The round was led by Barclays Climate Ventures, with participation from Breakthrough Energy Ventures, Ecosystem Integrity Fund, Horizons Ventures, Summa Equity, AP Ventures, the National Wealth Fund and the Scottish National Investment Bank.
The funding will allow the firm to continue industrialising its hydrogen fuel cell power and propulsion systems.
In the near-term, Zero Avia plans to focus on defence, unmanned aerial vehicles and early commercial aviation applications.
A key priority is its SuperStack Flex modular fuel cell system, which ZeroAvia is already supplying to defence customers and is positioning as a dual-use platform for both military and civil aviation markets.
With UK Civil Aviation Authority design approval secured in November, the company states it is well-positioned to progress its first certifiable fuel cell systems for aviation.
“The support shown in this investment to power the next phase for the company is a great vote of confidence in the company’s technology and roadmap,” explained Val Miftakhov, founder and CEO of ZeroAvia.
The financing comes as ZeroAvia moves to deliver its EU Innovation Fund-backed programme to deploy 15 hydrogen-electric aircraft in Norway, with operations targeted for 2028.
Never miss a hydrogen headline
Hydrogen moves fast – stay on top of it with our daily and weekly briefings.
- Daily: The top five hydrogen stories, straight to your inbox
- Weekly: The week’s biggest news, features, interviews and analysis
- North American Bulletin: Dedicated coverage of the region’s key hydrogen developments