LuftCar, a US based hydrogen powered eVTOL aircraft developer announced that they have received a term sheet for USD 100 million investment from GEM Global Yield, a Luxembourg-based private equity group. The funds will be available after a public listing. LuftCar says it will control the amount and timing of fund drawdowns under this agreement, with GEM being offered up to 10% equity.
“With the prototype demonstration of LuftCar’s innovative airframe design, which involves a LuftCar IP of five point docking mechanism and a self aligning catch tongue, we are confident that we will make a big market impact in air cargo, defense and regional transportation segments. The funds from GEM will be used to scale up commercialisation efforts and will be treated as Series A investment” says Santh Sathya, Founder, Chairman and CEO of LuftCar.
According to the press release “LuftCar is currently developing a two seater prototype with seed funding. A five seater commercial version will be developed after the proof of concept. With the funding pipeline clearly visible for Series A, LuftCar is aiming to close its seed round and is inviting seed stage investors to invest.
“LuftCar Corp is also designing and developing a hydrogen fuel cell/battery hybrid propulsion system, which will be plugged into the LuftCar and other eVTOL platforms, creating demand for green hydrogen and accelerating the adoption of hydrogen in air mobility. LuftCar has operations in Florida, Connecticut, New Jersey, California, Germany and Dubai.”
For more information
https://www.luftcar.com/news-and-press-release
(Image: Luftcar)
