Universal Hydrogen this week raised $20.5 million through a Series A funding round to support its plans to convert regional airliners to hydrogen propulsion. The California-based start-up announced the close of the round on April 22 to mark Earth Day, taking total funding to $23.5 million.
The Series A round was led by venture capital group Playground Global alongside an investor syndicate that also involved new and existing backers of new aviation technology companies, including JetBlue Technology Ventures, Toyota AI Ventures, Airbus Ventures, Plug Power, Sojitz Corporation, Fortescue Future Industries, Coatue, Global Founders Capital, and Future Shape. The additional capital will support Universal Hydrogen’s work on a 2 MW fuel cell powertrain that it plans to retrofit in aircraft such as the ATR 42, along with preloaded hydrogen fuel capsules.
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