{"id":80859,"date":"2023-11-28T00:00:00","date_gmt":"2023-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/28\/zeroavia-secures-usd-116-mn-in-a-series-c-funding-round-with-help-from-the-neom-investment-fund\/"},"modified":"2023-11-28T00:00:00","modified_gmt":"2023-11-28T00:00:00","slug":"zeroavia-secures-usd-116-mn-in-a-series-c-funding-round-with-help-from-the-neom-investment-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/28\/zeroavia-secures-usd-116-mn-in-a-series-c-funding-round-with-help-from-the-neom-investment-fund\/","title":{"rendered":"ZeroAvia secures USD 116 mn in a Series C funding round with help from the Neom Investment Fund"},"content":{"rendered":"

<\/strong>We have an investment figure for ZeroAvia\u2019s funding round: <\/strong>Hydrogen-electric aircraft developer ZeroAvia closed its Series C funding round last September<\/a> with a total of USD 116 mn, according to a statement<\/a>. The UK Infrastructure Bank<\/a> joined the funding round as a cornerstone-level investor contributing USD 40 mn of the funding, the Financial Times<\/a> reports. The funding round was also co-led by Airbus<\/a>, Barclays Sustainable Impact Capital<\/a>, and Saudi Arabia\u2019s Neom Investment Fund<\/a>, the statement notes.<\/p>\n

More details: <\/strong>Returning investors include Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and Amazon Climate Pledge Fund, according to the statement.<\/p>\n

Where is the money going? <\/strong>The funds will be used to help ZeroAvia develop its first hydrogen-electric engine \u2014 the ZA600<\/a> \u2014 for zero-emission flights and secure its certification by the end of 2025, the FT reports. <\/p>\n

Why is this important? <\/strong>ZeroAvia is pursuing hydrogen-electric propulsion systems as the most economical and eco-friendly solution to the impact of aviation fuel on climate change, ZeroAvia\u2019s earlier statement<\/a> notes. Their hydrogen-electric engines use hydrogen in fuel cells to generate electricity, which is then used to power electric motors to turn the aircraft\u2019s propellers, with water being the only byproduct during flight. Airbus is doing the same with its fuel cell systems which are an important part of its ZEROe aircraft concepts program<\/a>, designed to deliver low-emission airframes of different sizes.<\/p>\n

ZeroAvia also has regional links: <\/strong>The company signed an agreement with Masdar<\/a> to explore hydrogen production and supply projects for aircrafts and paved the way for refueling its zero-emission aircrafts at commercial airports by 2030, with plans for the first hydrogen-fueled commercial flight by 2025. While the agreement initially targets North America and Europe for clean flight operations, they plan to later expand their operations in the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK Infrastructure Bank joined as a cornerstone-level investor, contributing USD 40 mn in 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