PARIS, FRANCE: HydrogenOne Capital Growth plc and Safran Corporate Ventures have signed definitive agreements for a common funding in Cranfield Aerospace Solutions Ltd (CAeS) as a half of a greater than £10m funding round.
HGEN is investing a complete of £7m on this funding round. With this buy of a minority fairness stake, every firm has the proper to a board seat at CAeS.
CAeS is an aerospace market chief within the design and manufacture of new plane design concepts, complex modifications to existing plane and integration of cutting-edge applied sciences to meet the most difficult points facing the aerospace industry today. CAeS has refocused the corporate on Project Fresson the unlocking of commercial hydrogen-electric propulsion flight. In the early stages, CAeS will focus on CAA certification of the Britten-Norman Islander passenger plane utilizing hydrogen fuel cell power.
In parallel with its investment, Safran will work with CAeS spanning the space of hydrogen fuel cell powered electrical propulsion for aviation.
Simon Hogan, Chairman of HydrogenOne said “Today is an important second for us because the profitable decarbonisation of flight is an crucial so as to attain ‘net zero’. We believe that Cranfield Aerospace has the team and the technique to facilitate clear flight through the application of technology and innovation. This deal demonstrates how HydrogenOne is concurrently unlocking growth worth for investors, while contributing to the broader ESG agenda.”
“This funding and this technological partnership confirm Safran’s technique in net zero aviation and contribute to make Safran a aggressive actor for the event of fuel cells for aircraft”, commented Ghislaine Doukhan, CEO of Safran Power Units
Paul Hutton, CAeS CEO said “”we are very excited to welcome our new investors, HydrogenOne and Safran, on our journey to realise the world’s first fully licensed zero-emissions passenger carrying flights. As we put together for floor and flight testing this backing by our investors will allow us to speed up supply of our flying demonstrator in 2023 and licensed plane in 2025.”
CAeS has 90+ staff and is one of only a few aerospace SMEs globally to have each whole plane design capability, and to carry a vary of regulatory approvals for the design and manufacture of modifications to existing aircraft. CAeS is a long-established plane firm with a client base that has included Boeing, Airbus, and Rolls Royce (amongst others). The 9-seat hydrogen fuel cell powered Britten-Norman Islander plane is anticipated to be available from 2025 constructing on the technology flying demonstrator which has been supported to date by the UK Government through an ATI Grant.
www.cranfieldaerospace.com