# Heart Aerospace

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/heart-aerospace

- Industry: Aerospace
- Headquarters: Gothenburg, Sweden
- Website: www.heartaerospace.com
- Total disclosed funding: $144M
- Latest round: Series B (Feb 1, 2024)
- Investors on record: 10

## About

Based in Sweden, Heart Aerospace AB operates as a pioneering company in the aviation sector, focusing on the development of electric aircraft intended for regional air travel.Heart Aerospace AB, founded in 2019, is located in Gothenburg, Sweden. The company specializes in producing electric aircraft, specifically the ES-30, aimed at revolutionizing regional air travel. The founder, Anders Forslund, has previously been involved in other ventures. The firm has successfully secured funding through 4 deals, with the most recent being a Series B round on February 1, 2024, raising USD 107.00 mn from investors including Air Canada and Y Combinator, resulting in a total amount raised of USD 107.00 mn.Heart Aerospace focuses on revolutionizing regional air travel through its flagship product, the ES-30™ electric aircraft. Designed to achieve zero CO2 emissions on short routes, the ES-30™ aims to significantly reduce the environmental impact of air travel while offering a substantially lower total operating cost. This aircraft features short runway capability and reduced noise levels, which opens up new opportunities for flights from smaller, regional airports. The primary end users include airlines and regional operators seeking to enhance connectivity in underserved markets. Heart Aerospace strategically targets geographical markets across North America and Europe, where there is a growing demand for sustainable aviation solutions and an emphasis on reducing carbon footprints in transportation.Heart Aerospace generates revenue primarily through direct sales of its ES-30™ aircraft to airlines and regional operators. The company engages in B2B transactions, establishing partnerships with aviation firms looking to modernize their fleets with electric solutions. In the most recent financial year of 2021, the company recorded zero revenue, and its EBITDA for 2023 was USD -7,734,933.In February 2024, Heart Aerospace AB raised USD 107 mn in Series B funding, which will be utilized to support the development of its business and the certification of the ES-30 hybrid-electric aeroplane. The company plans to launch the ES-30 in upcoming years and expand into new markets in North America and Europe, where it aims to meet the increasing demand for sustainable aviation solutions.

## Funding rounds

- Series B, Feb 1, 2024, $107M — EQT, Air Canada, Y Combinator, Breakthrough Energy Ventures, Norrsken VC, European Innovation Council, Lowercarbon Capital, United Airlines Ventures, Sagitta Ventures
- Series A, Jul 13, 2021, $35M — EQT, Breakthrough Energy Ventures, Mesa Airlines, Inc., Lowercarbon Capital, United Airlines Ventures
- Seed, Apr 4, 2019, $2.1M — EQT, Norrsken VC

## Investors

- EQT (https://capitalatlas.ai/funds/eqt) — Seed, Series A, Series B
- Norrsken VC (https://capitalatlas.ai/funds/norrsken-vc) — Seed, Series B
- Breakthrough Energy Ventures (https://capitalatlas.ai/funds/breakthrough-energy-ventures) — Series A, Series B
- Mesa Airlines, Inc. — Series A
- Lowercarbon Capital (https://capitalatlas.ai/funds/lowercarbon-capital) — Series A, Series B
- United Airlines Ventures (https://capitalatlas.ai/funds/united-airlines-ventures) — Series A, Series B
- Air Canada — Series B
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Series B
- European Innovation Council (https://capitalatlas.ai/funds/european-innovation-council) — Series B
- Sagitta Ventures (https://capitalatlas.ai/funds/sagitta-ventures) — Series B