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Heart Aerospace raises US$107 million in Series B funding

BAE Systems has acquired Ball Aerospace which will operate under the name Space & Mission Systems © Shutterstock
BAE Systems has acquired Ball Aerospace which will operate under the name Space & Mission Systems © Shutterstock

Swedish hybrid-electric airplane maker Heart Aerospace has released that it has raised a total of US$107 million in Series B funding, representing another significant stepping stone toward sustainable regional air travel.

The new round brings the total financing raised by Heart Aerospace since its inception to US$145 million.

Among new investors is Sagitta Ventures, a Danish investor focused on early-stage companies. Other investors include Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines and Y Combinator.

“We couldn’t be more excited about this round,” said Anders Forslund, co-founder and CEO of Heart Aerospace. “This investment furthers our mission to de-carbonise and democratise air travel. Air travel is globally in its infancy. Billions of people around the world are looking to be connected to this amazing infrastructure over the next decade. Meanwhile, the industry has committed to net-zero emissions by 2050. The only way forward is to decouple the tremendous growth in aviation from its emissions, and we believe ES-30 is the first stepping stone. Moreover, because of the superior economics of electric aircraft over their fossil-fuel counterparts, the ES-30 will bring back service to communities that have lost connectivity and open many new markets. This upcoming year is an exciting one for Heart Aerospace as we prepare to unveil our full-scale aircraft demonstrator.”

In addition to announcing new funding, Heart Aerospace said EQT Ventures partner Ted Persson will be joining the company’s Board of Directors.

Heart Aerospace intends to use the funds to further build its business and make progress toward type certification of the company’s first hybrid-electric airplane, the ES-30. The ES-30 is a regional airplane with a seating capacity of 30 passengers that offers lower emissions, lower noise pollution and lower operating costs on short haul routes than current conventionally fueled airplanes.

The ES-30 is currently the only clean sheet hybrid-electric airplane of its size with an active type certification application with European Union Aviation Safety Agency, EASA. The focus in the upcoming year will be on the development of Heart Aerospace’s hybrid- electric powertrain. (£1.00 = US$1.28 at time of publication).

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