Heart Aerospace Raises Over $100 Million Funding

A partner at one of the new investors will also join the Swedish company’s Board of Directors.

If you’re unaware, Heart Aerospace is a Swedish startup that aims to put a hybrid-electric aeroplane in service. The company has announced that it has raised a total of $107 million in Series B funding. That figure bumps the total financial backing bagged by Heart Aerospace since it came into existence to $145 million.

The list of new investors includes Sagitta Ventures, Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines and Y Combinator. As part of the new investment, Ted Persson, partner at EQT Ventures, will join the Board of Directors at Heart Aerospace. He said:

Heart Aerospace is taking decarbonization to the skies and we’re proud to be funding technology that will fundamentally change the aviation industry. 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.

The additional funds will help Heart Aerospace to further bolster its business and push for type certification of its first aeroplane mentioned above – the ES-30. It already has an active application for type certification with the European Union Aviation Safety Agency (EASA). The company says that in the coming year, it will focus on developing the powertrain of 30-seater aircraft. The highlights include lower emissions, reduced noise, and low operating costs on short-haul routes compared to conventionally-fueled aeroplanes.

The ES-30 will feature a Honeywell Flight Control System. Also, the Swedes have partnered with Crane Aerospace & Electronics to cocreate the aeroplane’s Electrical Power Distribution System. Heart Aerospace already has an order book for 250 aircraft, with the options and purchase rights for an additional 120. In addition, the company has letters of intent for 191 planes. One of them is from the US-based charter carrier JSX.

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