BETA Technologies reports it has raised USD368 million in a private round of funding that was oversubscribed and led by Fidelity Management & Research Company. These funds will support continued development of an integrated system for Electric Vertical Aviation (EVA), which will reshape how people and cargo move while reducing the environmental impact of aviation. According to a company press release: “At the heart of this system is ALIA, BETA’s electric vertical aircraft, which can carry 1,500 pounds of cargo or up to six people. BETA’s team of aerospace engineers is serving key aviation market segments including Logistics (United Parcel Service or “UPS”), Medical (United Therapeutics), Government (the United States Air Force), and Passenger travel (Blade Urban Air Mobility).
The Series A funding round was led by Fidelity Management & Research Company, and joined by Amazon’s Climate Pledge Fund as well as new and returning investors. Proceeds will be used by BETA to continue refinement of its electric propulsion systems and controls, as well as the construction of manufacturing facilities, while the Company advances toward Federal Aviation Administration (FAA) certification of ALIA.
According to Kyle Clark, BETA’s Founder and CEO. “These funds allow us to continue hiring the best talent, meet aggressive certification milestones, ramp up production of ALIA, and accelerate the rollout of an extensive high-speed universal charging infrastructure.”
“We support BETA Technologies’ mission to reshape air transportation through zero-emission aviation and are proud to invest in them through Amazon’s $2 billion Climate Pledge Fund,” said Kara Hurst, Vice President, and Head of Worldwide Sustainability at Amazon. “The development of sustainable and decarbonizing technologies will help facilitate the transition to a low-carbon economy and protect the planet for future generations.” Goldman Sachs & Co. LLC acted as exclusive placement agent for BETA in connection with this capital raise.
Today’s funding news follows recent announcements regarding several new partnerships.
- UPS announced its partnership with BETA last month, reserving the right to order 150 of BETA’s aircraft and charging stations to enhance its air service for small and mid-sized markets and create a foundational solution to reduce fleet emissions.
- Last month, Blade Urban Air Mobility became BETA’s first passenger service customer, ordering five ALIA aircraft to be delivered in 2024 and an option for up to 20 more. Blade will use these aircraft for a diverse set of mission profiles, from five-minute airport transfers to longer distance commuter routes.
- The United States Air Force will continue to partner with BETA on the Agility Prime Program, wherein ALIA has secured the first eVTOL airworthiness approval for a manned electric aircraft.
- United Therapeutics will use BETA aircraft as air taxis to transport its synthetic organs for human transplant.
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