Hydrogen-electric aircraft engine developer ZeroAvia has landed $116m (£92m) in the final close of its Series C round.
The British-American company is building zero-emission engines for commercial engines. Its first engine, scheduled for completion by 2026, is for aircraft carrying nine to 19 people and capable of travelling up to 300 miles.
The Series C close for the company saw the UK Infrastructure Bank join as a lead investor.
Val Miftakhov, founder and CEO, ZeroAvia said: “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.”
According to ZeroAvia, it has almost 2,000 orders for its hydrogen-electric engines with airlines that will bring in “future revenue potential over $10bn (£7.9bn)”.
Headquartered in California, the business has three UK sites. It has a Kemble-based R&D and testing hub, another R&D facility on high-temperature Pem fuel cells in Sandwich, Kent plus a finance and administration office in London.
“Aviation and hydrogen are sectors that need significant private investment to get to net zero,” said Ian Brown, head of banking & investments at UK Infrastructure Bank.
Other lead investors in the ZeroAvia Series C, which was revealed in September, are Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund.