Aeroplane maker Heart Aerospace secures $107M in funding

Heart Aerospace, the Gothenburg-based sustainable aeroplane developer, announced on February 1 that it had raised $107 million (€98 million) in a Series B funding round.

Sagitta Ventures, a Denmark-based venture capital which focuses on investing in early-stage businesses, has recently joined as an investor.

The company has also attracted investment from Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.

The new investment contributes to the $145 million (€133 million) that Heart Aerospace has obtained in funding since it began operations.

Anders Forslund, co-founder and CEO of Heart Aerospace, expressed his enthusiasm about the funding, saying, “We couldn’t be more excited about this round. This investment furthers our mission to decarbonize and democratize air travel.”

Heart Aerospace plans to utilize these funds to expand its business and move closer to the type certification — which signifies the airworthiness of an aircraft according to its manufacturing design —of its first hybrid-electric aircraft, the ES-30.

The ES-30 is a 30-seater regional plane that offers substantial reductions in emissions, noise pollution, and operating costs on short-haul routes compared to conventional fueled planes.

The plane is currently undergoing type certification with the European Union Aviation Safety Agency (EASA), making it the only clean-sheet hybrid-electric airplane of its size in active certification.

Reducing emissions with ES-30

Forslund said that the ES-30 aircraft was a crucial step in decoupling aviation growth from emissions, citing its superior economics over fossil-fuel counterparts and its potential to reintroduce air service to disconnected communities and open new markets.

United Airlines Ventures managing director Andrew Chang said that United has been interested in low-carbon technologies, including hybrid-electric aircraft.

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.

Andrew Chang

Chang said, “Once operational, we believe Heart’s ES-30 aircraft have the potential to reduce our carbon footprint, while serving regional markets across the country.”

Similarly, Air Canada’s president and CEO Michael Rousseau mentioned that their investment in Heart Aerospace is a part of their strategy to achieve net-zero emissions by 2050.

Heart Aerospace has already received 250 orders for the ES-30, with options and purchase rights for an additional 120 planes, along with letters of intent for another 191 aircraft units.