Mission Impacts
The investment in ZeroAvia aligns to its net zero mission, which aims to address the climate crisis through growing a fair and sustainable economy. This financing is a critical step in the company’s overall production plans to bring its clean aviation engine technology to market.
About ZeroAvia
ZeroAvia was founded in California before developing a substantial presence in the UK. It has a longstanding partnership with Glasgow and Aberdeen airports (AGS Airports) and signed an agreement earlier this year with ScottishPower to develop low-carbon hydrogen supply for key airport locations. The company is actively exploring potential sites in Scotland.
ZeroAvia has already submitted its 600kW hydrogen-electric engine - ZA600 - for certification with regulators and is working actively towards testing the final design. Simultaneously, the company is developing the building block technologies to support its second engine class - ZA2000 – designed for 40-80 seat regional aircraft. The company is also selling its component technology, including electric motors and fuel cell power generation systems, to other electric aviation innovators.
“ZeroAvia has a robust long-term plan for the growth of its technology, which will bring tremendous benefits to the wider supply chain and manufacturing sector.”
Key Information
Key Quote
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.”
Alignment to the United Nation's Sustainable Development Goals
Affordable and Clean Energy
Decent Work and Economic Growth
Industry, Innovation and Infrastructure
