Swedish hybrid-electric aircraft developer Heart Aerospace has completed its Series B funding round, raising $107 million from new and existing investors, including an additional $5 million from Air Canada.
Among the new backers is Danish firm Sagitta Ventures, which focuses on early-stage companies. Other new investors have asked not to be identified, says Heart.
Repeat investors include Air Canada – which first pledged $5 million in 2022 – Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.
United first invested an undisclosed amount in 2021 through its United Airlines Ventures Arm as part of a $35 million Series A fund raising. The US carrier also holds orders and options for up to 200 of Heart’s ES-30 aircraft.
Heart says the latest capital raise will be used to progress the ES-30 towards certification in 2028, with the focus this year on the development of the aircraft’s hybrid-electric powertrain.
“We couldn’t be more excited about this round,” says Anders Forslund, co-founder and chief executive of Heart Aerospace. “This investment furthers our mission to decarbonise and democratise air travel.”
The Gothenburg-based company will also in 2024 unveil a full-scale demonstrator of the ES-30.
In addition, EQT Ventures partner Ted Persson will join the company’s board.
Heart holds 250 orders for the ES-30, with options and purchase rights for an additional 120 aircraft, plus letters of intent for a further 191 examples.