Electric planemaker Beta Technologies raises over $300 mln in new funding
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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.
Reporting by Juby Babu in Mexico City; editing by Anil D'Silva
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