Cranfield Aerospace Solutions and Britten-Norman, two leading UK aviation firms, have announced their intention to merge in a groundbreaking deal aimed at creating the world's first fully integrated, zero-emissions sub-regional aircraft.
The deal, set to complete in mid-2023, follows HydrogenOne Capital Growth PLC's (LSE:HGEN) £7 million investment in Cranfield Aerospace Solutions earlier this year.
The newly-formed company will be backed by up to £10 million in investment from existing shareholders, including HydrogenOne, Safran Corporate Ventures, the UAE-based Strategic Development Fund, and Britten-Norman's lead investor, Alawi Zawawi.
The funds will support the development of a hydrogen-electric fuel cell propulsion system and an Original Equipment Manufacturer (OEM) backed aircraft designed to facilitate airlines' transition to zero-emissions operations.
The ambitious project comes as demand grows for environmentally friendly aviation solutions, with the first passenger-carrying service expected to receive certification by 2026.
The two companies have already collaborated on Project Fresson for over two years, which aims to develop the necessary technologies for a hydrogen propulsion system to be used in the Britten-Norman Islander aircraft.
The UK Government and the UK Aerospace Technology Institute have backed the project, with over £14 million in private funding secured from global investors.