https://sputnikglobe.com/20201217/bill-gates-microsoft-and-jeff-bezos-amazon-team-up-to-fund-hydrogen-airplane-start-up-1081488841.html
Bill Gates' Microsoft and Jeff Bezos' Amazon Team up to Fund Hydrogen Airplane Start-up
Bill Gates' Microsoft and Jeff Bezos' Amazon Team up to Fund Hydrogen Airplane Start-up
Sputnik International
Both Bill Gates and Jeff Bezos are well known for investing in environmental initiatives and the development of sustainable technologies. Among the top... 17.12.2020, Sputnik International
2020-12-17T09:48+0000
2020-12-17T09:48+0000
2022-11-03T19:31+0000
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newsfeed, society, bill gates, jeff bezos, environment, microsoft
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Bill Gates' Microsoft and Jeff Bezos' Amazon Team up to Fund Hydrogen Airplane Start-up
09:48 GMT 17.12.2020 (Updated: 19:31 GMT 03.11.2022) Both Bill Gates and Jeff Bezos are well known for investing in environmental initiatives and the development of sustainable technologies. Among the top priorities for the investors are global greenhouse gas emissions, which have increased by an average of 1.4 percent annually since 2010.
American start-up ZeroAvia has announced it has raised $21.4 million in series A funding from investors. Among the investors are Microsoft’s Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund.
The company, which is developing a hydrogen fuel cell powertrain, was founded in 2017 by Russian-born cleantech entrepreneur Val Miftakhov, who previously was the CEO of electric vehicle infrastructure company eMotorWerks.
ZeroAvia pledges to enable zero-emission air travel at scale with 500-mile short-haul trips, according to their official website. Earlier this week, the company, which is considered to be one of the leading innovators in decarbonising commercial aviation, raised $16.3 million in government funding provided by the United Kingdom.
“This project is instrumental for delivering a market-ready hydrogen-powered solution for 2023 that makes passenger-ready zero carbon aviation a reality”, Miftakhov said in a press release on Wednesday.
As for the $21.4 million investment, the greatest share of it will cover the cost of the development of the company’s start-up for converting hydrogen into electricity to power an airplane engine. The company is planning to commercialise its technology by 2023, enabling the first hydrogen-powered 20-seat airplanes to fly up to 500 miles.