Swedish hybrid-electric airplane manufacturer, Heart Aerospace, marked a significant stride toward sustainable regional air travel with the announcement of $107m raised in Series B funding.

The latest funding round elevates Heart Aerospace’s total financing since inception to $145m, signifying growing confidence in the company’s mission.

Among the key investors in this round is Sagitta Ventures, a Danish investor specialising in early-stage companies. Noteworthy existing investors include Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, United Airlines, and Y Combinator.

Heart Aerospace co-founder and CEO Anders Forslund said: “This investment furthers our mission to decarbonise and democratise air travel. Air travel is globally 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.”

In addition to unveiling the new funding, Heart Aerospace revealed that Ted Persson, a partner at EQT Ventures, will join the company’s board of directors, adding valuable expertise to guide its strategic direction.

Persson said: “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 decarbonisation 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 infusion of funds will fuel Heart Aerospace’s expansion efforts and propel advancements toward securing type certification for its inaugural hybrid-electric airplane, the ES-30.

Designed for regional travel with a seating capacity of 30 passengers, the ES-30 promises reduced emissions, lower noise pollution, and enhanced cost-effectiveness on short-haul routes compared to conventional aircraft.

A distinguishing feature of the ES-30 is its status as the sole clean-sheet hybrid-electric airplane of its size with an active type certification application with the European Union Aviation Safety Agency, EASA. The company’s focus in the upcoming year will centre on advancing the development of Heart Aerospace’s hybrid-electric powertrain.

Heart Aerospace has already secured 250 orders for the ES-30, with options and purchase rights for an additional 120 planes. Additionally, the company has garnered letters of intent for an additional 191 airplanes, indicating strong market demand for its innovative and eco-friendly aircraft solutions.