ZeroAvia, a Hydrogen plane startup has sealed $21.4 million in its fresh financing round led by Breakthrough Energy Ventures of Bill Gates.
The startup aims to develop zero-emission commercial aircraft with the funds raised. “This is a capital-intensive industry, so having investors to help you through the process is very important,” ZeroAvia Chief Executive Val Miftakhov said to Reuters, also stating that a plane was “a power-hungry machine, especially on take off.”
ZeroAvia is a zero-emission aviation company, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting 500 mile range in 10-20 seat aircraft used for commercial passenger transport, package delivery, agriculture, and more.
Based in London and California, the startup has secured experimental certificates for its two prototype aircraft, passed significant flight test milestones, and is on track for commercial operations in 2023. The company’s expanding UK operations are partially supported by the grant from UK’s Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Government’s Jet Zero Council.
The California-based startup is backed by Amazon along with Shell. Shell is an energy company and presence across upstream, integrated gas, downstream, renewable energy, and deep capabilities in R&D, digitalization and business operations. With a retail presence across six states in India – Karnataka, Tamil Nadu, Telangana, Maharashtra, Gujarat and Assam, the energy giant is expanding its network of fuel stations across the country.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.