ZeroAvia secures funding for hydrogen based planes

Hydrogen electric aircraft developer ZeroAvia has raised an extra $21.4 million in equity capital. Breakthrough Energy Ventures and Ecosystem Integrity Fund headed the $21.4 million series A round with Amazon Climate Pledge Fund, Horizons Ventures, Shell Ventures and Summa Equity.

The company partnered with British Airways and obtained permission through ATI scheme for new UK government support to include $16.3 million of non-dilutive funding for 19-seat hydrogen electric-powered aircraft.

Val Miftakhov, founder and CEO of ZeroAvia, said: “In fact, over ten forward-looking airlines are now gearing up to implement our powertrains when they are ready in 2023. Both aviation and the financial markets are waking up to the idea that hydrogen is the only meaningful path towards large-scale, zero-emission commercial flight.” ZeroAvia completed the world first hydrogen fuel cell power flight of a commercial-grade aircraft in the UK in September 2020. It also plans to carry out more experiments next year with the goal of conducting commercial hydrogen-electric, 20 seaters flights as early as 2023.