Investors have shown confidence in Aviation H2’s plans to build Australia’s first hydrogen powered-plane through oversubscribed capital raise.
Hydrogen offers the first true pathway to decarbonise the aviation sector. Aviation H2 is looking to achieve its goal by developing a method for converting a traditional aircraft into a hydrogen-fuelled plane, allowing potential customers to modify existing aircraft rather than investing in an entirely new fleet.
Aviation H2 is currently testing various options for carbon-free flight and will present the most commercially viable option to its board in mid-March. They expect to have a plane in the sky within the next 18 months.
While batteries are certainly viable in propeller-driven planes, they don’t even come into consideration for long-range flights. Barring any major technological breakthroughs, batteries are too heavy for long-range aircraft, which implies that green hydrogen is the only viable option for zero emissions, long-distance. There’s still some work required before hydrogen is a viable option.
Hy24, Mirova, CDPQ and Technip invest in Hy2gen AG
Hy2gen AG has announced the successful completion of a €200 million investment round. The capital will be used to construct facilities in several geographies, including Europe, producing green hydrogen-based fuels (e-fuels) for maritime and ground transport, aviation and industrial applications.
The investment is led by Hy24 together with Mirova, CDPQ and strategic investor Technip Energies.
Hy2gen, founded in 2017, is a pioneer in the electrolysis of green hydrogen and its derivatives. The company is one of the leading players in the green hydrogen industry, with 880MW in planning and construction and a further 12GW of projects in development.