Green Aviation Startups Face a Funding Crisis
Photo Credit: Maeve Aerospace was developing a hybrid electric aircraft. Maeve
Skift Take
The electric and hybrid plane dream is alive, but the funding model that gets it there still needs to be figured out.
Two setbacks this week signal a difficult moment for the startups trying to build the next generation of cleaner aircraft.
Netherlands-based hybrid-electric plane developer Maeve Aerospace declared bankruptcy, a blow to Delta Air Lines, SkyWest, and Japan Airlines, all of which had backed the company's flagship regional jet. And Val Miftakhov, the CEO of ZeroAvia, stepped down from the role he has held since founding the hydrogen-electric aircraft developer in 2017.
Both companies are developing aircraft that move away from conventional jet engines, whether through hydrogen power or hybrid-electric systems that blend conventional fuel with electric motors to burn less fuel.
The airline industry committed to reaching net-zero carbon emissions by 2050, a target endorsed by airlines, manufacturers, and airports through the International Air Transport Association. Achieving it requires a combination of approaches:
Scaling
