ZeroAvia, a leader in zero-emission passenger aircraft, today announced an Aircraft and Infrastructure financing collaboration with Rose Cay GP, LLP (“Rose Cay”), a US-based real asset special situations investment platform.
Alex J. Parker, Managing Partner at Rose Cay, said: “Rose Cay is committed to the Energy Transition and development of a sustainable, zero-emission airline industry. Rose Cay is uniquely poised to leverage both our experience in infrastructure investments as well as aircraft financing to enable ZeroAvia to deliver its hydrogen-electric technology. By converting existing aircraft, we can minimize lifecycle environmental impacts, while concurrently accelerating zero-emission hydrogen aircraft entry into service. We are delighted to work with ZeroAvia for the long term, as a leader in the development of zero-emission aircraft.”
Rose Cay and ZeroAvia plan to bring to market zero-emission aircraft to operators worldwide. Rose Cay would provide the capital to fund aircraft acquisition, ZeroAvia hydrogen-electric powertrain systems, and conversion costs for lease customers. Together with ZeroAvia, Rose Cay also intends to develop airport infrastructure projects, with committed offtake agreements, to ensure hydrogen availability.
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Val Miftakhov, CEO and founder, ZeroAvia said: “Working with Rose Cay will help us deliver zero-emission aircraft to market in the shortest time frame. By acquiring, converting and leasing, stored available aircraft we can ensure operators can take advantage of our zero-emission powertrain technology without having to wait for new aircraft to be built. In addition, having Rose Cay supporting infrastructure projects ensures we can deliver a robust in-service support network”
Recently, ZeroAvia also successfully ground-tested its 600kW powertrain capable of flying airframes 10-20 seats in size 500 miles, in a 19-seat aircraft at Cotswold Airport in the UK, with flight testing planned over the coming months. Concurrently, ZeroAvia is also moving to full-size prototype manufacturing of its ZA2000 - an engine family capable of producing between 2,000 and 5,000 kilowatts of power to support up to 90 seat aircraft over 500 nautical miles - for flight testing demonstrations starting in 2023.
HyFlyer II is part-funded by the ATI Programme, which is supported by the UK’s Aerospace Technology Institute, Innovate UK and the Department for Business, Energy and Industrial Strategy.
In late October 2021, ZeroAvia and Rotterdam The Hague Airport (RTHA) announced a partnership with the aim of establishing the world’s first hydrogen-electric international passenger route, using 19-seat aircraft such as HAL’s 228.
Date: Nov 10, 2021
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