ZeroAvia acquired in full the leading fuel cell stack innovator HyPoint. The financial terms of the deal were not disclosed. With this acquisition, ZeroAvia adds HyPoint’s advanced high-temperature fuel cell technology to ZeroAvia’s expertise in developing the full powertrain to enable hydrogen-electric flight.
Val Miftakhov, ZeroAvia, Founder & CEO, said: “We see this as a significant forward step for ZeroAvia, and a hugely important strategic step to strengthen our leadership position in hydrogen-electric powertrain development for aviation. There are no other organizations with the breadth of expertise and world-leading IP in hydrogen-electric aviation that we now have within the company. This acquisition, together with our long-standing partnership with the leading LTPEM (low-temperature PEM) fuel cell maker PowerCell, puts us in the top position for delivering the most environmentally and economically attractive solution to aviation’s growing climate impact.”
Alex Ivanenko, former CEO of HyPoint and newly appointed GM for VTOL and New Segments at ZeroAvia, said: “This acquisition is the natural next chapter in our journey, allowing us to tap into the benefits of the larger and strategic resources that ZeroAvia has to offer. It will accelerate our product development and, as a result, partners from different market segments will get mature products based on novel turbo-air cooled HTPEM hydrogen fuel cells.
All 40 HyPoint team members will be integrated into ZeroAvia while HyPoint’s CEO Alex Ivanenko will join ZeroAvia as GM for VTOL and New Segments
The two companies have worked closely together on co-developing and testing HTPEM fuel cell technology as part of ZeroAvia’s powertrain development over the last couple of years, with HyPoint relocating the bulk of its R&D into the UK in February 2022 to support the partnership.