ZeroAvia raises $116m in funding round

The UK Infrastructure Bank joined the round as a cornerstone-level investor alongside Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF). The Series C round will help ZeroAvia attain certification for its first engines and advance R&D that will scale the hydrogen-electric propulsion technology for larger aircraft. The funding also supports the company’s growth plans in the UK.

In a statement, Val Miftakhov, founder & CEO, ZeroAvia said: “ZeroAvia has grown rapidly in the UK as we have worked to deliver two major historic milestones in aerospace engineering as we look to preserve the benefits of flight through clean propulsion. This backing by such a preeminent investor as the UK Infrastructure Bank will help us deliver the first commercial zero-emission flights, and help the UK realise substantial export potential. We are looking forward to working with UKIB over the next few years.” 

According to ZeroAvia, aviation contributes the equivalent of over 38 million tonnes of CO2 from international and domestic journeys starting and ending in the UK. Furthermore, 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 decarbonise aviation by 2050 by developing new clean propulsion technologies that can be flying between UK airports this decade.