In a mission to innovate aviation technology with clean fuel, zeroavia born in 2017, has added $24.3 million to its security for fuelling the industry. This company formed to make the sustainable method of flying has grabbed a whole new focus of attention ever since their birth, and now, in the third round of investment, they are eying in on a 50+ seat aircraft.
This British and American venture by the pilot Val Miftakhov eyes an innovative revolution in aviation technology. The idea of hydrogen-powered aeroplanes is the motive of this team. Transformation to the hydrogen fuel platform has several benefits for the industry and nature. But more than just taking down on nature, it reduces the load on us too. Besides limiting the carbon emission and thus global warming, they are efficient at lowering the fuel, reducing the noise and fewer maintenance costs.
The California based aviation company has gone through three rounds of Series A funding and has been attractive to many energy infrastructure companies for their innovation. With a reduction of up to 50% in the travel cost, the company targets to achieve 200+ seat aeroplanes that can cover 5,000 nautical miles by 2040.
Round 3: The $24.3 million’s ignition
By March 31st of 2021, the company raised $62 million for their sustainable venture, and the latest was the third round of their funding, in which they grabbed $24.3 million. The candidates to their giant investors’ lists were British Airways and Horizons Ventures among the existing Breakthrough Ventures, Shell Ventures, Summa Equity and SYSTEMIQ.
The latest funds raised will boost their target to achieve 10+ seat planes by 2024 and the related plans for sustainable flights.
While aviation is a sector with much demand, the innovations with sustainability as a target will attract more investments and help reduce the burden of technology development.