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
