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Universal Hydrogen Secures Additional $62 Million In Financing To Accelerate First Test Flight Of Hydrogen-Powered Regional Aircraft To 2022

Oct 14, 2021•almost 4 years ago

Amount Raised

$62 Million

Los Angeles

Description

Universal Hydrogen Co., the company leading the fight to decarbonize aviation through the adoption of hydrogen as a universal fuel, today announced a funding round yielding $62 million in new capital. New investors in the round include Mitsubishi HC Capital, Tencent, Stratos, GE Aviation, Waltzing Matilda Aviation, Fourth Realm, Hawktail, Marc Benioff’s TIME Ventures, Jeff Wilke, and Spencer Rascoff’s 75 and Sunny Ventures. The company’s prior financing round in April 2021 included Playground Global, Fortescue Future Industries, Coatue, Global Founders Capital, Plug Power, Airbus Ventures, JetBlue Technology Ventures, Toyota Ventures, Sojitz, Future Shape, and Trucks, most of whom also participated in the current round. This brings Universal Hydrogen’s total capital raised to date to $85 million.

Company Information

Company

Universal Hydrogen

Location

Los Angeles, California, United States

About

Universal Hydrogen is making hydrogen-powered commercial flight a near-term reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites to airports around the world. To accelerate market adoption, Universal Hydrogen is also developing a conversion kit to retrofit existing regional airplanes with a hydrogen-electric powertrain compatible with its modular capsule technology.

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