Aviation pioneer ZeroAvia raises $21.4m from Amazon and Expenses Gates-backed Breakthrough

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ZeroAvia, a start-up that is using a hydrogen-electric program to vitality aircraft, raised $21.4 million within an early stage funding round from investors including Amazon, which can only help boost the next period of its research and creation.

The fundraising was led by Expenses Gates-backed Breakthrough Strength 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 come to feel deeply grateful to our top-tier investors for joining us within the next period of our exciting voyage … to generate a new golden age of aviation,” Val Miftakhov, founder and leader of the start-up, said.

“Both aviation and the financial marketplaces are getting up to the idea that hydrogen is the only meaningful path towards large-scale, zero-emission commercial flight. Powering a 100-chair plane on hydrogen isn't unthinkable,” he added.

The company was also awarded a $16.3m grant from the UK government to ensure its 19-chair hydrogen-electric airplane is ready for the market by 2023. This brings the new financing 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 which makes passenger-ready zero carbon aviation possible,” Mr Miftakhov said.

“Our achievements are actually closing the gap for the airline sector to get started its transition from fossil fuels ... over 10 forward-looking airlines are actually gearing up to implement our powertrains when they are prepared in 2023.”

ZeroAvia, which is situated found in London and California, has also teamed up with British Airways to explore the possibilities of using hydrogen to power business 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 programs to fly more than 1,600km in aircraft with more than 100 seats.

Climate transformation has taken center stage and the aviation industry is normally increasingly under great pressure to pivot to extra green technologies and aircraft.

However, problems to such projects include infrastructure at airports, increased funding for exploration and production, and incentives for airlines to retire older, much less environmentally-friendly aircraft earlier than scheduled.

“We see tremendous prospect of hydrogen to decarbonise transport, a core target of our investment strategy,” Devin Whatley, managing partner in 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 good “realistic choice" for long-range business flights and has already been demonstrated in commercial-scale aircraft, said Carmichael Roberts, a member of Breakthrough Strength Ventures.

“We anticipate working with them upon this objective and decarbonising aviation alongside one another,” he added.

Source: https://www.thenationalnews.com

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