Fortescue, Playground-backed hydrogen flight start-up collapses
Yolanda RedrupRich List co-editor
A Fortescue-backed hydrogen plane start-up has collapsed, burning through almost $150 million in investor capital but unable to secure additional funding amid the challenging venture capital environment globally.
The closure of Universal Hydrogen comes despite the California-based start-up successfully completing a test flight last year, which made it the largest hydrogen fuel cell-powered plane to take to the skies.
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Yolanda Redrup is the co-editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at [email protected]
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