Zero-Emission Aviation Group ZeroAvia Completes $116m Series C Funding Round

UK zero-emissions aviation company ZeroAvia has completed its Series C funding round at a total of $116m. The UK Infrastructure Bank joins the round as an investor alongside Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF).

The Series C round is set to advance its R&D that will scale the clean propulsion technology for larger aircraft.

ZeroAvia's aim is to deliver a hydrogen-electric engine in every aircraft as the most environmentally friendly solution for addressing the industry's climate impact. 

Around a quarter of UK carbon emissions are predicted to come from aviation in 2050. 

The UK Infrastructure Bank was announced as part of the UK Government's National Infrastructure Strategy in 2020, and launched in June 2021.

Its objectives are to help tackle climate change and to support regional and local economic growth.

Val Miftakhov, Founder and CEO, ZeroAvia says: "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."

Ian Brown, Head of Banking & Investments at the UK Infrastructure Bank, adds: "This is a great example of the Bank supporting a first of a kind technology that has real potential to have a telling impact on carbon emissions and help position the UK at the forefront of a developing green hydrogen ecosystem."

ZeroAvia has signed a number of key engineering partnerships with major aircraft OEMs and has nearly 2,000 pre-orders for engines from a number of the major global airlines, with future revenue potential over $10bn.