There are many companies of outstanding prestige in the aeronautical sector that have made a strong commitment to ZeroAvia technology. Now the company has declared raising $30 million in funding from new investors, including International Airlines Group. This economic amount is added to what was already obtained a few months ago and has a total of 68 million dollars that will go directly to accelerate the development of its future electric aircraft powered by hydrogen fuel cells.
To date, ZeroAvia already has the experimental certificate for its two functional engine prototypes in the United States and the United Kingdom. The company’s main tests are now focused on the approval and fine-tuning of its 600 kW powertrain, which they hope to complete by 2024. This mechanical block will be coupled to a small aircraft with a capacity of between 9 and 19 passengers and a range of 500 kilometers. Subsequently, it will begin with the tests of a version with between 2 and 5 MW of power and a range of 1,200 kilometers, which will drive an aircraft with a capacity between 40 and 80 passengers, something that they hope to have ready in a maximum period of 4 years. .
With this view to the future, ZeroAvia has generous additional investments from companies such as Alaska Air Group or United Airlines. In the last hours, as a result of obtaining the new investment, International Airlines Group (IAG) has announced an increase in its initial investment, which it already made a few months ago. This group has been joined by Barclays Sustainable Impact Capital and NEOM, the city of the future in Saudi Arabia.
The increase in investment by the International Airlines Group has brought with it an important group of European airlines, among which is the Spanish Iberia or British Airways, among others. Because of this, ZeroAvia now has a portfolio of major aeronautical companies that it hopes to do business with in the coming years. IAG was the first airline group in the world to declare its commitment to achieving a net emissions level by 2050.
These new funds obtained in the last round of financing will go directed almost entirely at the high-powered engine development program for high occupancy aircraft, that is, the block between 2 and 5 MW. The planes that use this mechanism will use liquid hydrogen as fuel, which will provide a higher energy density, thus resulting in a more generous flight range and payload capacity.
In addition to this, this fund will also go to the development and subsequent construction of the necessary infrastructure in the different airports, initially to be able to carry out live demonstrations and tests of its HARE (Hydrogen Airport Refueling Ecosystem). Currently, the aeronautical company is carrying out the appropriate tests on the ground of its smallest hydrogen engine (600 kW of power), this model is expected to complete the first flight tests starting next year.