Planned to take to the skies in 2023, H2 View understands the firm will use the funds to build test beds to convert trial engines to run on hydrogen, allowing it to find the optimal conversion method.
Fundraising is set to take place via the online trading platform PrimaryMarkets, the transaction overview states Aviation H2 hope to raise A$2.5m ($1.74m) at A$0.06 ($0.042) per share with an opportunity to go to initial public offering (IPO) in quarter 4 of 2023.
The PrimaryMarkets website says the capital raised will fund the purchase of a jet engine, modify and ground test combustion, operational costs of engineering design house and use of the FalconAir hanger, and general working capital requirements.
In 2021, Aviation H2 revealed it had put together an engineering team to enable the use of its hydrogen-fuelled plane, with the firm having said, with its goals, Australia could become a leading nation in the sphere of hydrogen aviation.
Read more: Aviation H2 to build Australia’s first hydrogen-powered plan by 2022
The soaring twenties: The decade hydrogen aviation will take-off
An exclusive column for H2 View from Val Miftakhov, CEO of ZeroAvia.
Excitement has been building for some time across industries, governments and media about the potential for hydrogen to decarbonise where other technologies cannot. Hard-to-abate sectors, like aviation, are seen as particular sweet spots. But the accepted wisdom seems to have set the middle of next decade as the target date. That’s a long wait.
This is particularly frustrating because we can’t afford to wait 12 or 13 years to start making meaningful in-roads into aviation’s greenhouse gas (GHG) emissions, particularly given the industry’s demand growth. It’s also a drastic underestimation as to how soon hydrogen will become a significant fuel in use for moving passengers and cargo in the skies.
There are some clear reasons why people should reconsider their horizons on hydrogen aviation, particularly hydrogen-electric (which uses fuel cells to power electric motors, as opposed to traditional combustion).
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