Heart Aerospace, a Copenhagen-based company focusing on hybrid-electric airplanes, has successfully raised $107 million in Series B funding from investors including Sagitta Ventures, Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator. The company aims to use the funding to further advance the development and seek type certification for their flagship product, the ES-30. This 30-passenger hybrid-electric airplane is designed to offer a more sustainable and cost-effective solution for short-haul regional flights, with reduced emissions and noise pollution. The funding reflects growing interest and support for Heart Aerospace’s goal to contribute to a more environmentally friendly and accessible future in air travel.
Heart Aerospace is at the forefront of developing hybrid-electric airplanes, aiming to revolutionize air travel with a focus on sustainability. Founded with a commitment to reducing emissions and democratizing aviation, the company’s primary product is the ES-30, a 30-passenger hybrid-electric aircraft designed to address environmental concerns and offer cost-effective solutions for short-haul regional flights. The company is actively pursuing type certification from the European Union Aviation Safety Agency (EASA) for the ES-30. With a vision to contribute to a more environmentally friendly and accessible aviation industry, Heart Aerospace is dedicated to advancing their innovative approach to hybrid-electric aviation.
‘We couldn’t be more excited about this round,” said Anders Forslund, co-founder, and CEO of Heart Aerospace. “This investment furthers our mission to decarbonize and democratize air travel. Air travel is globally its infancy. Billions of people around the world are looking to be connected to this amazing infrastructure over the next decade. Meanwhile, the industry has committed to net zero emissions by 2050. The only way forward is to decouple the tremendous growth in aviation from its emissions, and we believe ES-30 is the first stepping stone. Moreover, because of the superior economics of electric aircraft over their fossil-fuel counterparts, the ES-30 will bring back service to communities that have lost connectivity and open many new markets. This upcoming year is an exciting one for Heart Aerospace as we prepare to unveil our full-scale aircraft demonstrator.”
In addition to announcing new funding, Heart Aerospace said EQT Ventures partner Ted Persson will be joining the company’s Board of Directors.
“As someone said, the stone age didn’t end because we ran out of stones and the fossil fuel age won’t end because we run out of fossil fuels. Heart Aerospace is taking decarbonization to the skies and we’re proud to be funding technology that will fundamentally change the aviation industry,” said Ted Persson. “We believe that sustainable industrial and electrification solutions are not just the future; they are the present, and our investment strategy reflects our unwavering commitment to driving positive change in these critical sectors.”
“Ted brings to Heart Aerospace’s Board a wealth of expertise in product design, user experience, storytelling and branding,” said John Slattery, Chairman of Heart Aerospace’s Board of Directors. “We are delighted to have him on our team.”
Heart Aerospace intends to use the funds to further build its business and make progress toward type certification of the company’s first hybrid-electric airplane, the ES-30. The ES-30 is a regional airplane with a seating capacity of 30 passengers that offers lower emissions, lower noise pollution and lower operating costs on short haul routes than current conventionally fueled airplanes.
The ES-30 is currently the only clean sheet hybrid-electric airplane of its size with an active type certification application with European Union Aviation Safety Agency, EASA. The focus in the upcoming year will be on the development of Heart Aerospace’s hybrid- electric powertrain.
“United’s goal of net zero emissions requires bold solutions and that’s why we’ve invested in a broad portfolio of low-carbon technologies including hybrid-electric aircraft,” said United Airlines Ventures Managing Director Andrew Chang. “Once operational, we believe Heart’s ES-30 aircraft have the potential to reduce our carbon footprint, while serving regional markets across the country.”
“Air Canada has adopted a multi-pronged approach to addressing its ambitious net zero emissions by 2050 climate change goal, from advocating for commercial scaling of Sustainable Aviation Fuels to active investment in a range of revolutionary new technologies. Further to our initial equity position in Heart Aerospace to support the development of the ES-30 hybrid-electric regional aircraft which could be deployed in Air Canada’s regional markets, we recently strengthened our financial investment in Heart Aerospace with an additional US$5 million to advance the ES-30 aircraft towards type certification,” said Michael Rousseau, President & Chief Executive Officer at Air Canada.
Heart Aerospace has 250 orders for the ES-30, with options and purchase rights for an additional 120 planes. The company also has letters of intent for a further 191 airplanes.
Click to read more funding news.
