Hybrid Air Vehicles Solidifies Regional Support with MoU for funding from South Yorkshire Fund

Monday 22^nd July 2024 – Hybrid Air Vehicles, the organisation behind the world’s most efficient large aircraft, Airlander, today announced the signing of a Memorandum of Understanding (MoU) to explore financing opportunities with the South Yorkshire JESSICA Urban Development Fund to invest in the Airlander production facility at Carcroft Common, South Yorkshire.

JESSICA (Joint European Support for Sustainable Investment in City Areas), which was once part of an EU initiative, provides effective development debt funding for commercial property and regeneration projects in South Yorkshire at commercial lending rates.

HAV and the SY JESSICA Fund will focus on enabling economic growth through sustainable development in South Yorkshire; enhancing long-term growth prospects and competitiveness of the region through enterprise, employment, regeneration and sustainability; providing the infrastructure required to generate jobs; and working closely with public sector partners to draw in and leverage private sector capital.

Earlier this year, Hybrid Air Vehicles announced the site location for its production programme for Airlander 10, at Carcroft Common, an opportunity area in the South Yorkshire Investment Zone. Here, Hybrid Air Vehicles will begin developing its flagship facilities for Airlander 10’s production, testing and certification operations, with the goal of scaling up to a production rate of up to 24 aircraft per year at the site.

Carcroft Common will become a hub of advanced manufacturing, creating over 1,200 direct and highly skilled jobs at a GVA of £90,000, and catalysing an export opportunity worth in excess of £1bn a year.

Hybrid Air Vehicles has chosen to base its production in South Yorkshire because it represents the perfect combination of skills base and entrepreneurial desire to spark a green aerospace cluster in the region. This announcement builds on the progress made towards the City of Doncaster’s Economic Strategy 2030, and the success of the South Yorkshire Investment Zone, focused on improving investment into advanced manufacturing through planning, development and skills support.

Christian Foster, Chair, SY JESSICA Urban Development Fund says: “The very spirit and ethos of the SY Jessica Fund is to create the conditions for greater economic competitiveness for the South Yorkshire region. We have witnessed for over a decade how the fund has provided effective development debt funding for commercial property and regeneration projects at commercial lending rates. It is through this flexible approach that the SY JESSICA Fund is extremely excited to hear about Hybrid Air Vehicles’ proposition, a world leading aviation company with the ability to transform the regional economy, the SY Jessica Fund naturally is keen to explore the opportunity to provide financial  support to the project, quite simply this is a game changer for the whole UK.”

Tom Grundy, CEO, Hybrid Air Vehicles says: “We are excited to strengthen our presence in South Yorkshire through this MoU with the SY JESSICA Fund. This partnership is a crucial step in advancing our ultra-low emissions hybrid aircraft, Airlander 10, and moves us even closer to launching production.

“South Yorkshire’s skilled workforce and entrepreneurial spirit make it the perfect location for our advanced manufacturing hub. This collaboration not only supports the City of Doncaster’s Economic Strategy 2030 but also positions the region as a global leader in sustainable aerospace innovation.”