Swedish hybrid-electric aeroplane maker Heart Aerospace today announced it has raised $107 million in Series B funding, bringing the company’s total financing to $145 million.
Heart Aerospace intends to use the funds to further build its business and progress toward type certification of the company’s first hybrid-electric aeroplane, the ES-30.
The ES-30 is a regional aeroplane that offers lower emissions, noise pollution, and operating costs on short-haul routes than current conventionally fueled aeroplanes.
It will have a fully electric zero-emissions range of 200 kilometres, an extended range of 400 kilometres with 30 passengers and the flexibility to fly up to 800 kilometres with 25 passengers, all including typical airline reserves.
The ES-30 is currently the only clean sheet hybrid-electric aeroplane of its size with an active type certification application with the European Union Aviation Safety Agency, EASA.
The focus in the upcoming year will be on the development of Heart Aerospace’s hybrid-electric powertrain.
According to Anders Forslund, co-founder and CEO of Heart Aerospace:
“Billions of people worldwide are looking to be connected to this amazing infrastructure over the next decade.
Meanwhile, the industry has committed to net zero emissions by 2050.
The only way forward is to decouple the tremendous growth in aviation from its emissions, and we believe ES-30 is the first stepping stone.
Moreover, because of the superior economics of electric aircraft over their fossil-fuel counterparts, the ES-30 will bring back service to communities that have lost connectivity and open many new markets.
This upcoming year is an exciting one for Heart Aerospace as we prepare to unveil our full-scale aircraft demonstrator.”
Heart Aerospace has 250 orders for the ES-30, with options and purchase rights for an additional 120 planes. The company also has letters of intent for 191 more aeroplanes.
Among new investors is Sagitta Ventures, a Danish investor focused on early-stage companies. Other investors include Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lower Carbon Capital, Norrsken VC, United Airlines, and Y Combinator.
In addition to announcing new funding, Heart Aerospace said EQT Ventures partner Ted Persson will join the company’s Board of Directors.
United Airlines Ventures Managing Director Andrew Chang shared:
“United’s goal of net zero emissions requires bold solutions, and that’s why we’ve invested in a broad portfolio of low-carbon technologies, including hybrid-electric aircraft.
Once operational, we believe Heart’s ES-30 aircraft have the potential to reduce our carbon footprint, while serving regional markets across the country.”
According to Michael Rousseau, President & Chief Executive Officer at Air Canada;
“Air Canada has adopted a multi-pronged approach to addressing its ambitious net zero emissions by 2050 climate change goal, from advocating for commercial scaling of Sustainable Aviation Fuels to active investment in a range of revolutionary new technologies.
Further to our initial equity position in Heart Aerospace to support the development of the ES-30 hybrid-electric regional aircraft, which could be deployed in Air Canada’s regional markets, we recently strengthened our financial investment in Heart Aerospace with an additional US$5 million to advance the ES-30 aircraft towards type certification.”