Universal Hydrogen, a Los Angeles start-up that wants to convert passenger planes to fly on hydrogen, said it will start testing its fuel cells with a 40-seat jet next year after it raised fresh funding from investors including Tencent and GE Aviation.
The company has attracted $62m in new investment, on top of the $22m it raised in April, with its valuation climbing from $55m to $262m. Other investors including the venture arms of Toyota, JetBlue and Fortescue.
Universal Hydrogen has already signed deals with at least five regional airlines to buy conversion kits to replace their current engines with a hydrogen fuel cell and electric motor and said the planes should be operational by 2025. It will then sell them hydrogen fuel cells on subscription. The airlines include Icelandair, Ravn Alaska, Spain’s Air Nostrum and Ireland’s ASL Aviation.