Advanced propulsion developer ZeroAvia has secured its immediate future, completing a funding round that extends its cash runway for the next two years.
In September this year, the company warned, in the 2024 accounts statement for its UK operation, that it needed to secure additional financing by the end of the first quarter of 2026.
No details of the amount raised have been disclosed, however, although ZeroAvia chief executive Val Miftakhov had previously said it was seeking $150 million from the Series D raise.
Leading the funding round was Barclays Climate Ventures, Breakthrough Energy Ventures, Ecosystem Integrity Fund, Horizons Ventures, Summa Equity and AP Ventures. The UK’s National Wealth Fund and the Scottish National Investment Bank were additional participants, building on previous backing for the firm.
ZeroAvia is targeting certification in 2027 for its hydrogen fuel cell powertrain, with the first application a converted Cessna Caravan.
A series of 12 test flights of the prototype powertrain were performed, ending in April 2024, using a modified Dornier 228. However, the ZA600 has yet to fly since.
Additionally, the company has recently been cutting its workforce in the UK and USA and has seen senior engineers depart across the business.
