Australian-based Aviation H2 has announced it is launching its Series C capital raise this week to finance the next stage of building Australia’s ‘first’ hydrogen-powered plane.
Planned to take to the skies in 2023, H2 View understands the firm will use the funds to build test beds to convert trial engines to run on hydrogen, allowing it to find the optimal conversion method.
Fundraising is set to take place via the online trading platform PrimaryMarkets, the transaction overview states Aviation H2 hope to raise A$2.5m ($1.74m) at A$0.06 ($0.042) per share with an opportunity to go to initial public offering (IPO) in quarter 4 of 2023.
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