American start-up ZeroAvia has announced it has raised $21.4 million in series A funding from investors. Among the investors are Microsoft’s Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund.
The company, which is developing a hydrogen fuel cell powertrain, was founded in 2017 by Russian-born cleantech entrepreneur Val Miftakhov, who previously was the CEO of electric vehicle infrastructure company eMotorWerks.
ZeroAvia pledges to enable zero-emission air travel at scale with 500-mile short-haul trips, according to their official website. Earlier this week, the company, which is considered to be one of the leading innovators in decarbonising commercial aviation, raised $16.3 million in government funding provided by the United Kingdom.
“This project is instrumental for delivering a market-ready hydrogen-powered solution for 2023 that makes passenger-ready zero carbon aviation a reality”, Miftakhov said in a press release on Wednesday.
As for the $21.4 million investment, the greatest share of it will cover the cost of the development of the company’s start-up for converting hydrogen into electricity to power an airplane engine. The company is planning to commercialise its technology by 2023, enabling the first hydrogen-powered 20-seat airplanes to fly up to 500 miles.