Hydrogen-electric propulsion developer ZeroAvia has extended its Series C financing to US$150 million, with a £20m investment from the Scottish National Investment Bank.
This latest amount follows recent investments from American Airlines, International Airlines Group (IAG) and ITOCHU Corporation. This is the Bank’s first investment in hydrogen-based technology and will boost the aerospace supply chain in Scotland as ZeroAvia looks to build a manufacturing facility in the country.
This recent round of financing accelerates progress towards the certification of its first powertrain, the ZA600, and supports the sale of in-house component technology, including fuel cell power generation systems, to other electric aviation companies.
Val Miftakhov, founder and CEO of ZeroAvia, said: “As a purpose–driven impact investor, the Bank is an ideal partner for ZeroAvia. Scotland’s ambitious net zero targets, its strategic focus on hydrogen and its strong existing aerospace skills base make it an attractive place for ZeroAvia’s UK production operations as we scale into a major aerospace manufacturer.”
Robin Tayal, the Bank’s Investment Director, said: “We are pleased to address it by investing in ZeroAvia, enabling critical research and manufacturing. We are particularly encouraged by its technology’s potential to provide sustainable connectivity in the Highlands and Islands.”
ZeroAvia, based in the UK and Everett, Washington, in the United States, has already flight-tested a prototype of its ZA600 engine on a Dornier 228 aircraft in the UK. Ground tests for the technologies on the ZA2000 system have also been conducted in the US and UK.
Photo: ZeroAvia
