EH Group raises funds; ZeroAvia receives grant
Costs and production scale are the two key barriers to the more widespread adoption of fuel cells.
EH Group Engineering AG (a developer and manufacturer of innovative low-cost and energy-dense fuel cells) has raised over CHF 5 million in Pre-Series A funding.
AP Venturesestor participated in the raise. Proceeds will go towards the installation of EH Group’s own proprietary stack assembly technology and the continued development of the company’s first commercial fuel cell stack products.
EH Group will be looking to raise additional capital this year to finance its progression to commercial-scale roll-out.
EH Group has developed proprietary technology to help address these constraints to create energy-dense fuel cells that can be produced at a scale and cost to meet global demand across mobile and stationary applications competitively.
ZeroAvia at Paine Field
The Washington State Department of Commerce has awarded a $350,000 economic development grant to support ZeroAvia’s site selection at Paine Field, Snohomish County. Economic Alliance Snohomish County (EASC) requested the funds which will be invested into converting a warehouse building to office and research and development space.
ZeroAvia has chosen to locate its third R&D site in Snohomish County, where more than 500 companies comprise the aerospace cluster. The county’s cluster produces more than $60 billion in annual revenues and supports 159,000 direct and induced jobs.
Val Miftakhov, ZeroAvia founder, said, “We conducted a national search to locate our third R&D site. Given the age of the facility we will be occupying, this grant closed a gap related to facility construction and we are excited to engage in this community.”
