ZeroAvia in a $24.3 million investment round backed by British Airways, Horizons Ventures and existing shareholders.

ZeroAvia, a British manufacturer of zero-emission, hydrogen-fueled airplanes, announced raising fresh funding totalling $24.3 million.

The money was raised from investors including British Airways and Horizons Ventures, joining existing investors in ZeroAvia.

ZeroAvia, founded in 2018 by CEO Val Miftakhov, offers the first practical hydrogen-fueled powertrain technology to replace conventional engines in propeller aircraft resulting in zero-emission and lower noise and dramatically lower fuel and maintenance costs and significant total trip cost reduction.

The company says it aims to launch its hydrogen-powered engine into the commercial market by 2024, with a regional aircraft capable of flying 500 nautical miles (NM (926 kilometers), seating between 10 and 20 passengers. In the future, ZeroAvia plans to develop several aircraft with a variety of range and capacity capabilities, including a more than 200 seat machine, capable of flying more than 5,000 NM (9260 kilometers).

The company raised a total of $53 million in private investment funds, bringing the total funding since the inception of ZeroAvia to $74 million. It announced raising $37.7 million in grants and series A venture money at the end of 2020.