ZeroAvia Secures £20m Investment from Scottish National Investment Bank for Hydrogen-Electric Propulsion
Key Ideas
  • ZeroAvia extends Series C financing to US$150m with a £20m investment from the Scottish National Investment Bank, marking the Bank's first foray into hydrogen-based technology.
  • The investment aims to boost Scotland's aerospace supply chain through the establishment of a manufacturing facility, accelerating the certification of the ZA600 powertrain, and supporting the sale of fuel cell power generation systems to other electric aviation companies.
  • ZeroAvia's Founder and CEO, Val Miftakhov, highlights Scotland's net zero targets and strategic focus on hydrogen as key reasons for choosing the country for production operations, aiming to scale into a major aerospace manufacturer.
  • The Scottish National Investment Bank's Investment Director, Robin Tayal, emphasizes the importance of investing in ZeroAvia to drive sustainable connectivity, particularly in the Highlands and Islands region.
ZeroAvia, a developer of hydrogen-electric propulsion systems, has secured a £20m investment from the Scottish National Investment Bank, extending its Series C financing to a total of US$150m. This investment, the Bank's first in hydrogen-based technology, is set to enhance Scotland's aerospace supply chain as ZeroAvia plans to establish a manufacturing facility in the country. The funding will expedite the certification of its ZA600 powertrain, enable the sale of fuel cell power generation systems to other electric aviation companies, and support research and manufacturing activities. ZeroAvia's Founder and CEO, Val Miftakhov, praised Scotland's commitment to net zero targets and focus on hydrogen, positioning the country as an ideal location for the company's UK production operations. The Investment Director at the Scottish National Investment Bank, Robin Tayal, expressed optimism about the potential of ZeroAvia's technology to promote sustainable connectivity, particularly in remote areas like the Highlands and Islands. ZeroAvia, with headquarters in the UK and the US, has already conducted flight tests of its ZA600-engine prototype on a Dornier 228 aircraft in the UK, along with ground tests for the ZA2000 system in both the US and UK.
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