On November 27, 2023, ZeroAvia announced that it has completed its Series C funding round amounting to $116 million.
ZeroAvia is on a hot streak! Giant Airbus invested in the company just two months ago (read our article), joining the historic investors Barclays and Saudi company Neom. Now, it is the UK Infrastructure Bank’s turn to join the group of investors in ZeroAvia’s Series C funding round. This funding aims to speed up ZeroAvia’s engine certification and advance clean propulsion technology for larger aircraft. It supports the UK’s leadership in aviation and hydrogen R&D while boosting ZeroAvia’s growth plans.
In the UK, the aviation sector is responsible for more than 38 million tonnes of CO2 from international and domestic journeys starting and ending in the UK. Around a quarter of UK carbon emissions are predicted to come from aviation in 2050. It is becoming urgent to decarbonise this sector, one of the most challenging to make zero-emission.
“ZeroAvia has grown rapidly in the UK as we have worked to deliver two major historic milestones in aerospace engineering as we look to preserve the benefits of flight through clean propulsion. This backing by such a preeminent investor as the UK Infrastructure Bank will help us deliver the first commercial zero-emission flights, and help the UK realise substantial export potential. We are looking forward to working with UKIB over the next few years,” said Val Miftakhov, Founder & CEO of ZeroAvia.
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