Aviation pioneer ZeroAvia raises $21.4m from Amazon and Bill Gates-backed Breakthrough
19 December, 2020
ZeroAvia, a start-up that is by using a hydrogen-electric system to power aircraft, raised $21.4 million within an early stage funding round from investors including Amazon, which can only help boost the next phase of its research and development.
The fundraising was led by Bill Gates-backed Breakthrough Energy Ventures and California-based sustainability-focused venture capital Ecosystem Integrity Fund, the business said in a statement. Other investors likewise incorporate Horizons Ventures, Shell Ventures and Summa Equity.
“We feel deeply grateful to your top-tier investors for joining us within the next phase of our exciting journey … to generate a fresh golden age of aviation,” Val Miftakhov, founder and chief executive of the start-up, said.
“Both aviation and the financial markets are waking up to the theory that hydrogen may be the only meaningful path towards large-scale, zero-emission commercial flight. Powering a 100-seat plane on hydrogen isn't out of the question,” he added.
The company was also awarded a $16.3m grant from the UK government to ensure its 19-seat hydrogen-electric airplane is ready for the marketplace by 2023. This brings the new funding to $37.7m, boosting its total funding since inception to $49.7m.
“This project is instrumental for delivering a market-ready hydrogen powered solution for 2023 that makes passenger-ready zero carbon aviation possible,” Mr Miftakhov said.
“Our achievements are closing the gap for the airline industry to commence its transition away from fossil fuels ... over 10 forward-looking airlines are actually gearing up to implement our powertrains if they are prepared in 2023.”
ZeroAvia, which is situated in London and California, has also teamed up with British Airways to explore the options of using hydrogen to power commercial jets.
The new investments follow the completion of the UK’s first-ever commercial battery-electric flight in June and the first hydrogen fuel cell-powered flight by a six-seater plane in September.
In the next three months, the company aims to show its technology in long-distance flights greater than 400 kilometres.
By 2030, ZeroAvia plans to fly more than 1,600km in aircraft with an increase of than 100 seats.
Climate change has taken centre stage and the aviation industry is increasingly under pressure to pivot to more green technologies and aircraft.
However, challenges to such projects include infrastructure at airports, increased funding for research and development, and incentives for airlines to retire older, less environmentally-friendly aircraft earlier than scheduled.
“We see tremendous potential for hydrogen to decarbonise transportation, a core focus of our investment strategy,” Devin Whatley, managing partner at Ecosystem Integrity Fund, said.
“With aviation being such a substantial contributor to global greenhouse gas emissions … we believe ZeroAvia supplies the only near-term solution to sustainable aviation.”
ZeroAvia offers a “realistic solution" for long-range commercial flights and was already demonstrated in commercial-scale aircraft, said Carmichael Roberts, an associate of Breakthrough Energy Ventures.
“We anticipate working with them upon this mission and decarbonising aviation together,” he added.
Source: www.thenationalnews.com
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