On Tuesday, BETA Technologies, which develops electric vertical planes (eVTOL) and related technologies, announced that it has raised $368 million in a Series A venture capital round, led by Fidelity and with the participation of Amazon’s Climate Pledge Fund. Funds raised will be used to continue developing BETA’s Electric Vertical Aviation (EVA) system, which is designed to move people and cargo with less environmental impact than conventional aviation. Specifically, BETA will continue to refine EVA’s electric propulsion systems and controls, and to build more manufacturing facilities.
BETA has developed a vertical electric plane called ALIA, capable of hauling 1,500 pounds of cargo or up to six people. BETA is already serving key aviation verticals, including Logistics, Medical, Government and Passenger Travel. Corporate clients include UPS, which last month reserved the right to order 150 BETA aircraft and charging stations; United Therapeutics, which has announced that it will use BETA aircraft as taxis for synthetic human transplant organs; the U.S. Air Force, which has approved ALIA as the first airworthy eVTOL for manned electric aircraft; and Blade Urban Air Mobility, which has ordered five ALIA aircraft for delivery in 2024 for airport passenger transfers and longer distance commuter routes. BETA is reportedly advancing toward Part 23 Federal Aviation Administration (FAA) certification of ALIA.
“We’re gratified for the confidence this diverse group of investors has placed in our team as we continue on our mission to transform how people and goods move about the world,” said BETA founder and CEO Kyle Clark. “These funds allow us to continue hiring the best talent, meet aggressive certification milestones, ramp up production of ALIA, and accelerate the rollout of an extensive high-speed universal charging infrastructure.”
“We support BETA Technologies’ mission to reshape air transportation through zero-emission aviation and are proud to invest in them through Amazon’s $2 billion Climate Pledge Fund,” said Kara Hurst, Vice President, and Head of Worldwide Sustainability at Amazon. “The development of sustainable and decarbonizing technologies will help facilitate the transition to a low-carbon economy and protect the planet for future generations.”
“We’re delighted to welcome new investors to BETA,” said Dr. Martine Rothblatt, CEO of United Therapeutics, which was BETA’s first customer. “In the world of medical transport, it’s important that we create the most reliable and sustainable system for mobility in all weather conditions. This new funding will accelerate BETA’s development. Electric powered aviation is the future of on-demand organ transportation, and with the ALIA aircraft and charging network, that future is closer than we think.”
The ALIA aircraft, which will be capable of flying 250 nautical miles on a single charge while carrying six people, or 1,500 cargo pounds plus a pilot, is designed to be more than ten times quieter than a helicopter and much quieter than cars on a highway. The craft produces zero operational emissions.
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