ZeroAvia | September 21, 2023
ZeroAvia today announced that Airbus, Barclays Sustainable Impact Capital and NEOM have co-led the company's latest financing round.
Breakthrough Energy Ventures, Horizons Ventures, Alaska Airlines, Ecosystem Integrity Fund, Summa Equity, AP Ventures and Amazon Climate Pledge Fund have also participated in the investment.
This investment will enable ZeroAvia to accelerate progress towards certification of its first engine as well as delivering the company's mission of a hydrogen-electric engine in every aircraft.
In conjunction with the investment, Airbus and ZeroAvia have agreed to collaborate on certification approaches for hydrogen power systems. The companies also intend to work together on a number of critical technical areas, including liquid hydrogen fuel storage, flight and ground testing of fuel cell propulsion systems, and development of hydrogen refueling infrastructure and operations.
ZeroAvia is pursuing hydrogen-electric propulsion systems as the most environmentally friendly and economically attractive solution to aviation's growing climate change impact. The company's hydrogen-electric engines use hydrogen in fuel cells to generate electricity, which is then used to power electric motors to turn the aircraft's propellers, with the only byproduct during flight being water.
Airbus is a global leader in fostering alternative propulsion using hydrogen. Fuel cell systems are an important part of its ZEROe aircraft concepts program, designed to deliver low-carbon emission airframes of various sizes. The industry major has recently ground tested a hydrogen engine concept at 1.2 MW power.
The investment will support ZeroAvia's continued growth and technology development, most notably progressing its first product – ZA600 - through to certification. ZeroAvia recently completed the first stage of flight testing of the prototype ZA600 and is moving to complete design work ahead of certification, targeting 2025 entry-in-service to support up to 20 seat aircraft.
The funding will also enable ZeroAvia to continue to progress its larger engine program - the ZA2000, a 2-5.4 MW modular powertrain designed to support larger commercial aircraft applications. The company is working on retrofitting a Dash 8 400 76-seat testbed demonstrator provided by Alaska Airlines, with a view to first flight testing with a full size engine in 2024. The investment will help ZeroAvia extend the leadership it has established across core in-house technologies for multi-MW class hydrogen-electric engines, including high temperature PEM (HTPEM) fuel cells, advanced electric motors and power electronics, and onboard liquid hydrogen fuel storage.
Val Miftakhov, Founder and CEO, ZeroAvia, said: "Anybody following the development of hydrogen aviation - and its potential to transform the industry - will see this investment as a positive step. Airbus has led the way with its zero-emission vision and its commitment to extensive R&D programs. For ZeroAvia to now have investors such as Airbus coming on board is the strongest possible validation of the prospects for hydrogen-electric propulsion technology."
"ZeroAvia has already been successful in flight testing fuel cell propulsion, and hydrogen storage and distribution systems on board their Do-228 flight test platform which puts them in a strong position to take their technologies to the next phase of development," said Glenn Llewellyn, Airbus Vice President ZEROe aircraft. "In addition, ZeroAvia is supporting the development of a wider hydrogen ecosystem for aviation - technologies, decarbonised hydrogen supply and certification of hydrogen propulsion systems - which all complement well with our own ambition to bring a ZEROe hydrogen powered aircraft to service by 2035."
Andy Challis, Co-Head of Principal Investments, Barclays, said: "Replacing fossil fuels with green hydrogen has been identified as a key decarbonisation pathway for hard to abate sectors, such as aviation. Our Sustainable Impact Capital portfolio is one of many ways which Barclays is supporting green-tech companies to innovate and scale, recognising that doing so at speed is crucial for a timely transition to net zero. ZeroAvia has shown that with ambition, technological innovation and the right support from both the public and private sector, it is possible to scale and implement such hydrogen technologies at pace, as evidenced by the ZA600 moving ever closer to commercial flight. We're delighted to be making a follow-on investment and look forward to seeing ZeroAvia continuing to drive change in the aviation sector."
Majid Mufti, Managing Director NEOM Investment Fund, said: "At NEOM, we are committed to identifying and implementing sustainable solutions that pave the way for a greener future. Our focus on maximizing renewable energy sources and fostering innovation in alternative fuel systems aligns with ZeroAvia's pioneering efforts in hydrogen-electric propulsion technology. Developing a green hydrogen future is central to NEOM's mission, and participating in this venture with ZeroAvia was a natural choice for us. We look forward to working closely with the company and contributing significantly to reaching that future."
ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation as the initially targeting a 300-mile range in 9–19 seat aircraft by the end of 2025, and up to 700-mile range in 40–80 seat aircraft by 2027. Based in the US and the UK, ZeroAvia has already secured experimental certificates for its three prototype aircraft from the CAA and FAA, passed significant flight test milestones, secured a number of key partnerships with major aircraft OEMs, secured pre-orders for nearly 2,000 engines from a number of the major global airlines, with future revenue potential over $10bn. ZeroAvia is part of the UK Government's Jet Zero Council.
Airbus is a global leader in aeronautics, space and related services. In 2022 it generated revenues of € 58.76 billion and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world's leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.
About Barclays Sustainable Impact Capital
As part of the firm's broader commitments, Barclays will invest £500m of its own capital, led by the Principal Investments team, in fast-growing, innovative, environmentally-focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement. Investments will be strategic to Barclays, its clients and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns.
NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.
prnewswire | September 12, 2023
Eviation Aircraft, a manufacturer of all-electric aircraft, today announced that Solyu, a leasing company based in Seoul, South Korea, has signed a Letter of Intent (LOI) for 25 commuter Alice aircraft with options for 25 additional aircraft. Solyu is focused on supporting sustainable aviation by providing financing and leasing solutions for the Alice to a global customer base of operators.
Leading the Electric Age of Aviation
The nine-passenger Eviation Alice is the world's first flight-proven all-electric commuter aircraft. Built from a clean-sheet design integrating magniX's industry-leading electric propulsion system, Alice produces zero carbon emissions and features lower operating costs per flight hour compared to light jets or high-end turboprops – thereby providing the opportunity to activate more routes, improving the convenience of air travel.
"Solyu's order is a testament to how lessors are embracing Alice as the future of flight," said Eddie Jaisaree, Vice President, Commercial Sales at Eviation. "The leasing community is an important constituent in bringing about sustainable change in the aviation industry. It is exciting to see a forward-thinking company such as Solyu recognizing Alice's zero carbon technology, economic viability and beautiful design."
"We are very excited to work with Eviation to bring sustainable aviation to the market," said Andrew Claerbout, President of Solyu. "With aviation regulations focusing on sustainability and airlines demanding to reduce their carbon footprint, we see Alice as a major contributor to meeting those targets. In addition to its zero emissions, Alice's flexible layout and low operating costs will provide operators opportunities to open new markets."
"As we continue to take important steps toward certification, Alice has now secured US$ 5 billion in orders," said Gregory Davis, CEO of Eviation. "It is gratifying to see the marketplace so excited about Alice's innovative design, low cost of operation and environmental credentials. We are delighted to have Solyu, our newest leasing customer, join us in our mission to lead the electric age of aviation."
About Eviation Aircraft
Based in Washington State, U.S., Eviation Aircraft Inc. develops and manufactures electric aircraft to delight operators and passengers with green, cost efficient and convenient regional transportation. Its electric propulsion units, high-energy-density batteries, mission-driven energy management, and innovative airframe are designed from the ground up for electric flight. Please visit us at www.eviation.com.
Based in Seoul, South Korea, Solyu is a lessor focused on providing customers with the newest technology, zero emissions aircraft. The team at Solyu is highly experienced with decades of global experience in aircraft leasing and finance.
PR Newswire | August 25, 2023
Boom Supersonic, the company building the world's fastest airliner, Overture, today announced it has completed several key milestones for XB-1, Boom's technology demonstrator aircraft. XB-1 leverages 60 years of progress in airplane technologies like carbon fiber composites, advanced avionics, and digitally-optimized aerodynamics to enable sustainable supersonic travel.
Earlier this year, XB-1 was moved from the company's hangar in Centennial, Colorado to the Mojave Air & Space Port in Mojave, California to continue preparations for flight. The aircraft has undergone extensive ground testing since arriving, including taxi testing this week.
"The recent progress made towards XB-1's first flight reflects the team's collective efforts to build and safely fly the world's first independently developed supersonic jet," said Blake Scholl, Boom Supersonic's founder and CEO.
In addition to the ongoing testing, XB-1 recently received an experimental airworthiness certificate from the Federal Aviation Administration (FAA), following a detailed aircraft inspection. Boom has also secured letters of authorization to allow Chief Test Pilot Bill "Doc" Shoemaker and test pilot Tristan "Gepetto" Brandenburg to fly XB-1. Additionally, letters of agreement with airspace authorities are in place allowing for flights of the aircraft over the Mojave desert. XB-1's historic first flight will occur in the same airspace where Captain Charles "Chuck" Yeager first broke the sound barrier in the Bell X-1 and the Mach 3+, strategic reconnaissance SR-71 "Blackbird" first flew in 1964.
XB-1 has provided the company with valuable learnings, including the development of a robust safety culture. In preparation for flight, Boom's test pilots have completed hundreds of hours in the simulator for aircraft evaluation, operations development, training, and human factors assessments to achieve the highest levels of safety. The test pilots also maintain flight proficiency in a T-38 trainer aircraft, the same aircraft that will be used as a chase plane for all flight tests of XB-1. To further increase safety, the test pilots will use the T-38 to practice formation flying.
"It's fitting that XB-1 is now progressing toward first flight at the Mojave Air & Space Port, home to more than 50 first flights and other significant aviation events," said Bill "Doc" Shoemaker, Chief Test Pilot for Boom Supersonic. "I'm looking forward to flying XB-1 here, building on the achievements of other talented engineers and pilots who inspire us every day to make supersonic travel mainstream."
XB-1 features a carbon composite and titanium fuselage measuring 71 feet in length. Its ogive (modified delta) wing enables safe operation at takeoff and landing as well as supersonic speeds. The three General Electric J85 engines that power XB-1 produce a combined maximum thrust of 12,300 pounds of force (lbf).
The supersonic demonstrator aircraft rolled out of Boom's hangar in Centennial, Colorado in October 2020. Since then, rigorous testing of all of XB-1's internal subsystems has been completed. Upgraded landing gear and supersonic engine intakes were also installed on XB-1, both of which increase performance and safety.
Across its development, XB-1 has validated Boom's approach to airplane design and enabled engineers to leverage advanced tools like computational fluid dynamics (CFD) which are critical components of Overture's development. Overture is the sustainable supersonic airliner from Boom that will fly at Mach 1.7, or about twice the speed of today's fastest airliners, and is designed to run on 100% sustainable aviation fuel (SAF).
About Boom Supersonic
Boom Supersonic is transforming air travel with Overture, the world's fastest airliner, optimized for speed, safety, and sustainability. Serving both civil and government markets, Overture will fly at twice the speed of today's airliners and is designed to run on 100% sustainable aviation fuel (SAF). The company has secured SAF offtake agreements from Dimensional Energy and AIR COMPANY, bringing its total to 10 million gallons of SAF per year for Overture's net zero carbon flight test program. Overture's order book, including orders and pre-orders from American Airlines, United Airlines, and Japan Airlines stands at 130 aircraft. Boom is working with Northrop Grumman for government and defense applications of Overture. Suppliers and partners collaborating with Boom on the Overture program include Aernnova, Leonardo, Aciturri, Safran Landing Systems, Eaton, Collins Aerospace, and the United States Air Force.