ZeroAvia has successfully concluded its Series C funding round, raising a total of $116 million. The UK Infrastructure Bank joined the funding round as a cornerstone-level investor, alongside co-leads Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund. The Series C funding is expected to accelerate ZeroAvia’s journey to certify its first engines and advance research and development for scaling clean propulsion technology for larger aircraft.
The funding will support the UK’s position as a leader in aviation and hydrogen research and development and aid ZeroAvia’s growth plans in the country. Aviation is considered one of the fastest-growing and challenging sectors to decarbonize, contributing over 38 million tonnes of CO2 emissions from international and domestic flights starting and ending in the UK. Approximately 25% of UK carbon emissions are projected to come from aviation by 2050.
ZeroAvia’s efforts align with the UK government’s target to decarbonize aviation by 2050, contributing to the development of clean propulsion technologies for flights between UK airports. The success of hydrogen in aviation is seen as a catalyst for broader hydrogen infrastructure development, fostering a green hydrogen market in the UK and beyond.
Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, commented on the investment, stating, “This is a great example of the Bank supporting a first-of-a-kind technology that has real potential to have a telling impact on carbon emissions and help position the UK at the forefront of a developing green hydrogen ecosystem.”
ZeroAvia has achieved significant milestones in aerospace engineering and aims to deliver the first commercial zero-emission flights, contributing to the UK’s export potential.
In addition to the UK Infrastructure Bank, participants in the funding round include Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and Amazon Climate Pledge Fund.