Heart Aerospace secures $107m for hybrid-electric airplane development
In an unprecedented move signaling a major advancement in the aviation sector, Swedish hybrid-electric airplane manufacturer Heart Aerospace announced a colossal $107 million in Series B funding. This critical injection of capital marks a pivotal moment for sustainable regional air travel, bringing the company’s total financing to a staggering $145 million since its inception. The funding round attracted a diverse group of investors, including new participant Sagitta Ventures, a Danish firm concentrating on early-stage ventures, alongside notable entities such as Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.
Anders Forslund, co-founder and CEO of Heart Aerospace, expressed his enthusiasm for the funding, highlighting its significance in propelling the company’s mission to decarbonize and democratize air travel. Forslund underscored the industry’s commitment to achieving net-zero emissions by 2050, emphasizing the indispensable role of the ES-30, Heart Aerospace’s flagship hybrid-electric airplane, in this endeavor. The ES-30 is poised to redefine aviation economics, offering a sustainable alternative that promises to reconnect underserved communities and forge new markets.
Sustainable Aviation Takes Flight: Heart Aerospace Raises Series B Funding. Photo courtesy of PRNewsfoto/Cision Sverige AB.
The funding announcement coincided with the news that EQT Ventures partner Ted Persson will join Heart Aerospace’s Board of Directors. Persson’s expertise in product design, user experience, storytelling, and branding is expected to significantly contribute to the company’s strategic direction. John Slattery, Chairman of Heart Aerospace’s Board of Directors, welcomed Persson’s addition, anticipating the valuable perspective he will bring to the team.
Heart Aerospace intends to allocate the newly acquired funds towards advancing its business operations and propelling the ES-30 towards type certification. The ES-30 stands out as the only aircraft of its size in the process of obtaining type certification from the European Union Aviation Safety Agency (EASA) for its clean sheet hybrid-electric design. This initiative underscores the company’s commitment to developing a hybrid-electric powertrain that promises lower emissions, reduced noise pollution, and decreased operating costs for short haul routes.
The initiative has garnered substantial support from industry giants such as United Airlines and Air Canada, both of which have made significant investments in Heart Aerospace. United Airlines Ventures Managing Director Andrew Chang praised the potential of the ES-30 to diminish carbon footprints and serve regional markets efficiently. Similarly, Air Canada’s President & CEO, Michael Rousseau, reaffirmed the airline’s commitment to achieving net-zero emissions by 2050 through strategic investments in innovative technologies like the ES-30.
Heart Aerospace has already secured 250 orders for the ES-30, with options and purchase rights for an additional 120 planes, alongside letters of intent for 191 more aircraft. This strong market interest reflects the aviation industry’s readiness to embrace sustainable solutions and Heart Aerospace’s leading role in this transformation.
The substantial Series B funding of Heart Aerospace is a testament to the growing importance of sustainability in aviation. By focusing on hybrid-electric technology, Heart Aerospace is not only aiming to reduce the environmental impact of air travel but also to enhance the accessibility and efficiency of regional transportation. The ES-30’s development represents a significant step forward in achieving the aviation industry’s net-zero emissions goal, illustrating the potential for innovative technology to drive meaningful change.