Heart Aerospace Secures $35M Series A Funding & United Airlines Order

Heart Aerospace Secures Major Order and Funding for Electric Aircraft

Swedish electric aviation company, Heart Aerospace, has announced its largest order to date. This includes a commitment for 200 of its pioneering ES-19 electric aircraft from United Airlines and its regional partner, Mesa Air Group.

Investment and Funding Details

Accompanying this substantial order is a $35 million Series A funding round. Bill Gates’ Breakthrough Energy Ventures, United’s venture division, and Mesa Air Group spearheaded the investment. Existing seed investors, including EQT Ventures and Lowercarbon Capital, also contributed to the round.

ES-19 Aircraft Specifications

The ES-19 is designed as a regional aircraft with a 19-passenger capacity. It utilizes battery and electric motor technology, moving away from traditional jet fuel dependency. Heart Aerospace anticipates initial deliveries for commercial service by 2026.

Currently, the aircraft is projected to have a range of up to 250 miles, based on existing battery capabilities. The company’s founder, Anders Forslund, emphasizes an initial focus on shorter-distance routes during the early phases of commercial operation.

Targeted Initial Routes

United Airlines has identified potential routes for the ES-19, including the 118-mile connection between Chicago O’Hare International Airport and Purdue University Airport. Another proposed route is the 74-mile segment between San Francisco International Airport and Modesto City-County Airport.

Prototype Development and Certification

Heart Aerospace has successfully created a full-scale prototype of its electric propulsion system, representing a core element of its technological advancement. However, significant milestones remain before commercial operations can begin.

These include the complete assembly of a full aircraft prototype, rigorous testing procedures, and securing certification from aviation authorities in both the United States and Europe.

Utilizing Funding for System Validation

Anders Forslund explained that the recent funding will be allocated to collaborating with suppliers. This collaboration will focus on validating the safety and dependability of all aircraft systems, including avionics, flight controls, and de-icing mechanisms.

The company is currently engaging with approximately 50 suppliers for these remaining components. Furthermore, Heart Aerospace is constructing a large-scale test facility for the assembly and demonstration of the complete ES-19 prototype.

Leveraging Existing Aviation Infrastructure

Heart Aerospace benefits from a comparatively advantageous position regarding regulatory approval, particularly when contrasted with electric air taxi ventures. This is due to its intention to integrate seamlessly with existing aviation infrastructure, eliminating the need for specialized vertiports.

Beyond the innovative electric propulsion system, the company intends to rely on established technology for other individual systems within the aircraft.

Future Outlook and United’s Investment

Forslund affirmed that the 2026 launch target is a shared objective. Suppliers and certifying authorities are actively working towards this timeline.

Final assembly of at least a portion of the aircraft is likely to occur in North America to support orders from companies within those regions, according to Forslund.

United Airlines’ Broader Electric Aviation Strategy

This agreement with Heart Aerospace represents the latest investment by United Airlines in electric aviation technology. In February, the airline committed to a $1 billion order and invested in Archer Aviation, an air taxi startup. (The financial specifics of United’s order with Heart Aerospace were not disclosed.)

Both the Archer and Heart orders are contingent upon meeting specific safety and operational benchmarks. Both companies are still several years away from entering the market. These investments signal a significant shift in the aviation industry towards lower- and zero-emission technologies.

Potential Revitalization of Regional Air Travel

The deal could also stimulate renewed interest in the 19-seat aircraft market, which has experienced a decline in recent decades. Over the past 30 years, more than 1,500 of these aircraft have been retired due to unfavorable profitability. Regional air travel in the U.S. has also decreased since the 1990s.

Economic Advantages of Electric Propulsion

Heart Aerospace argues that smaller conventional planes are becoming less economically viable when the cost of engine ownership is comparable for both 19- and 70-seater aircraft. The company believes its electric aircraft will alter this dynamic.

Heart claims the ES-19’s electric motor is 20 times less expensive than a comparable turboprop engine, and maintenance costs will be reduced by a factor of 100.

Company History and Growth

Founded in 2018, Heart Aerospace originated as a research project from Chalmers University of Technology in Gothenburg, Sweden. The company participated in Y Combinator’s winter 2019 program after securing $2.2 million in seed funding in May of that year.

Heart Aerospace has expanded to a team of approximately fifty employees and continues to demonstrate strong growth.

Focus on Practicality and Reliability

“Aviation is difficult, and we want to build a plane that doesn’t reinvent the wheel,” stated Forslund. “We’re just focusing on building an aircraft that’s electric, that’s safe, that’s efficient, and that’s reliable – something that airlines can find profitable in operating.”

This article has been updated to include additional details regarding Heart’s early commercial operations and an expanded quote from Forslund.