ZeroAvia Secures £20m Funding for Hydrogen-based Aviation Technology in Scotland
Key Ideas
  • ZeroAvia secures £20m funding from the Scottish National Investment Bank for its hydrogen-based aviation technology, marking the bank's first investment in this sector.
  • The investment will support the establishment of a manufacturing facility in Scotland and the development of a hydrogen-electric engine capable of powering regional aircraft with zero emissions.
  • The company has garnered support from various investors including American Airlines, International Airlines Group, and ITOCHU Corporation, with over 2,000 pre-orders for its hydrogen-electric engines.
  • ZeroAvia has conducted successful flight tests and ground tests for its technology, aiming to play a significant role in decarbonizing the aviation industry and providing sustainable connectivity in remote areas.
ZeroAvia has recently announced its successful Series C funding round, totaling $150 million, with £20 million secured from the Scottish National Investment Bank. This investment reflects the bank's first foray into hydrogen-based technology within the sustainable aviation sector. The funding will be used to bolster the aerospace supply chain in Scotland and establish a manufacturing facility in the country. ZeroAvia's innovative approach has attracted a diverse range of backers, such as American Airlines, International Airlines Group, and ITOCHU Corporation, along with support from Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund. Additionally, the company has received continued investment from existing supporters like Alaska Airlines and Amazon's Climate Pledge Fund. ZeroAvia's founder and CEO, Val Miftakhov, expressed confidence in delivering a clean future for aviation and highlighted the strategic importance of Scotland's focus on hydrogen and aerospace expertise. The company has made significant progress in testing its hydrogen-electric engines, including successful flight tests and ground trials, aiming to obtain certification for its systems. Notably, ZeroAvia has secured agreements with major partners, including American Airlines and Ecojet, for the supply of hydrogen-electric engines. The company's technology holds promise in decarbonizing aviation and providing sustainable connectivity, as acknowledged by the Scottish National Investment Bank. With a substantial number of pre-orders for its engines and component technologies, ZeroAvia is positioned as a key player in advancing sustainable aviation and supporting the transition to a net zero economy.
ADVANCEH2

Our vision is to be the world's leading online platform for advancing the use of hydrogen as a critical piece needed to deliver net-zero initiatives and the promise of a clean H2 energy future.

© 2024 AdvanceH2, LLC. All rights reserved.