ZeroAvia has announced that it has USD$30 million in funding from new investors: Barclays, NEOM, and AENU, with International Airlines Group adding to prior investment from the Group, bringing the Series B round to $68million.

With major airlines – United Airlines and Alaska Airlines – already counted as strategic investors, this new batch of investment will further advance ZeroAvia’s 2-5MW hydrogen-electric powertrain development programme. Aiming to power 40-80 seat aircraft with zero-emission engines by 2026.

Val Miftakhov, founder and CEO, ZeroAvia said: “Each of these star investors brings a unique perspective and strength to ZeroAvia’s wider team – from one of the world’s biggest airline groups, one of the largest and most historic banks, to the ambitious project to build the world’s first zero-carbon metropolis, as well as a pure-play impact investor. Our new investors are each looking at our journey through a different lens, but all energized by our mission to enable zero-emission flight using hydrogen-electric engines. This is a great recognition of ZeroAvia’s leadership in the space, fueled by real, tangible achievements.”

Steven Poulter, Head of Principal Structuring and Investments at Barclays said: “The aviation industry will require significant and recurring investment in the years ahead to ensure its technological evolution can keep pace with global decarbonisation targets. ZeroAvia is an innovative, industry-leading aviation business – we are delighted to support its ambition towards zero-emission flight, and look forward to seeing them accelerate change in the sector.”