HydrogenOne Capital Growth issues update on hydrogen-powered aircraft investment

Cranfield Aerospace Solutions Limited (CAeS), a portfolio company of HydrogenOne Capital Growth, has signed an agreement with drone airline Dronamics to supply hydrogen fuel cell propulsion systems for the Dronamics Black Swan cargo aircraft, HydrogenOne announced Thursday.

The memorandum of understanding positions CAeS as the preferred supplier of the hydrogen fuel cell systems to Dronamics starting in 2026. It also includes a letter of intent for CAeS to provide a substantial number of the propulsion systems.

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CAeS and Dronamics have been conducting joint feasibility studies since November to evaluate using CAeS’ technology in the Black Swan drone, which can carry up to 350 kg of cargo for distances up to 2,500 km. The studies concluded the hydrogen fuel cell system meets the aircraft’s payload, cargo volume and range requirements.

HydrogenOne said the Dronamics agreement validates their strategy of investing in leading hydrogen technology innovators. As of June 30, the investment manager’s stake in CAeS represented 8% of its net asset value.

Dr JJ Traynor, Managing Partner of HydrogenOne Capital LLP, the Company’s Investment Adviser, commented: 

“Today’s new agreement with Dronamics underlines the substantial potential to deploy Cranfield’s technologies across the aviation sector, to decarbonise flight.”  

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