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US EXIM Bank approves USD169 million loan to BETA Technologies for eVTOL manufacturing plant

On November 16 this year the Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis announced the EXIM Board of Directors’ approval of a USD169 million dollar loan to BETA Technologies, a Burlington, Vermont-based company, which manufactures electric aircraft and charging infrastructure, to finance a net-zero Final Assembly Production Facility.

“The transaction is the second deal authorized under EXIM’s Make More in America initiative and is estimated to support 400 clean energy jobs in Vermont,” said the bank in a press release. “Chair Lewis was joined by Kyle Clark, founder and CEO of BETA Technologies, as she announced the transaction’s approval during an “Invest in America” session at the 2023 Asia-Pacific Economic Cooperation (APEC) Forum. The transaction was also highlighted as part of a White House factsheet on the 2023 APEC Forum.

“We are thrilled that the second transaction authorized under EXIM’s Make More in America initiative is in support of BETA Technologies, an American company leading the world in clean energy technological advancement and innovation,” said Reta Jo Lewis. “This transaction advances several key Biden-Harris Administration priorities, from bolstering domestic manufacturing and supporting good-paying jobs to advancing cutting-edge renewable energy technologies that can change the future of air travel. We are proud to play a role in this project and are eager to continue advancing transactions that will have a significant impact on domestic supply chains and furthering the global energy transition.”

“We are excited to partner with the Export-Import Bank of the United States as part of its new Make More in America initiative,” said Kyle Clark, BETA’s Founder and CEO. “This is not only a vote of confidence in the work BETA is doing to electrify aviation, it will also help us create hundreds of well paid, climate-focused jobs in the coming years as we move toward large scale manufacturing and production of our electric aircraft. America has a long history of leadership in aerospace, and EXIM’s support enables us to do our part to add to that legacy for the future.”

“The loan was approved in part because of BETA Technologies’ high growth potential, including current and potential customers in APEC and IPEF economies such as New Zealand, India, Japan, and Canada,” said the press release. “During the event, Chair Lewis also discussed EXIM’s work to strengthen economic partnerships between the U.S. and APEC partner nations.”

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(Image: EXIM Bank)

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