HydrogenOne Capital Growth plc (HGEN) and Safran Corporate Ventures have signed definitive agreements for a common investment in Cranfield Aerospace Solutions Ltd (CAeS) as part of more than £10 million funding round.
HGEN is investing a total of £7 million in this funding round. With this purchase of a minority equity stake, each company has the right to a board seat at CAeS.
CAeS is an aerospace market leader in the design and manufacture of new aircraft design concepts, complex modifications to existing aircraft and integration of cutting-edge technologies to meet the most challenging issues facing today’s aerospace industry.
CAeS has refocused the company on Project Fresson, the unlocking of commercial hydrogen-electric propulsion flight. In the early stages, CAeS will focus on the CAA certification of the Britten-Norman Islander passenger aircraft using hydrogen fuel cell power.
Simon Hogan, Chairman of HydrogenOne, said, “This deal demonstrates how HydrogenOne is simultaneously unlocking growth value for investors whilst contributing to the wider ESG agenda.”
Ghislaine Doukhan, CEO of Safran Power Units, said, “This investment and this technological partnership confirm Safran’s strategy in net-zero aviation and contribute to make Safran a competitive actor for the development of fuel cells for aircraft.”
Paul Hutton, CAeS CEO, said, “As we prepare for ground and flight testing, this backing by our investors will enable us to accelerate delivery of our flying demonstrator in 2023 and certified aircraft in 2025.”
AFC Energy launches new hydrogen power generator
AFC Energy has launched its new 10 kW Hydrogen power generator unit, known as the “Power Tower”. Energy launches the Power Tower, an energy dense, highly efficient off-grid power solution designed to displace fossil fuelled generators.
The Power Tower is a stationary 10kW power generator system designed for construction and temporary power applications. Power Towers to be deployed to both ACCIONA and Keltbray for operation by the middle of this year.
Fuel flex capability across both Hydrogen and Methanol fuels (when integrated with a methanol reformer). High fuel efficiency unit built on the energy dense, solid polymer Hybrid Fuel Cell (HFC) platform.
Initially operating on Hydrogen fuel, the Power Tower will be integrated later this year with a Methanol reformer technology to enable a fuel flex approach to customer’s longer term fuelling strategy.