Zero-emission aviation pioneer ZeroAvia has completed its Series C funding round at a total of $11.6 million.
Key investors include Airbus, Barclays Sustainable Impact Capital, the UK Infrastructure Bank, and NEOM investment fund. Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the funding round.
Building on its work to develop its ZA600 hydrogen fuel cell powertrain (which completed an initial series of flight tests in 2023 aboard a Dornier 228 test-bed aircraft), ZeroAvia has nearly 2,000 pre-orders for engines from a number of global airlines.
“ZeroAvia has grown rapidly in the UK… as we look to preserve the benefits of flight through clean propulsion,” explained Val Miftakhov, founder and CEO at ZeroAvia. He added that backing by “such a preminent investor as the UK Infrastructure Bank will help [ZeroAvia] deliver the first commercial zero-emission flight, and help the UK realise substantial export potential”.
Ian Brown, head of banking and investments at the UK Infrastructure Bank, added that “by providing confidence to investors, [the bank’s] equity has helped to crowd in the private investment needed for the continued development of this cutting-edge technology”.
ZeroAvia’s previous round of funding, which raised a total of $68 million in 2022, brought investment from Alaksa Airlines, United Airlines and International Airlines Group, as well as attracting significant new investment from Barclays Sustainable Impact Capital.