Swedish electric plane startup raises $107 million
The Bill Gates backed hybrid-electric plane maker Heart Aerospace has raised USD 107 million in a Series B funding round, as it looks to decarbonize and democratize air travel.
“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,” said Anders Forslund, co-founder and CEO of Heart Aerospace, in a press release.
“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.”
The company was founded in Gothenburg in 2018. It intends to use the new funds to further build its business and make progress towards type certification of the company’s first aircraft, the ES-30.
The focus in the upcoming year will be on the development of its hybrid-electric powertrain.
The ES-30 is a regional plane 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 planes.
The company plans to start flight testing in 2026 and have type certification in 2028. It already has orders for 250 planes, with options and purchase rights for an additional 120 planes. It also has letters of intent for a further 191 planes.
The new round brings the total financing raised by Heart Aerospace since its inception to USD 145 million.
Among new investors is Sagitta Ventures, a Danish investor focused on early-stage companies. Other investors include Air Canada, the Bill Gates backed Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.
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