ZeroAvia completes another successful financing round led by Airbus and NEOM in Saudi Arabia
Summary
The latest financing round featured some familiar names as well as some leading investments from Airbus, Barclays, and Saudi Arabias living laboratory, NEOM.ZeroAvia is an aircraft developer focused specifically on hydrogen-electric propulsion that continues to hit milestones across a previously laid out development timeline that spans a decade. However, the company has its eyes set on larger and more powerful planes, vowing to deliver a 40- to 80-seat aircraft with up to 700 miles of range by 2027.Thats no small task, and such development requires massive funding a key factor ZeroAvia has found plenty of support in over the years. For example, Alaska Airlines has been a prominent investor over the years and is currently co-developing a hydrogen-electric plan with ZeroAvia seen below.Alaska was also part of a $30 million funding round, completed in the summer of 2022, that also features investments from Barclays Sustainable Impact Capital and Saudi Arabias city of the future NEOM. Today, Barclays and NEOM have joined Alaska Airlines in a fresh funding round that also includes a new partnership with another behemoth in the aerial segment Airbus.In addition to the investors mentioned above, todays fresh round of funding included Breakthrough Energy Ventures, Horizons Ventures, Ecosystem Integrity Fund, Summa Equity, AP Ventures, and Amazon Climate Pledge Fund.As part of Airbus investment, it has signed an agreement with ZeroAvia to work together in obtaining hydrogen power system certifications. Per Airbus vice president of ZEROe aircraft Glenn Llewellyn:ZeroAvia has already been successful in flight testing fuel cell propulsion, and hydrogen storage and distribution systems on board their Do-228 flight test platform which puts them in a strong position to take their technologies to the next phase of development.