Start-up ZeroAvia raises $21.4m in new Series A funding round

Commercial aviation decarbonisation innovator ZeroAvia has concluded a new Series A funding round by raising an additional $21.4m.

The investment will help the company to accelerate the development of its zero-emission aviation powertrain technology.

The latest funding was led by Bill Gates’ Breakthrough Energy Ventures and Ecosystem Integrity Fund.

Investors including Amazon Climate Pledge Fund, Horizons Ventures, Shell Ventures, and Summa Equity also joined the financing round.

Additionally, the start-up has secured another $16.3m non-dilutive funding from the UK Government to bring a 19-seat hydrogen-electric aviation powertrain to market.

The aircraft is expected to be ready by 2023.

The latest funding took ZeroAvia’s total raised to $37.7m. Since its inception, the company has already raised a total of $49.7m.

The Series A funds will facilitate the next phase of the company’s R&D programme, which aims to develop and test the certification-ready ZA-600 powertrain.

Furthermore, the start-up also entered partnership with UK carrier British Airways to study the role of hydrogen-powered aircraft in sustainable flying.

ZeroAvia founder and CEO Val Miftakhov said: “Our most recent milestone achievements are closing the gap for the airline industry to begin its transition away from fossil fuels.

“In fact, over ten forward-looking airlines are now gearing up to implement our powertrains when they are ready in 2023.

“Both aviation and the financial markets are waking up to the idea that hydrogen is the only meaningful path towards large-scale, zero-emission commercial flight.

“Powering a 100-seat plane on hydrogen is not out of the question. We feel deeply grateful to our top-tier investors for joining us in the next phase of our exciting journey to bring in a new golden age of aviation.”

In June, ZeroAvia performed the first commercial-scale electric-powered flight in the UK.