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ZeroAvia, a start-up that is using a hydrogen-electric system to power aircraft, raised $21.4 million in an early stage funding round from investors including Amazon, which will help boost the next phase of its research and development.
The fundraising was led by Bill Gates-backed Breakthrough Energy Ventures and California-based sustainability-focused venture capital Ecosystem Integrity Fund, the company said in a statement. Other investors also include Horizons Ventures, Shell Ventures and Summa Equity.
“We feel deeply grateful to our top-tier investors for joining us in the next phase of our exciting journey … to bring in a new golden age of aviation,” Val Miftakhov, founder and chief executive of the start-up, said.
Gates and Bezos funds back hydrogen-powered plane startup businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
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Date: 27 May 2021
Zero-carbon aviation startup ZeroAvia has raised $37.7 million from a host of backers including Bill Gates’ Breakthrough Energy Ventures, Amazon Climate Pledge Fund and Shell Ventures.
Series A funding was led by Breakthrough Energy Ventures and Ecosystem Integrity Fund, with Amazon, Shell, Summa Equity and Horizons Ventures following on.
The funds will be used for the ongoing development of its ZA-600 hydrogen fuel cell powertrain, which converts hydrogen into electricity to power a motor to spin a propeller. The firm said the ZA-600 is capable of powering a 10- to 20-passenger plane for a flight of 575 miles.
The tally announced Wednesday also includes a $16.3 million grant from the U.K. government for the Hyflyer II project, which will see ZeroAvia build a commercial 19-seater hydrogen plane by 2023. ZeroAvia is targeting a range of 500 miles for 20-seaters by 2023 and the same distance for 100-seater aircraft by 2027.
Bill Gates, Amazon and British Airways are backing a hydrogen plane startup albanyherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albanyherald.com Daily Mail and Mail on Sunday newspapers.