Why the Philippines’ Maharlika Fund should look at Heart Aerospace

The Philippines’ Maharlika Investment Corporation (MIC) is positioning electric aviation as a potential strategic investment area as it seeks projects that strengthen national resilience and generate at least a 10% economic internal rate of return (EIRR).

MIC is mandated to deploy "counter-cyclical capital" into sectors considered critical to the economy, including energy, logistics, agriculture and mining.

Heart Aerospace’s ES-30 hybrid and all-electric regional aircraft programme align with several of those priorities.

Those boxes would be ticked at the same time while giving the Philippines exposure to a rapidly-developing global market for electric regional aviation, according to Aviation.com.

The ES-30 is designed to serve regional routes with electric propulsion for shorter flights — and hybrid-electric capability for longer sectors — potentially reducing fuel consumption and emissions while improving connectivity between smaller airports.

Here's an investment case grounded in the physics and economics of electric flight and the Philippines’ archipelagic reality.

MIC runs the Maharlika Investment Fund, the Philippines’ sovereign wealth fund, with an authorised capital of ₱500 billion, looking at long-term growth. 

Its total assets stand at approximately ₱129.48 billion, backed by ₱129.2 billion in equity and an initial paid-up capital of ₱75 billion provided by state-run institutions and the national government (from Landbank, DBP and government dividends, with roughly ₱68 billion described as deployable in 2026 after some releases), as per Philippine Star.

By end‑2025, only about ₱5.9 billion had been deployed into strategic assets (ports/power/mining), prompting a 2026 target to deploy around ₱25 billion and a stated intent to do “3–4 deals” in the ~US$150 million range in energy, agriculture and mining, Rappler reported.

MIC’s scorecard requires all financially closed investments to hit at least 10% EIRR and explicitly factors socioeconomic impact (jobs, infrastructure, sustainability)

Leadership has emphasised “national resilience” projects, including off‑grid electrification, grid assets (e.g., NGCP stake via Synergy Grid), and logistics — framing MIC as a catalyst rather than a passive portfolio fund.

Sweden‑founded, US‑based developer of the ES‑30, a 30‑seat hybrid‑electric regional airliner designed for short‑haul routes with ~200 km all‑electric range and up to ~800 km in hybrid mode; type certification is targeted for 2031.

Technology milestone: On Aug. 12, 2026, Heart flew its full‑scale X1 demonstrator — the world’s largest battery‑electric aircraft to date (>11 tonnes, >1 MW electric propulsion) — for 27 minutes, validating megawatt‑class systems and manufacturing processes for the ES‑30.

Disclosed fundraising totals roughly US$184 million across multiple rounds, including a US$107 million Series B in 2024 and a 2025 extension; backers include Breakthrough Energy Ventures, United Airlines Ventures, Air Canada, Mesa Air Group, and EQT Ventures.

Heart reports a US$9.4 billion order/commitment book from carriers including United Airlines, Air Canada, and JSX, though these are commitments/LOIs rather than booked revenue, as per The Next Web.