British Airways (BA, London Heathrow) has partnered several other firms in investing USD24.3 million in ZeroAvia (Hollister Municipal), a UK/US-based firm hoping to develop a market-ready hydrogen-electric 20-seater aircraft by 2024.
The exact amount the airline contributed to the total sum was not disclosed. The investment round was led by Horizons Ventures, an investment vehicle for Hong Kong multi-billionaire Li Ka-shing, alongside existing investors Breakthrough Energy Ventures, Ecosystem Integrity Fund, Summa Equity, Shell Ventures, and SYSTEMIQ.
"Innovative zero-emissions technology is advancing fast and we support the development of hydrogen as an alternative fuel source because we believe it has the potential to enable us to reach true zero emissions on short-haul routes by 2050," BA CEO Sean Doyle said.
BA's investment follows a partnership between ZeroAvia and Hangar 51, a tech incubator owned by IAG International Airlines Group, launched in late 2020.
In December 2020, ZeroAvia obtained a GBP12.3 million pound (USD16.3 million) grant from the UK government, as well as USD21.4 million from private investors.
"This new funding, in conjunction with our other recent milestones, will significantly accelerate our path to zero-emission solutions for larger regional aircraft at a commercial scale," ZeroAvia's chief executive, Val Miftakhov, said.
ZeroAvia's immediate focus is to have a 20-seater, 500-nautical-mile-range (926-kilometre) hydrogen-electric aircraft in commercial service in 2024. While the aircraft has yet to be unveiled, it indicated that it could base it on the DHC-6, PC-12, Do228, or Cessna 408 type.
The manufacturer, which hopes to develop a 50-seater aircraft within the next five years and a 100-seater by 2030, demonstrated the viability of the technology by operating a proving flight of a Piper (single piston) M-Class aircraft refitted with electric engines in July 2020 and hydrogen-powered engines in September 2020.
