ZeroAvia has announced the extension of its Series C financing round, reaching a total of $150m, with a £20m (US$26.20m) investment coming from the SIB (Scottish National Investment Bank), joining previous investments from American Airlines, International Airlines Group (IAG), and ITOCHU Corporation.
The financing round was co-led by Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund (NIF), with UK Infrastructure Bank joining as a cornerstone investor. Existing backers, including Breakthrough Energy Ventures, Horizons Ventures, and Amazon's Climate Pledge Fund, also participated.
This marks the Bank's first investment in hydrogen technology and the sustainable aviation sector. It will support ZeroAvia's plans to establish a manufacturing facility in Scotland, strengthening the aerospace supply chain.
ZeroAvia has conducted extensive flight tests of its ZA600-engine prototype on a Dornier 228 aircraft in the UK, with certification underway. Advanced ground tests for the ZA2000 system, which will power 80-seat regional aircraft like the ATR72 and Dash 8 400, are also progressing. The company is also offering its electric motors and fuel cell systems to other aviation innovators.
Val Miftakhov, Founder and CEO, ZeroAvia said: “We have closed an exceptionally strong financing round to help us deliver the clean future of flight for the entirety of aviation. As a purpose–driven impact investor, the Bank is an ideal partner for ZeroAvia. Scotland's ambitious net-zero targets, its strategic focus on hydrogen and its strong existing aerospace skills base make it an attractive place for ZeroAvia's UK production operations as we scale into a major aerospace manufacturer.”
Robin Tayal, Investment Director at the Bank states:
“Decarbonising aviation is one of the key environmental challenges we face and it is fundamental to the net zero transition. We are pleased to address it by investing in ZeroAvia, enabling critical research and manufacturing. We are particularly encouraged by the potential of its technology to provide sustainable connectivity in the Highlands and Islands.”
