Saudi Arabia's flagship business zone NEOM participated in Series B fund funding round of ZeroAvia, a US-UK start-up developing hydrogen-electric, zero-emission aviation technologies.
NEOM joined Barclays Sustainable Impact Capital, AENU, and International Airlines Group (IAG) to invest $30 million in ZeroAvia to bring its Series B fund raising round to $68 million, the company said in a press statement.
“Aviation will be instrumental in supporting our work to deliver a zero-carbon city and we envision hydrogen-electric aircraft connecting NEOM to regional destinations and via zero-emissions flight. The airport from NEOM Bay, for example a flight to Cairo, would be well within range of a 20-seat turboprop aircraft powered by ZeroAvia’s hydrogen fuel cell engines by the end of the decade.” - NEOM Airport CEO John Seldon
ZeroAvia counts three major airline groups - IAG, United Airlines and Alaska Airlines - as strategic investors.
Read the full story at Zawya