BETA Technologies, a Vermont-based company that manufactures electric vertical take-off and landing (eVTOL) aircraft, has garnered $318m in a Series C equity capital round.
The round was led by Qatar Investment Authority (QIA) and resulted in increased ownership from existing investors such as Fidelity Management & Research Company and TPG Rise Climate.
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United Therapeutics, a long-standing client, also participated as an investor.
With this latest round, BETA’s total equity capital surpasses $1bn.
The infusion will bolster the production, certification, and commercialisation of BETA’s electric aviation solutions.
These include the all-electric fixed-wing and eVTOL aircraft ALIA, advanced electric propulsion systems, and a growing multimodal charging infrastructure network.
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By GlobalDataBETA founder and CEO Kyle Clark said: “This investment validates progress and milestones toward commercialising electric aviation.
“For years, we’ve flown across the country and deployed with partners to prove the safety and reliability of our aircraft and chargers. Now, we’re beginning to produce products for our customers. This continued belief and trust in this team and our vision will be good for the investors and good for the world. We are grateful for their shared vision.”
BETA is designing its all-electric aircraft for payload efficiency and range, as part of its endeavour to offer sustainable and cheaper transportation.
The company is in the process of certifying two variants with the FAA: the ALIA CTOL for conventional runway takeoffs and landings, and the runway-independent ALIA VTOL for vertical takeoffs and landings.
Both models incorporate BETA’s high-performance electric propulsion technologies and fly-by-wire flight control systems.
In addition to aircraft, BETA has developed multimodal charging systems that are UL Certified for grid-tied aircraft charging, which is claimed to be a first in the industry.
Their chargers are being adopted by various customers, including other aircraft manufacturers.
The company is also actively building a network of charging stations at airports throughout the US, funded through customer orders and government grants.
Recently, BETA inaugurated a nearly 200,000ft2 manufacturing facility to produce aircraft and charging cubes.
These products will fulfil contracts with global operators including Air New Zealand, UPS, the US Air Force, United Therapeutics, Blade Urban Air Mobility and others.
The Series C funds will propel the certification of BETA’s ALIA aircraft variants and electric motors while supporting increased production rates.
BETA’s production facility can produce up to 300 aircraft annually and is set to deliver its first batch in the coming months.
Goldman Sachs acted as exclusive placement agent for this capital raise, with Kirkland & Ellis providing legal counsel.
BETA Technologies is an electric aviation company based in Vermont. Credit: T. Schneider/Shutterstock.
