The “flying wing” glides closer.

Long Beach-based airplane manufacturer JetZero Inc. announced on Jan. 13 that it raised $175 million in series B financing, which it will use to accelerate construction for a functioning prototype of its Z4 plane. The round is led by B Capital, while attracting the attention of big players such as United Airlines Ventures Management, Northrop Grumman Corp., 3M Ventures and RTX Ventures, the corporate venture capital arm of RTX Corp., who also participated. This puts JetZero’s net secured commitment to more than $1 billion, including investments from both governmental and commercial sources.

The prototype features an all-wing configuration, which achieves at least 30% improved aerodynamics with half of the fuel it took for mid-market models that came before, according to JetZero.

Tom O’Leary, chief executive of the aviation startup which now splits its operation between Long Beach and Greensboro, North Carolina, said it could do even more than that. Z4 is offering a whole package to address fuel burn, emissions, noise, passenger experience and other pain points for a growing industry.

“This new design that we’re offering with the Z4 addresses positively all those constraints in a more profound way than the existing tube and wing platform,” O’Leary said. “That design is the gift that keeps on giving.”

The prototype is projected to debut in 2027 and expected to seat 250 passengers, marking the first fuel-efficient plane in the mainline commercial aviation market, the Business Journal reported last May.

Fueling changes

The jet came at a time when fuel is tight.

California state assembly member Stan Ellis pointed out last November that the Golden State imported a million barrels of oil a day. About 20% of its jet fuel, gasoline and diesel came from India, which sourced 40% of its crude oil from Russia, AVweb reported.

Ellis has called the dependence on imported fuel a “clear and present threat” during a Kern County Board of Supervisors meeting.

“If our defenses can’t fly when needed and we only have a three-day fuel supply – we’re in bad shape,” Ellis said.

But JetZero is taking the tight bind in stride. It has struck a $235 million deal with the Department of the Air Force in 2023 to mature the blended wing body technology and demonstrate its capabilities, fast-tracking a demonstrator by 2027.

“Blended wing body aircraft have the potential to significantly reduce fuel demand and increase global reach,” said former Secretary of the Air Force Frank Kendall. “Moving forces and cargo quickly, efficiently, and over long distance is a critical capability to enable national security strategy.”

O’Leary is confident about its attraction to commercial airlines, on top of that.

“For airlines, one of their largest line-item costs is fuel consumption, so having an impact on that will be a great advantage for airlines that want to grow and re-fleet,” he said. “If you can cut that by 50% … that’s just a huge amount of leverage that you can provide to a business.”