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ZeroAvia raises additional USD 30 million to close Series B funding
Hydrogen Economy
Jul 20, 2022
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Hydrogen Economy

Hydrogen Economy

View industry hub
Jul 20, 2022

ZeroAvia raises additional USD 30 million to close Series B funding

Funding

  • ZeroAvia, a hydrogen-based aviation solutions developer, raised USD 30 million as the second tranche of its Series B funding round led by existing investor International Airlines Group (IAG). This brings the company’s Series B funding to USD 68 million.

  • The proceeds of the round will be used to further develop the company’s 2–5 megawatt hydrogen-electric powertrain for its 40–80 seater aircraft by 2026. 

  • In addition, ZeroAvia will utilize the funds to deploy hydrogen infrastructure at airport sites to support demonstrations of its hydrogen airport refueling ecosystem (HARE) for passenger and cargo routes. 

  • New investors Barclays Sustainable Impact Capital, NEOM, and AENU also participated in the funding round. 

<ul><li> Analyst QuickTake: The company had raised USD 35 million as the first tranche of its Series B funding round in December 2021. This brings ZeroAvia’s total funding to USD 140 million. The company raised funds from three major airlines including IAG, United Airlines, and Alaska Airlines. These strategic investors will accelerate the commercialization of hydrogen-powered aircraft.</ul>

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