ZeroAvia raises USD 30m from IAG, Barclays, 2 more

ZeroAvia, a hydrogen aviation start-up based in the UK and US, on Wednesday unveiled USD 30 million (EUR 29.4m) in funding, taking its Series B round to USD 68 million.

The new capital comes from International Airlines Group (IAG), which is adding to an initial commitment made last year, as well as new investors Barclays’ (LON:BARC) Sustainable Impact Capital investment vehicle, NEOM, a future city project in Saudi Arabia, and impact technology fund AENU.

ZeroAvia’s existing investors also include United Airlines and Alaska Airlines.

The company said the new funding will aid its 2 MW-5 MW hydrogen-electric powertrain development programme, which targets powering 40-80 seat aircraft by 2026. The funding will also be used for building infrastructure at airport sites to live demonstrations of the company’s Hydrogen Airport Refueling Ecosystem (HARE).

“We are investing in a range of solutions, including hydrogen, which we believe has huge potential, especially for short-haul routes,” said Luis Gallego, chief executive of IAG, whose airlines include Aer Lingus, British Airways, Iberia, LEVEL and Vueling.

(USD 1 = EUR 0.980)

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