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Wed, Feb 07, 2024

Heart Aerospace Nabs $107 Million in Funding

Swedish Hybrid Commuter Raises Series B Funding to Power ES-30 Development

Swedish company Heart Aerospace raised $107 million in a round of Series B funding, further enhancing their aims to bring forth a hybrid electric regional commuter aircraft.

The company intends to build its first prop aircraft, the ES-30. The design fills a sweet spot in terms of feasibility, boasting a pretty doable hybrid powertrain and 4-prop truss-braced high wing design to seat 30 passengers. Unlike so many competitors in the scene trying to make similar performance happen with hydrogen or battery power, a Jet A-burning hybrid is much closer to production out the gate - and investors seem to agree.

All in all, the group has brought out $145 million across its funding rounds, while enhancing its relationships in the industry. Investors in the Heart Aerospace club include Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.

"We couldn't be more excited about this round," said Anders Forslund, co-founder, and CEO of Heart Aerospace. "This investment furthers our mission to decarbonize and democratize air travel. Air travel is globally in its infancy. 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. 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. Moreover, because of the superior economics of electric aircraft over their fossil-fuel counterparts, the ES-30 will bring back service to communities that have lost connectivity and open many new markets. This upcoming year is an exciting one for Heart Aerospace as we prepare to unveil our full-scale aircraft demonstrator."

Riding alongside the announcement is Heart's installation of EQT Ventures partner Ted Persson to its Board.

"As someone said, the stone age didn't end because we ran out of stones and the fossil fuel age won't end because we run out of fossil fuels. Heart Aerospace is taking decarbonization to the skies and we're proud to be funding technology that will fundamentally change the aviation industry," said Ted Persson. "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."

FMI: www.heartaerospace.com

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