Pinegrove Credit Partners, backed by Brookfield and HRTG Partners, and Silicon Valley Bank, a division of First Citizens Bank, have provided JetZero with a senior secured term loan facility of up to $100 million.
JetZero said the proceeds will go towards technology maturation, manufacturing of its Jet1 demonstrator, and the build-out of US manufacturing and test facilities in Greensboro, North Carolina, along with growth and working capital for US operations.
JetZero is an American aerospace company developing an all-wing Z4 airliner for the middle market, which it says will burn up to 50 per cent less fuel than conventional tube-and-wing aircraft. Co-Founder and Chief Executive Tom O'Leary said the facility would fund tooling and production in North Carolina. The Z4 is expected to enter service in the early 2030s.
The full-scale Jet1 demonstrator is being built with Scaled Composites, a Northrop Grumman company. JetZero said the build was 40 per cent complete as of June 2026, with first flight scheduled for the fourth quarter of 2027. The company broke ground in June 2026 on Factory1, its Greensboro production plant, and said it will hire more than 14,000 people in North Carolina over 10 years.
Craig Caukin, Partner at Pinegrove, said the facility had been structured around JetZero's programme milestones and that Pinegrove and its limited partners would look to expand its capacity if the opportunity arises.
The loan follows JetZero's approximately $175 million Series B in January 2026, led by B Capital, in which United Airlines Ventures, Northrop Grumman, 3M Ventures, Trucks VC, Marlinspike, Aero X Ventures and RTX Ventures, among others, participated. JetZero said then that it had raised and secured commitments of more than $1 billion, including government grants, incentives and commercial commitments.
In July 2026, Gulf Air signed a letter of intent for an undisclosed number of Z4 aircraft with preferential delivery positions in the early 2030s. The same day, Japan Airlines announced support for the Z4 programme and a collaboration on operations, maintenance and design. JetZero had also signed a letter of interest with the US Export-Import Bank to explore up to $3 billion of potential financing for the Greensboro campus.
Pinegrove Credit Partners is the venture debt and private credit business of Pinegrove. In May, Pinegrove and Temasek announced a venture debt partnership. Pinegrove said its platform had more than $12 billion of assets under management, and that its credit funds had deployed more than $4.5 billion across about 580 loans to more than 450 growth-stage companies since 2012. Since March 2025, existing vehicles had closed or signed term sheets on 37 loans totalling about $700 million.
SVB and Pinegrove announced a strategic lending relationship in March 2025, saying they expected to deploy a combined $2.5 billion of venture debt.