UK green aviation start-up Ecojet Airlines has appointed Wyvern Partners to lead a £20 million ($25 million) capital raise – enough to satisfy regulatory requirements and enable the launch of operations.
Unveiled in 2023 by green entrepreneur Dale Vince and chief executive Brent Smith, the airline has so far been funded by the former’s Ecotricity business, its largest shareholder.
Flights are due to commence in 2025 from Ecojet’s Edinburgh base, around one year later than originally planned. Although it has yet to specify the routes it plans to fly, these will be made public early next year, the carrier says.
Ecojet says the £20 million “growth financing” will “satisfy the capital requirements” to obtain an air operator certificate (AOC) and operating licence from the UK regulator, while also providing “our working capital to support the business through to positive cashflow.”
In the longer term, Ecojet has an ambition to become “the world’s first zero-emission airline” but it will start operations with a pair of ATR 72-600s burning a blend of conventional and sustainable aviation fuels.
Delivery of the initial pair of aircraft has now been contracted, the airline says.
These will be later followed by smaller 19-seat De Havilland Canada DHC-6 Twin Otters to serve shorter-range routes. Also initially powered by conventional jet fuel or SAF, the twin-turboprops will later be converted to use hydrogen fuel cell powertrains from ZeroAvia through a deal with Monte Aircraft Leasing.
Additionally, Ecojet has signed an agreement with ZeroAvia covering the acquisition of 22 of the higher-power ZA2000 propulsion systems for the conversion of its ATR fleet.
As part of its pre-launch activity, Ecojet says it has secured access to green hydrogen for its future operations.
Ticket sales will begin as soon as the airline receives its AOC. So far, only a small number of pilots and cabin crew have been recruited, with others retained in a “hold pool” ahead of launch.
Ecojet says it will offer scheduled services, contract flights, cargo, and public service obligation contracts.
