Electric planemaker Beta Technologies raises over $300 mln in new funding

United Therapeutics

31/10/2024 21:14

Oct 31 - Electric aerospace company Beta Technologies
said on Thursday it had raised more than $300 million in equity
capital to support the continued production of its all-electric
fixed-wing and eVTOL aircraft that can takeoff and land
vertically. 
    The investment was led by Qatar Investment Authority (QIA),
Qatar's sovereign wealth fund, and saw the participation of
other investors including Fidelity and TPG. Beta's longtime
customer United Therapeutics  UTHR.O  also joined as an
investor.
     
    WHY IT'S IMPORTANT 
    The funding could accelerate Beta's progress in the air
transport industry as it works to lower carbon emissions. 
    In an effort to reduce its climate impact, the global
aviation industry is focusing on the advancement of sustainable
aviation fuel and next-generation aircraft powered by electric,
hybrid and hydrogen propulsion technologies.
    Last year, Beta said it was pursuing Federal Aviation
Administration (FAA) certification of the CX 300 – a
conventional takeoff and landing version of its Alia 250 eVTOL
aircraft.
    
    BY THE NUMBERS 
    The Vermont-based company raised $318 million in the Series
C funding round, bringing the total raised to more than $1
billion to date. It did not disclose its new valuation.
    Beta closed a $375 million Series B funding round in 2022,
led by TPG and including a second investment from Amazon's
 AMZN.O  Climate Pledge Fund.

    KEY QUOTE
    "This investment validates (Beta's) progress and milestones
toward commercializing electric aviation," said CEO Kyle Clark