ZeroAvia, a pioneer of hydrogen-electric aviation solutions, has secured an additional $13 million for its 50+ seat engine development program from AP Ventures, a significant investor in breakthrough technologies across the hydrogen value chain, Alumni Ventures Group, SGH Capital, Agartha Fund LP, and existing investors Amazon’s Climate Pledge Fund, Breakthrough Energy Ventures, Summa Equity, Shell Ventures, SYSTEMIQ, and Horizons Ventures. This new funding complements the initial investment of $24 million the company announced a few weeks ago, bringing the total private investment into ZeroAvia large engine development for 50+ seat aircraft to $37 million.
Val Miftakhov, Founder and CEO at ZeroAvia said:
“We are eager and ready to begin testing our hydrogen-electric powertrain technology on a larger commercial-size aircraft and grateful to our investors and grant funders for their continued support of our vision for sustainable aviation. Various projections indicate that aviation may account for over 25 percent of human-induced climate effects by 2050. We are on the path to helping reverse that trend, first with our successful 6-seater testing and now with the R&D for our 19-seater, and the kick-off of our 50+ seat program. Hydrogen is the only practical solution for true climate-neutral flight, and it will become a commercial reality much sooner than many predict.”
Kevin Eggers, Partner at AP Ventures, said:
“We are delighted to welcome ZeroAvia to our existing portfolio of hydrogen-related technologies. We have been impressed with the progress that ZeroAvia has made over the last 24 months—technically, operationally, and commercially. Furthermore, we have become increasingly confident about the significant role of hydrogen in decarbonising aviation. We believe that ZeroAvia will pioneer the development of hydrogen-electric powertrains for the aviation space.”
For more information on ZeroAvia’s R&D and recent hires, please see the Company’s full press release here.
ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting 500 mile range in 9-19 seat aircraft used for commercial passenger transport, cargo, agriculture, and more. Based in the UK and USA, ZeroAvia has already secured experimental certificates for two prototype aircraft from the CAA and FAA, passed significant flight test milestones, and is on track for commercial operations in 2024. The company’s expanding UK operations are supported by grants from UK’s Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Prime Minister’s Jet Zero Council. For more information, please visit ZeroAvia.com and follow @ZeroAvia on Twitter, Instagram, and LinkedIn.
About AP Ventures:
AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 17 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).