Original Press Release on PR Newswire, posted on November 9, 2021
ZeroAvia, a pioneering company in zero-emission aviation, has teamed up with Rose Cay GP, LLP, an investment platform specializing in real assets, to finance the development and deployment of hydrogen-electric powered aircraft. This partnership aims to fast-track the introduction of zero-emission planes by leveraging Rose Cay's investment in aircraft and infrastructure, alongside ZeroAvia's innovative hydrogen-electric powertrain technology.
Alex J. Parker, Managing Partner at Rose Cay, emphasized the firm's commitment to a sustainable airline industry, stating, "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."
The collaboration will focus on acquiring and converting existing aircraft to use ZeroAvia's zero-emission technology, ensuring a quicker market introduction. Val Miftakhov, CEO and founder of ZeroAvia, highlighted the benefits of this approach: "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."
ZeroAvia has made significant progress, recently conducting successful ground tests of its 600kW powertrain on a 19-seat aircraft and moving towards full-size prototype manufacturing of its ZA2000 engine family, set for flight testing in 2023.
About ZeroAvia
ZeroAvia is a leader in zero-emission aviation, focused on hydrogen-electric aviation solutions to address a variety of markets, initially targeting 500 mile range in 9-19 seat aircraft used for commercial passenger transport, cargo, agriculture, and more. Based in the UK and USA, ZeroAvia has already secured experimental certificates for two prototype aircraft from the CAA and FAA, passed significant flight test milestones, and is on track for commercial operations in 2024 for its 600kW engines, and 2026 for its 2,000-5,000kW engine platform. The company's expanding UK operations are supported by grants from UK's Aerospace Technology Institute and Innovate UK, and ZeroAvia is part of the UK Prime Minister's Jet Zero Council. For more information, please visit ZeroAvia.com and follow @ZeroAvia on Twitter, Instagram, and LinkedIn.
About Rose Cay
Rose Cay GP, LLC ("Rose Cay") is a real asset special situations investment platform. Rose Cay targets opportunities across forward looking sectors that are poised for growth and offers a stable credit profile. Investments seek to leverage best-in-class ESG compliance, global trends, technology, and core assets to deliver long-term value.