ZeroAvia is developing hydrogen-fueled powertrain technology to replace conventional engines in commercial aircraft. The company has successfully completed flight tests of electric aircraft in the US and in the UK, and expects to achieve commercialization for its hydrogen-electric powertrain as early as 2024. (See our interview with CEO and founder Val Miftakhov, who makes a good case for aviation as the best application for hydrogen fuel cells, in the latest issue of Charged.)
Now the company has raised $24.3 million in a new funding round led by Horizons Ventures, joined by a new investor, British Airways. The latest round brings the total funding raised since inception to nearly $74 million.
ZeroAvia will initially target a 500-mile range in 10-20 seat aircraft. The new capital infusion will enable the company to accelerate its development program for a 2 MW hydrogen-electric powertrain for full-size regional aircraft, and its plans to enter the 50+ seat commercial aircraft segment by 2026.
“This new funding will significantly accelerate our path to zero-emission solutions for larger regional aircraft at a commercial scale,” said ZeroAvia CEO Val Miftakhov. “With many airlines lining up and ready to make the shift to zero emissions, we expect to see wide-scale adoption of this technology.”
“Innovative zero-emissions technology is advancing fast, and we support the development of hydrogen as an alternative fuel source because we believe it has the potential to enable us to reach true zero emissions on short-haul routes by 2050,” said British Airways CEO Sean Doyle.