Airship project attracts £1m in crowdfunding

Hybrid Air Vehicles expects to double money over next month

What is said to be one of the largest ever crowdfunding exercises for a manufacturing project has hit the £1 million mark.

The money has been raised to back the Airlander range of hybrid airships, which is being developed by British firm Hybrid Air Vehicles (HAVs).

HAV's Airlander 10 is designed to stay airborne for up to five days at a time to fulfil a wide range of communication and survey roles, as well as cargo carrying and tourist passenger flights. The project is being supported by Innovate UK, in conjunction with two other aerospace SMEs, BBSR and Forward Composites, and the universities of Cranfield, Liverpool and Sheffield. The remainder of the funding for the Airlander 10 is coming from private individuals.

The company's chief executive, Steve McGlennan, said: “We are very proud to have raised more than £1 million through Crowdcube in only two weeks. This money, added to our existing resources and more than £5 million of grant funding we have won from the EU and UK government recently, gives us the platform we need to take Airlander to the next stage.”

The crowdfunding competition is open for another month, McGlennan said. He added that HAV expects to meet a target of raising £2 million. The company currently has around 150 shareholders who have invested more than £9 million. One of these includes the frontman of heavy metal band Iron Maiden, Bruce Dickinson. 

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