ZeroAvia has successfully concluded its Series C financing round, securing a total of $116 million USD, a portion of which was contributed by the United Kingdom Infrastructure Bank (UKIB). This injection of capital is intended to expedite the certification of the company’s engines. It will also facilitate progress in research and development, enabling the scaling of clean propulsion technology to larger aircraft.
In this regard, Val Miftakhov, Founder and CEO of ZeroAvia, commented: «We are experiencing rapid growth in the UK. The backing from UKIB positions us to offer the first commercial zero-emission flights and unlock our export potential in the coming years.”
Also of interest: ZeroAvia finalises agreements to enable low-emission flights in Sweden
UKIB aims to strengthen the UK’s position as a leader in research and development for hydrogen use in aviation. The aviation sector is one of the most challenging to decarbonize, contributing over 38 million tons of CO2 in international and domestic travel starting and ending in the UK. Predictions indicate that a quarter of the UK’s carbon emissions will come from aviation by 2050. The funds raised will play a crucial role in achieving the government’s goal of decarbonizing aviation by 2050.
Ian Brown, Head of Banking and Investments at UKIB, expressed his views on the agreement with ZeroAvia. «This is an excellent example of how we support technology with the potential to have a significant impact on emissions. Private investment is crucial for the aviation and hydrogen sectors to achieve net-zero emissions. We hope our capital catalyzes the private investment necessary for the continued development of this technology. This, in turn, should stimulate the development and deployment of hydrogen technology in other challenging-to-decarbonize sectors,» he noted.
The United Kingdom Infrastructure Bank, established in 2020, aims to support emerging technologies and attract private investments to drive growth and combat climate change.
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