Electric aerospace company BETA Technologies has secured $318m (QR1.2bn) in a Series C funding round to accelerate growth and commercialisation efforts.
Qatar’s sovereign wealth fund, QIA spearheaded the financing round with contributions from Fidelity Management & Research Company, TPG Rise Climate.
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New investor United Therapeutics also took part in the funding.
The latest oversubscribed funding is said to have increased BETA’s total equity capital to more than $1bn.
Over the last eight years, BETA has been developing sustainable products that aim to reduce the cost and environmental impact of transporting goods and people.
The fresh infusion of capital is aimed at bolstering the ongoing production, certification, and commercialisation of BETA’s solutions.
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By GlobalDataThese include the all-electric fixed-wing and eVTOL aircraft ALIA, cutting-edge electric propulsion systems, and an expanding network of multimodal charging systems.
The proceeds from the Series C round are earmarked for propelling the certification processes for BETA’s ALIA CTOL, ALIA VTOL, and electric motors.
Additionally, the funds will directly support the ramp-up of production and delivery of BETA’s aircraft and chargers to customers as they gear up to operationalise electric aviation.
BETA Technologies founder and CEO Kyle Clark said: “This investment validates progress and milestones toward commercializing 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’s production facility has the capacity to manufacture up to 300 aircraft annually.
The company has already initiated the production of aircraft scheduled for delivery in the upcoming months.
Over the next 18 to 24 months, BETA plans to escalate production rates significantly.
