USA-based ZeroAvia completed its Series C funding round at a total of USD 116 million. The company announced the closure on November 27, 2023. The UK Infrastructure Bank joins the round as a cornerstone-level investor. Meanwhile, Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF), as announced in September, co-led the financing.
The round also saw the participation of Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund.
Purpose of financing for ZeroAvia
With the latest proceeds from the Series C round, the company seeks to accelerate the company’s journey to certification of its first engines. It also has plans to advance R&D, which further aids in scaling the clean propulsion technology for larger aircraft.
Besides, the financing bolsters the UK’s status as a market leader in research and development. The status strengthens in both the aviation and hydrogen sectors. Meanwhile, the company also looks to support ZeroAvia’s ambitious growth plans in the UK.
What the company’s official has to add
Val Miftakhov, Founder and CEO, ZeroAvia, said, “ZeroAvia has grown rapidly in the UK as we have worked to deliver two major historic milestones in aerospace engineering as we look to preserve the benefits of flight through clean propulsion. 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.”
What the investors have to comment
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, further said, “This is a great example of the Bank supporting a first-of-a-kind technology that has real potential to have a telling impact on carbon emissions and help position the UK at the forefront of a developing green hydrogen ecosystem. 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.”
About the company
Val Miftakhov is the founder of the company. ZeroAvia is a leader in zero-emission aviation. The company is on a mission to deliver a hydrogen-electric engine in every aircraft as the most environmentally and economically friendly solution for addressing the industry’s climate impact.
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