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Hydrogen-electric aircraft start-up secures UK Infrastructure Bank backing

 ZeroAvia today announced that it has completed its Series C funding round at a total of $116m. 

The UK Infrastructure Bank joins the round as a cornerstone-level investor alongside co-leads Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF) as announced in September, with the Series C round set to accelerate the company’s journey to certification of its first engines and advance research and development that will scale the clean propulsion technology for larger aircraft.  

The financing supports the UK’s status as a market leader in research and development in both aviation and hydrogen and will support ZeroAvia’s ambitious growth plans in the UK.   

Val Miftakhov, founder and CEO of 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.” 

Aviation is one of the most challenging sectors to decarbonise, contributing the equivalent of more than 38 million tonnes of CO2 from international and domestic journeys starting and ending in the UK. Around a quarter of UK carbon emissions are predicted to come from aviation in 2050.

This funding raise will help support the government’s target to decarbonise aviation by 2050 by developing new clean propulsion technologies that can be flying between UK airports this decade. 

Ian Brown, head of banking and investments at the UK Infrastructure Bank, added: “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.   

A thriving sustainable hydrogen ecosystem will be crucial for net zero and is an area in which the UK Infrastructure Bank is keen to act as a market leader, it says, adding that the success of hydrogen in aviation can act as a catalyst for the development and rollout of wider hydrogen infrastructure, helping to create a green hydrogen market in the UK and beyond.  

 Image credit: ZeroAvia
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