ZeroAvia has extended its Series C financing to a total $150 million, with a $20 million investment from Scottish National Investment Bank coming alongside recent investments from American Airlines, International Airlines Group (IAG) and ITOCHU Corporation.
"We have closed an exceptionally strong financing round to help us deliver the clean future of flight for the entirety of aviation," said ZeroAvia founder and CEO Val Miftakhov. "As a purpose-driven impact investor, [Scottish National Investment Bank] is an ideal partner for ZeroAvia.
"Scotland’s ambitious net zero targets, its strategic focus on hydrogen and its strong existing aerospace skills base make it an attractive place for ZeroAvia’s UK production operations as we scale into a major aerospace manufacture."
The bank's investment director Robin Tayal commented: "We are particularly encouraged by the potential of its technology to provide sustainable connectivity in the Highlands and Islands."
The round was co-led by Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF), with UK Infrastructure Bank joining as a cornerstone-level investor, and with strong support from existing shareholders including Breakthrough Energy Ventures, Horizons Ventures, Ecosystem Integrity Fund, Summa Equity, Alaska Airlines, Amazon’s Climate Pledge Fund and AP Ventures.