ZeroAvia has secured $150 million in a Series C financing round to advance its hydrogen-electric aviation technology. Investments led the funding from the Scottish National Investment Bank, American Airlines, International Airlines Group (IAG), and ITOCHU Corporation. The company plans to use the funds to accelerate the certification of its first hydrogen-electric powertrain and support selling its in-house components to other electrified aviation innovators.
ZeroAvia has already conducted extensive flight tests of its prototype ZA600 engine on a Dornier 228 aircraft at its UK base, with certification applications underway with the UK Civil Aviation Authority (CAA). Val Miftakhov, Founder and CEO of ZeroAvia, stated, “We have closed an exceptionally strong round to help us deliver the clean future of flight.
ZeroAvia’s hydrogen-electric aviation technology
Our collaboration with the Scottish National Investment Bank is pivotal for Scotland’s net-zero ambitions and aerospace industry growth.
ZeroAvia initially focused on engines for planes with up to 20 seats and expanded to models that support 40–80 seats. The company has secured nearly 2,000 engine pre-orders from major global airlines, with potential future revenues exceeding $10 billion. The Scottish National Investment Bank’s £20 million investment marks its first foray into hydrogen-based technology, aiming to strengthen Scotland’s aerospace supply chain as ZeroAvia plans to establish a manufacturing facility in the region.
Robin Tayal, the Bank’s investment director, added, “Decarbonizing aviation is a fundamental challenge for the net-zero transition. We are pleased to support ZeroAvia’s innovative technology, which holds promise for sustainable connectivity, especially in the Highlands and Islands.
The funding round also saw participation from Barclays Sustainable Impact Capital, the NEOM Investment Fund, the UK Infrastructure Bank, and existing shareholders such as Breakthrough Energy Ventures, Horizons Ventures, Ecosystem Integrity Fund, Summa Equity, Alaska Airlines, Amazon’s Climate Pledge Fund, and AP Ventures. With this substantial investment, ZeroAvia aims to bring the aviation industry closer to a sustainable future by developing and certifying its hydrogen-electric propulsion technologies for commercial operations.
