Scottish National Investment Bank has joined an investment round for advanced propulsion specialist ZeroAvia, with a £20 million ($26 million) commitment to take the overall figure to $150 million.
ZeroAvia says the Series C investment “accelerates progress” towards certification of its hydrogen-electric powertrains.
The company has been flight-testing its ZA600 engine on a Dornier 228 platform and is applying for certification from the UK civil aviation regulator.
Scottish National Investment Bank’s investment is its first in hydrogen-based technology, says ZeroAvia which adds that it is looking to create a manufacturing facility in Scotland.
The bank, established in 2020, operates independently from the Scottish government although it is owned by Scottish government ministers.
Investment director Robin Tayal says the bank is “particularly encouraged” by the potential of ZeroAvia’s technology to provide sustainable connectivity in the Highlands and Islands region of Scotland.
ZeroAvia chief Val Miftakhov says the bank is an “ideal partner” and joins an “exceptionally strong” financing round which also includes such companies as IAG and American Airlines.
“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,” he adds.
