Click Bond advert. Click for website

Heart Aerospace raises USD107 million in Series B funding

Swedish hybrid-electric airplane maker Heart Aerospace today announced it raised a total of USD107 million in Series B funding.  The company says the new round brings the total financing raised by Heart Aerospace since its inception to USD145 million.

Among the new investors the company says are Sagitta Ventures, a Danish investor focused on early-stage companies, Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.

In addition to announcing new funding, Heart Aerospace said EQT Ventures partner Ted Persson will be joining the company’s Board of Directors.

“Ted brings to Heart Aerospace’s Board a wealth of expertise in product design, user experience, storytelling and branding,” said John Slattery, Chairman of Heart Aerospace’s Board of Directors. “We are delighted to have him on our team.”

“Heart Aerospace reports it intends to use the funds to further build its business and make progress toward type certification of the company’s first hybrid-electric airplane, the ES-30” according to the press release. “The ES-30 is a regional airplane with a seating capacity of 30 passengers that offers lower emissions, lower noise pollution and lower operating costs on short haul routes than current conventionally fuelled airplanes.

“The ES-30 is currently the only clean sheet hybrid-electric airplane of its size with an active type certification application with European Union Aviation Safety Agency, EASA. The focus in the upcoming year will be on the development of Heart Aerospace’s hybrid- electric powertrain.

“Heart Aerospace has 250 orders for the ES-30, with options and purchase rights for an additional 120 planes. The company also has letters of intent for a further 191 airplanes.”

For more information

(Image: Heart Aerospace)

Share this:
Airlink Ukraine advert. Click for website