The Future of Advanced Air Mobility

Heart Raises a Further $107 Million for ES-30 Hybrid-electric Airliner

Heart Aerospace has significantly boosted its war chest to develop the 30-seat hybrid-electric ES-30 airliner by closing a Series B funding round that raised $107 million. On February 1, the Swedish company announced that the round had increased its total funding to $145 million.

New investors backing Heart include Denmark’s Sagitta Ventures. The early-stage investor joined other backers for the Series B round, which also include Air Canada, United Airlines, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lowercarbon Capital, Norrsken VC, and Y Combinator.

Heart said that its main engineering goal this year is to complete the development of the ES-30’s powertrain. The company has begun type certification under EASA's Part 25 rules for commercial aircraft and aims to complete this process in 2028, after achieving a first flight with a prototype in 2026.

The ES-30 will be powered mainly by four battery-driven electric motors, now bolstered by a pair of turbo generators to meet reserve energy requirements “without cannibalizing range.” The new model is expected to offer carriers an all-electric range of 200 kilometers (125 miles), with an extended full-payload range of twice that distance and the potential for longer hybrid-powered flights to 800 kilometers (500 miles) with 25 passengers, taking account of standard airline fuel reserves.

According to Heart, it now holds 250 provisional orders for the ES-30, with options, purchase rights, and letters of intent covering a further 311 aircraft. Air Canada and United Airlines are among the named prospective customers. Heart announced plans for the ES-30 in September 2022, after airlines indicated they would prefer a larger, longer-range model than the all-electric, 19-seat ES-19 it had been developing.

EQT Ventures partner Ted Persson is to join Heart’s board of directors. “As someone said, the Stone Age didn’t end because we ran out of stones and the Fossil Age won’t end because we run out of fossil fuels,” he commented. “Heart Aerospace is taking decarbonization to the skies, and we’re proud to be funding technology that will fundamentally change the aviation industry. We believe that sustainable industrial and electrification solutions are not just the future; they are the present and our investment strategy reflects our unwavering commitment to driving positive change in these critical sectors.”