HydrogenOne Capital Growth plc and Safran announce a joint investment in UK passenger flight innovator Cranfield Aerospace.
London (UK), Paris (France) 24 March 2022 – HydrogenOne Capital Growth plc and
Safran Corporate Ventures are pleased to announce that they have signed definitive
agreements for a common investment in Cranfield Aerospace Solutions Ltd (“CAeS”)
as part of a more than £10m funding round.
HGEN is investing a total of £7m in this funding round. With this purchase of a minority
equity stake, each company has the right to a board seat at CAeS.
CAeS is an aerospace market leader in the design and manufacture of new aircraft
design concepts, complex modifications to existing aircraft and integration of cuttingedge
technologies to meet the most challenging issues facing the aerospace industry
today. CAeS has refocused the company on Project Fresson the unlocking of
commercial hydrogen-electric propulsion flight. In the early stages, CAeS will focus on
CAA certification of the Britten-Norman Islander passenger aircraft using hydrogen
fuel cell power.
In parallel with its investment, Safran will work with CAeS spanning the area of
hydrogen fuel cell powered electric propulsion for aviation.
Simon Hogan, Chairman of HydrogenOne said “Today is an important moment for us
as the successful decarbonisation of flight is an imperative in order to reach ‘net
zero’. We believe that Cranfield Aerospace has the team and the strategy to facilitate
clean flight through the application of technology and innovation. This deal
demonstrates how HydrogenOne is simultaneously unlocking growth value for
investors, whilst contributing to the wider ESG agenda.”
“This investment and this technological partnership confirm Safran’s strategy in net
zero aviation and contribute to make Safran a competitive actor for the development
of fuel cells for aircraft”, commented Ghislaine Doukhan, CEO of Safran Power Units
Paul Hutton, CAeS CEO said ““we are very excited to welcome our new investors,
HydrogenOne and Safran, on our journey to realise the world’s first fully certified zeroemissions
passenger carrying flights. As we prepare for ground and flight testing this
backing by our investors will enable us to accelerate delivery of our flying demonstrator
in 2023 and certified aircraft in 2025.’’
About Cranfield Aerospace Solutions
CAeS has 90+ staff and is one of very few aerospace SMEs globally to have both whole aircraft
design capability, and to hold a range of regulatory approvals for the design and manufacture of
modifications to existing aircraft. CAeS is a long-established aircraft company with a client base that
has included Boeing, Airbus, and Rolls Royce (amongst others). The 9-seat hydrogen fuel cell
powered Britten-Norman Islander aircraft is expected to be available from 2025 building on the
technology flying demonstrator which has been supported to date by the UK Government through an
For more information about CAeS, visit https://www.cranfieldaerospace.com or contact:
Cranfield Aerospace Solutions +44 (0) 1234 754046
Turquoise International – Investment Advisor
Ian Thomas +44 20 72487503
HydrogenOne was launched in 2021 with an investment objective to deliver an attractive level of
capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen
focussed assets. INEOS Energy is a strategic investor in HydrogenOne. The Company is listed on the
London Stock Exchange’s main market (ticker code: HGEN).
The Company’s LEI is 213800PMTT98U879SF45.
For further information, please visit www.hydrogenonecapitalgrowthplc.com
Safran is an international high-technology group, operating in the aviation (propulsion, equipment and
interiors), defense and space markets. Its core purpose is to contribute to a safer, more sustainable
world, where air transport is more environmentally friendly, comfortable and accessible. Safran has a
global presence, with 76,800 employees and sales of 15.3 billion euros in 2021, and holds, alone or in
partnership, world or regional leadership positions in its core markets. Safran undertakes research
and development programs to maintain the environmental priorities of its R&T and Innovation
roadmap. Safran is listed on the Euronext Paris stock exchange and is part of the CAC 40 and Euro
Stoxx 50 indices. Safran is listed on the Euronext Paris stock exchange and is part of the CAC 40 and
Euro Stoxx 50 indices.
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This announcement contains (or may contain) certain forward-looking statements with respect to
certain of the Company’s plans and/or the plans of one or more of its investee companies and their
respective current goals and expectations relating to their respective future financial condition and
performance and which involve a number of risks and uncertainties. The Company cautions readers
that no forward- looking statement is a guarantee of future performance and that actual results could
differ materially from those contained in the forward-looking statements.