The failure of efforts to raise more funding was acknowledged in a June 30 statement
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The proprietary module allows fuel to be directly loaded onto aircraft without needing hydrogen fuel infrastructure at airports.
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Germany's H2Fly and California-based Universal Hydrogen are among the pioneers developing hydrogen propulsion systems for commercial aircraft.
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The company now has more than 250 orders for powertrain conversion kits in its backlog.
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The California start-up plans to supply liquid hydrogen for its fuel cell electric propulsion system in preloaded modules delivered to the aircraft.
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Having completed multiple successful flight tests with its hydrogen fuel cell propulsion system in Moses Lake, Washington, Universal Hydrogen has relocated its flight testing activities to the Mojave Air & Space Port.
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Universal Hydrogen has successfully flown its hydrogen-powered De Havilland Dash 8-300 turboprop testbed for the first time.
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The FAA has granted Universal Hydrogen an experimental airworthiness certificate, giving the California-based company the green light to proceed with the first test flight of its hydrogen-powered De Havilland Dash 8-300 testbed.
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The funding supports the airline's science-based targets to cut greenhouse gas emissions by 2035 and achieve net-zero GHG emissions by 2050.
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Avmax Aircraft Leasing has signed a deal with Universal Hydrogen to convert 20 regional aircraft to run on “green” hydrogen, the companies announced on Tuesday.