Scottish National Investment Bank Joins $150 Million Investment Round in ZeroAvia for Hydrogen-Electric Propulsion
Key Ideas
- Scottish National Investment Bank commits £20 million to ZeroAvia, bringing the total investment to $150 million for hydrogen-electric powertrains.
- ZeroAvia progresses towards certification of its ZA600 engine on a Dornier 228 platform, aiming for UK civil aviation regulator approval.
- The investment marks the Scottish bank's first in hydrogen-based technology, with plans for a manufacturing facility in Scotland, aligned with the country's net zero targets.
- The bank sees potential in ZeroAvia's technology for sustainable connectivity in Scotland's Highlands and Islands region, emphasizing strategic focus on hydrogen and aerospace skills base.
The Scottish National Investment Bank has participated in a significant investment round in ZeroAvia, a specialist in advanced propulsion, by committing £20 million ($26 million), increasing the total investment in ZeroAvia to $150 million. ZeroAvia highlights that this Series C investment will expedite the certification process of its hydrogen-electric powertrains, focusing on its ZA600 engine being flight-tested on a Dornier 228 platform and seeking approval from the UK civil aviation regulator. This marks the Scottish bank's entrance into hydrogen-based technology investments, with ZeroAvia planning to establish a manufacturing facility in Scotland in alignment with the country's ambitious net zero goals. The bank, operating independently from the Scottish government, views ZeroAvia's technology as a means to enhance sustainable connectivity in Scotland's Highlands and Islands. ZeroAvia's CEO appreciates the bank's participation, emphasizing Scotland's strategic hydrogen focus and aerospace expertise, positioning the region as an attractive hub for ZeroAvia's future UK production operations as it aims to become a major aerospace manufacturer.