ZeroAvia pockets USD 116m in Series C funding round

British-American hydrogen-electric aircraft developer ZeroAvia said on Monday that it has finalised its Series C funding round, raising a total of USD 116 million (EUR 106.1m).

The round was co-led by Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund (NIF), with the UK Infrastructure Bank (UKIB) joining as a cornerstone-level investor. Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund also participated.

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ZeroAvia, which develops hydrogen-electric propulsion solutions for aviation, will use the funds to accelerate its journey to certification of its first engines and advance research and development for larger aircraft. The financing will also support the California-born company's growth plans in the UK.

“[…] This backing by such a preeminent investor as the UK Infrastructure Bank will help us deliver the first commercial zero-emission flights, and help the UK realise substantial export potential. We are looking forward to working with UKIB over the next few years,” said ZeroAvia’s founder and CEO Val Miftakhov.

“Aviation and hydrogen are sectors that need significant private investment to get to net zero. By providing confidence to investors, our equity has helped to crowd in the private investment needed for the continued development of this cutting-edge technology and should help stimulate the development and deployment of hydrogen technology across other hard to decarbonise sectors,” added Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank.

(USD 1.0 = EUR 0.915)