Swedish hybrid-electric aircraft manufacturer Heart Aerospace has raised $107 million in additional Series B funding, rounding the total financing raised since its inception to $145 million. 

The Heart Aerospace ES-30 is the only regional hybrid-electric aircraft of its size with an active type certification application with EASA. It has a seating capacity of up to 30 passengers and will offer lower emissions, noise pollution, and lower operating costs on short-haul routes versus jet-powered aircraft of the same size.

The focus for Heart Aerospace in 2024 is on the development of the ES-30’s hybrid-electric powertrain.

Danish inventor Sagitta Ventures is amongst the new investors in the company. Others include United Airlines, EQT Ventures, Breakthrough Energy Ventures, and Air Canada.

“We couldn’t be more excited about this round,” said Anders Forslund, co-founder and CEO of Heart Aerospace. “Billions of people around the world are looking to be connected to this amazing infrastructure over the next decade. Meanwhile, the industry has committed to net zero emissions by 2050. The only way forward is to decouple the tremendous growth in aviation from its emissions, and we believe ES-30 is the first stepping stone.”

Alongside this new funding announcement, one of Heart Aerospace’s investors, EQT Ventures’ partner Ted Persson, will join the company’s Board of Directors.

“Ted brings to Heart Aerospace’s Board a wealth of expertise in product design, user experience, storytelling and branding,” said John Slattery, Chairman of Heart Aerospace’s Board of Directors. “We are delighted to have him on our team.”

Heart Aerospace has 250 orders for the ES-30, with options and purchase rights for an additional 120 airplanes. The company also has letters of intent for a further 191 aircraft.

Image credit: Heart Aerospace