Up, Up & Away: Aviation H2 seeks funds for hydrogen-fuelled plane project
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Aviation H2 has launched a funding drive to spearhead its ambition to become Australia’s first hydrogen-fuelled aviation company.
Investors have the chance to be part of a company aiming to build Australia’s first hydrogen-fuelled aeroplane.
Aviation H2 has opened to investors via the online trading platform VCEX, and is seeking to raise initial capital of $300,000 to fund a planning study for development of a green energy jet engine plane.
As the global contest to decarbonize the aviation industry intensifies, engineers at Aviation H2 are currently comparing design approaches based on reliability, environmental impact, efficiency, and weight.
Once their initial testing is complete in March 2022, the engineering team will present their recommendation on the most commercially viable model to start constructing a prototype.
Company director and lead engineer Dr Helmut Mayer is confident Aviation H2 will have their first plane in the sky in the next 18 months.
“Taking inspiration from my colleagues, it is time to start on the road to decarbonising aviation, and there is nothing that cannot be done with a relevant dose of thought and attention.” Mayer said.
“On this note, we have commenced our journey by evaluating all of the existing technologies available to us and taking a close look at the uncertainties and what risks and opportunities these present.”
“This will give us sound information for making decisions into the next phase of the project.”
Mayer said Aviation H2 is taking an engineering-first approach to the project, and over the coming months will run trials on two state-of-the-art solutions for converting a traditional aircraft into a renewable model.
The company is testing a hydrogen fuel cell electric motor and modifying a direct combustion engine.
Before advancement of hydrogen technology, there had been no other option for decarbonising the aviation industry as batteries proved too large for air travel.
According to Allied Market Research, the global hydrogen aircraft industry is projected to reach $27.68 billion in 2030 and is anticipated to hit $174.02 billion by 2040, registering a CAGR of 20.20%.
Aviation H2 believes this creates an opportunity for Australia to become a global leader in the space as it is yet to be commercialised.
It is expected that the successful application of this technology will see quick uptake by major players in the industry, as repurposing existing planes means the infrastructure for a carbon-free aircraft is already at hand.