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Air Canada Is Backing Electric Planes

February 1, 2024
x min read

Air Canada is making a move into electric airplanes.

What’s happening:

  • Swedish electric airplane company Heart Aerospace has raised $107M USD in a Series B financing
  • The round saw participation from Air Canada (TSX: AC), Breakthrough Energy Ventures, Lowercarbon Capital, Y Combinator and others

The big idea:

  • Heart Aerospace is developing fully electric aircraft capable of flying short, regional distances without any emissions
  • By focusing on short distance flights, Heart Aerospace is aiming to become a climate friendly and competitively priced alternative to traditional aircraft

By the numbers:

  • Heart Aerospace already has 250 orders for their flagship plane known as ES-30
  • An ES-30 plane will be able to seat 30 passengers and fly 200 kilometres on fully electric battery power

Why it matters:

  • Fully electric airplanes makers have started to attract significant venture capital funding as well as excitement from the public markets, notably with Surf Air going public through a SPAC

Going deeper:

  • Heart Aerospace has a partnership with United States private jet charter company JSX to supply them with their ES-30 airplanes
  • United Airlines (NASDAQ: UAL) also participated in the recent funding round for Heart Aerospace
  • Notably, United Airlines has been investing in multiple types of innovation for the airline space, including sustainable jet fuel

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