Advanced propulsion developer ZeroAvia has closed its Series C funding round, having raised a total of $116 million.
ZeroAvia announced in September that Airbus, Barclays Sustainable Impact Capital and Neom Investment Fund were leading the latest round and have now been joined by the government-owned UK Infrastructure Bank.
The company – which has bases in the UK and California – says the investment will enable it to accelerate certification of its first powertrain, the 600kW-rated ZA600, and “advance R&D that will scale the clean propulsion technology for larger aircraft”.
Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the latest funding round.
Announcing the end of its Series B round in August 2022, ZeroAvia said total funding was in excess of $150 million. Series B investors included American Airlines, British Airways and Iberia parent IAG, United Airlines and Alaska Airlines.
ZeroAvia has been flight testing its ZA600 hydrogen fuel cell powertrain aboard a modified Dornier 228 in the UK. It hopes to gain certification for the propulsion system in 2025.
