Munich-based Vaeridion, which is building an electric plane, announced it has raised a €14 million Series A funding round in equity financing.
The round was led by European climate VC World Fund with participation from Project A Ventures, Vsquared Ventures, Andreas Kupke, Schwarz Holding, and InnovationQuarter.
The founders will use their Series A capital, in addition to research funding of €1.4 million secured from Bavarian and German administrations, to make key hires and expand commercially.
“Current cost trajectories indicate that flights will be available for the price of a first-class high-speed rail ticket at commercial launch,” said Vaeridion.
“Aviation demand is expected to more than double to over 8 billion passengers by 2040, growing at an annual average rate of 3.4%. The world urgently needs to deliver solutions to decarbonise the sector, and the regional aviation market represents a huge opportunity.
“Vaeridion is making huge advances in aerospace technology. These advances open up a regional air mobility (RAM) market that will only expand as European countries look to reach sustainability targets, development costs decrease, and roads become more congested.
“In fact, McKinsey predicts the global addressable market for regional flights could reach $115 billion by 2035, representing up to 700 million passengers annually.”
Vaeridion’s patented prototype Microliner will start as a nine-seater aircraft.
The Microliner is a fixed-wing aircraft with advanced battery-wing integration and multi-engine single propeller configuration, all designed for maximum safety and efficiency.
It emits less noise than conventional aircraft, making it well-suited to smaller airfields and easy to roll out in underserved areas.
Co-founder and CEO of Vaeridion, Ivor van Dartel, said: “Our new funding will significantly accelerate development efforts, paving the way for certification-conforming prototype flights to take off in 2027, followed by a first commercial flight by 2030.
“With the Microliner, we are addressing both the need for zero-emission travel alternatives and the demand for enhanced regional connectivity.
“Our partnerships and market-focused strategy reflect our commitment to not only decarbonising short-haul flights across Europe but also to setting a new standard for sustainable and energy efficient aviation at a competitive price point.”
Daria Saharova, General Partner at World Fund, said: “Aviation demand is expected to more than double by 2040, so we urgently need to decarbonise this sector. Vaeridion, has unique technology, a world-class team, and the support to power the future of aviation.
“Ivor, Sebastian and their team have already proven market appetite for their market-leading product, and we are thrilled to be supporting them as they scale to deliver zero-emission flights for customers across Europe.”