• EV Tech Insider
  • Posts
  • Heart Aerospace raises $107 million in Series B funding

Heart Aerospace raises $107 million in Series B funding

February 07, 2024

Heart Aerospace, a Swedish hybrid-electric airplane manufacturer, has announced a successful Series B funding round, raising a total of $107 million.

This brings the total financing to $145 million since its inception. The funds will be used to further develop the company’s progress towards type certification of their first hybrid-electric airplane, the ES-30.

The ES-30 is a regional airplane with a seating capacity of 30 passengers. It 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 the European Union Aviation Safety Agency (EASA). The focus in the upcoming year will be on the development of Heart Aerospace’s hybrid-electric powertrain.

Heart Aerospace has received 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.

Among the new investors in this funding round are Sagitta Ventures, Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator. In addition to the funding announcement, Heart Aerospace also revealed that EQT Ventures partner Ted Persson will be joining the company’s Board of Directors.