commercial aircraft. The investment from SNIB completes the Series C funding round for ZeroAvia, enabling the company to advance its manufacturing plans, including the establishment of a manufacturing facility in Scotland. The partnership between SNIB and ZeroAvia is crucial for the advancement of clean aviation technology, with a focus on hydrogen-electric engines. ZeroAvia's efforts are expected to benefit Scotland's aerospace supply chain, particularly in regions like the Highlands and Islands where zero-emission flight technology could be implemented early on. Additionally, ZeroAvia has existing partnerships with Glasgow and Aberdeen airports and has collaborated with ScottishPower to develop low-carbon hydrogen supply for key airport locations in Scotland. Val Miftakhov, the founder and CEO of ZeroAvia, expressed enthusiasm about the partnership with SNIB and highlighted Scotland's conducive environment for the company's production operations due to its net zero targets, focus on hydrogen, and strong aerospace skills base. This investment represents SNIB's first foray into hydrogen-based technology and sustainable aviation, reflecting a strategic move towards addressing environmental challenges. The funding round for ZeroAvia was co-led by Airbus and included other notable investors like American Airlines, International Airlines Group (IAG), and ITOCHU Corporation. The involvement of key players in the aviation industry underscores the significance of ZeroAvia's innovative approach to decarbonizing aviation and its potential to revolutionize the aerospace manufacturing sector.
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