H55 raises $62m for electric aircraft battery system
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H55 has raised CHF55m ($62m) for its electric aircraft battery technology
The $62m funding for H55 will allow it to complete the final European certification testing requirements for its propulsion battery pack by the end of 2024, which will be a world’s first.
The Series C funding round for the Swiss company includes an investment from the Government of Québec and some of the funding will be used for H55’s North American expansion with manufacturing in Montreal, product development and engineering customization with customers like Pratt & Whitney Canada, CAE, and Harbour Air.
H55 spun out of the Solar Impulse solar-powered aircraft programme and specialises in certified electric propulsion, battery packs, and energy management solutions.
The battery packs will be ready for integration into CS-23 starting early in 2025. In March 2024, EASA approved H55’s Compliance Check List for its Energy Storage System (ESS), confirming adherence to operational suitability and environmental standards. Rigorous testing has validated the safety and performance of H55’s battery pack positioning the company at the forefront of electric aviation innovation.
“It goes without saying that we are delighted in successfully closing our Series C funding round. H55 will be the first company to be compliant with its battery packs with the certification authorities. Being only a few months away from satisfying all the certification requirements for our batteries will allow us to be the first in the market, a great achievement for H55,” said André Borschberg, Co-Founder and Executive Chairman of H55.
“We are incredibly proud to have secured Series C funding, with the Government of Quebec taking an equity position in H55. This strategic investment is pivotal for expanding our North American operations and underscores confidence in our vision for electric aviation. The support from the Government of Quebec provides the necessary resources to advance our certification efforts, while at the same time scaling up our North American operations,” said Martin Larose, CEO of H55.
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