ZeroAvia has secured a further $24.3 million (£17.6m) in a third funding round from investors, including Bill Gates’ Breakthrough Energy and Royal Dutch Shell.
The fresh cash will enable the company to put its hydrogen-electric powertrain onto the market as early as 2024.
The firm will initially develop an aircraft with 500-mile range that could carry up to 20 passengers and could be used for commercial passenger transport, package delivery and agriculture.
After that development, ZeroAvia will start developing a 50-seat commercial jet.
Val Miftakhov, Chief Executive Officer and Founder of ZeroAvia, said: “This new funding, in conjunction with our other recent milestones, will significantly accelerate our path to zero-emission solutions for larger regional aircraft at a commercial scale.”
Sean Doyle, British Airways’ Chief Executive Officer, said: “Innovative zero-emissions technology is advancing fast, and we support the development of hydrogen as an alternative fuel source because we believe it has the potential to enable us to reach true zero emissions on short-haul routes by 2050.”