Islander aircraft maker Britten-Norman and Cranfield Aerospace Solutions (CAeS) are to merge and and to create what they said would be the "world’s first fully integrated, zero-emissions sub regional aircraft".
The merger will be finalised by mid-2023, subject to final due diligence, the UK companies said, with the aircraft scheduled to enter into service by 2026.
A funding round led by HydrogenOne Capital Growth Plc, a consortium of CAeS investors made up of HydrogenOne, Safran Corporate Ventures and UAE-based Strategic Development Fund (SDF) will pump "up to £10 million in the new company, including up to £5 million investment from HydrogenOne once the merger is finalised," according to a joint statement by CAeS and Britten-Norman.
“This deal accelerates our roadmap for the introduction of new zero-emissions aircraft. Looking to the future we will use the combined experience of Cranfield Aerospace and Britten-Norman to produce an entirely new aircraft design, optimised around hydrogen fuel cell technology," said Paul Hutton, Cranfield Aerospace chief executive.
Cranfield University and Motus Ventures will retain shares in the new business. Britten-Norman’s existing owners, including lead investor Alawi Zawawi, will also join.
This merger will create many new high tech and manufacturing roles across the new business and a host of opportunities for apprenticeships and graduate placements in the sustainable aerospace sector," said William Hynett, Hutton's counterpart at Britten-Norman.
"By combining CAeS’s pioneering development of a hydrogen-electric fuel cell propulsion system with the existing and proven Britten-Norman aircraft technology, a clear and unambiguous route to market has been created with certification for passenger-carrying service planned for 2026," the companies said in their statement.