HydrogenOne Capital Growth PLC on Friday said Cranfield Aerospace Solutions Ltd and Britten-Norman Ltd have signed a deal to merge and create a leading green flight company.
The London-based hydrogen technology investment fund, which invested £7 million in Cranfield last month, said the two companies have agreed to develop the first ever fully integrated, zero-emissions sub regional aircraft.
The companies are aiming for the aircraft to enter service in 2026.
Cranfield is a Bedford, UK-based aerospace concept company, while Britten-Norman is a Bembridge, UK-based aircraft manufacturer known for its ‘Islander’ aircraft.
The merger is set to be completed in mid-2023, with a consortium of investors to invest £10 million in the new company, including a £5 million investment from HydrogenOne.
The firm said the new company is a response to growing demand from airlines for an aircraft that will enable them to move towards zero-emissions operations.
HydrogenOne Chair Simon Hogan said: ‘We are very proud to have led this funding round that will create a new leader in green aircraft manufacturing in the UK. Our commitment to investing in clean hydrogen for a positive environmental impact is central to this investment that will contribute towards moving global aviation towards zero-emissions operations.’
HydrogenOne shares fell 13% to 45.30 pence each in London on Friday afternoon.
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