Scottish National Investment Bank Fuels ZeroAvia's Hydrogen-Electric Aircraft Development
Key Ideas
  • The Scottish National Investment Bank invests £20m in ZeroAvia to support the development of hydrogen-electric engines for commercial aviation, boosting the aerospace supply chain in Scotland.
  • ZeroAvia is working on hydrogen-electric engines for commercial aircraft, with plans to create a manufacturing facility in Scotland and has submitted its ZA600 engine for certification.
  • The company also provides component technology to other electric aviation innovators and has partnerships with Glasgow and Aberdeen airports, as well as ScottishPower for low-carbon hydrogen supply.
  • ZeroAvia's funding round includes investors like American Airlines, International Airlines Group (IAG), and ITOCHU Corporation, with the series co-led by Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund.
The Scottish National Investment Bank has invested £20 million in ZeroAvia, a company developing zero-emission engines for commercial aviation, specifically focusing on hydrogen-electric engines. This investment completes ZeroAvia's Series C funding and aims to strengthen the aerospace supply chain in Scotland. ZeroAvia is working on the world's first hydrogen-electric engines for commercial aircraft, with plans to establish a manufacturing facility in Scotland. The company has already submitted its ZA600 hydrogen-electric engine for regulatory certification and is actively working on the design and testing of its ZA2000 engine for regional aircraft. ZeroAvia is not only developing its own engines but also selling component technology like electric motors and fuel cell power generation systems to other electric aviation companies. The company has established partnerships with airports in Glasgow and Aberdeen and has an agreement with ScottishPower to develop low-carbon hydrogen supply for airport locations. Val Miftakhov, ZeroAvia's founder, highlighted Scotland's focus on hydrogen and aerospace skills as key reasons for choosing it for production operations. The investment from the Scottish National Investment Bank marks their first foray into hydrogen-based technology and sustainable aviation. Robin Tayal, the Investment Director, emphasized the importance of decarbonizing aviation and praised ZeroAvia's long-term plan for technology growth. The funding round includes notable investors like American Airlines, International Airlines Group (IAG), and ITOCHU Corporation, with Airbus, Barclays Sustainable Impact Capital, NEOM Investment Fund, and the UK Infrastructure Bank also participating in the Series C round.
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