ImpactAlpha, April 5 — Before the COVID-related declines in air travel, aviation was on pace to be one of the biggest remaining carbon emitters by 2050.
Hollister, Calif.-based ZeroAvia raised $24.3 million to help decarbonize the sector with its two-megawatt hydrogen-electric regional airplane. It has raised $74 million to date, including $21 million from public-sector investors (see, “ZeroAvia clinches $37.7 million to speed zero-carbon air travel”).
Horizons Ventures, the investment arm of Hong Kong billionaire Li Ka-Shing’s foundation, led the round. “Flying on jet fuel comes with an environmental cost, and finding an alternative for the aviation industry is vital,” said Horizons’ Patrick Poon.
Breakthrough Energy Ventures, Shell Ventures, Ecosystem Integrity Fund, Summa Equity and SYSTEMIQ also participated, along with British Airways, which has supported ZeroAvia’s research and development.