ZeroAvia today announced that it has completed its Series C funding round at a total of $116 million.
The UK Infrastructure Bank joins the round as a cornerstone-level investor alongside co-leads Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF) as announced in September, with the Series C round set to accelerate the company's journey to certification of its first engines and advance R&D that will scale the clean propulsion technology for larger aircraft.
The financing supports the UK's status as a market leader in research and development in both aviation and hydrogen and will support ZeroAvia's ambitious growth plans in the UK.
Aviation is one of the fastest growing sectors, and one of the most challenging to decarbonize, contributing the equivalent of more than 38 million tonnes of CO2 from international and domestic journeys starting and ending in the UK. Around a quarter of UK carbon emissions are predicted to come from aviation in 2050. This funding raise will help support the government's target to decarbonize aviation by 2050 by developing new clean propulsion technologies that can be flying between UK airports this decade.
A thriving sustainable hydrogen ecosystem will be crucial for net zero and is an area in which the UK Infrastructure Bank is keen to act as a market leader. The success of hydrogen in aviation can act as a catalyst for the development and rollout of wider hydrogen infrastructure, helping to create a green hydrogen market in the UK and beyond. It also strongly aligns with the Bank's mandate to support nascent technology and crowd in private investment against its twin objectives of driving regional growth and tackling climate change.
Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the funding round.