Hydrogen-electric powertrain firm ZeroAvia gets backing from American Airlines
American joins three other strategic airline investors in ZeroAvia - IAG, United Airlines and Alaska Airlines.
“Having support from the world’s largest airline is a strong indication of the progress we’re making on the development of hydrogen-electric, zero-emission flight,” commented ZeroAvia Founder and CEO Val Miftakhov in a press release on August 3, 2022.
The partnership involves a memorandum of understanding for up to 100 powertrains for regional jets. ZeroAvia expects its ZA2000-RJ powertrain will enable passengers to fly in zero-emission regional jets as early as the late 2020s. The company’s first product will be the ZA600 powertrain, designed to power 9–19 seat aircraft by 2024.
“Our investment in ZeroAvia’s emerging hydrogen-electric engine technology has the potential to play a key role in the future of sustainable aviation,” said Derek Kerr, American’s Chief Financial Officer. “We are excited to contribute to this industry development and look forward to exploring how these engines can support the future of our airline as we build American Airlines (A1G) (AAL) to thrive forever.”
ZeroAvia said the investment means it now has total funding in excess of $150 million. The deal with American comes just after ZeroAvia raised an additional $30 Million in funding from IAG, Barclays, NEOM & AENU on July 20, 2022.
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