ZeroAvia today announced that it has completed its Series C funding round at a total of USD116m with the UK Infrastructure Bank joining the round as a cornerstone-level investor alongside co-leads Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF). The company says the Series C round is 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” according to the press release.
“Aviation is one of the fastest growing sectors, and one of the most challenging to decarbonise, 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 decarbonise aviation by 2050 by developing new clean propulsion technologies that can be flying between UK airports this decade.
“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.”
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