Electric aircraft developer Beta Technologies receives over $300 million
While the Qatar Investment Authority (QIA) led the funding round, several of Beta’s largest shareholders have also increased their stake in the company. That includes Fidelity Management & Research Company and TPG Rise Climate. In addition, long-time customer United Therapeutics has also joined the Series C financing round as an investor, Beta states. In total, the company has raised more than one billion dollars across all financing rounds. Beta intends to use the fresh capital to drive forward the certification of its electric aircraft and electric motors.
“This investment validates progress and milestones toward commercializing electric aviation,” said Kyle Clark, Beta’s Founder and CEO. “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.”
“At QIA, we seek out companies that are well-positioned to become category leaders by addressing critical challenges with innovative solutions,” said Mohammed Al-Sowaidi, Chief Investment Officer for Americas at QIA. “Beta is a leader in the electric aviation market and our participation in this funding round is fully aligned with QIA’s efforts to invest in the companies that are making the energy transition a reality.”
Beta is currently pursuing FAA certification for two variants of its all-electric aircraft. These are the ALIA CTOL, which uses a runway to take off and land conventionally, and the ALIA VTOL, which can take off and land vertically independently of a runway. The goal is to certify cargo and passenger configurations for both aircraft. That way, Beta intends to cater to both commercial and military customers. In addition to aircraft, the company has also developed interoperable charging systems for its aircraft and those of its competitors.
In late 2023, Beta opened a nearly 200,000-square-metre production facility. Production of the electric aircraft is already underway with first deliveries scheduled for the coming months. The first aircraft will be delivered to customers such as Air New Zealand, UPS, United Therapeutics, Blade Urban Air Mobility, Bristow, Helijet, LCI, the US Air Force and the US Army.
The factory has a capacity of up to 300 aircraft per year, and production has already kicked off. The company plans to further increase production rates over the next 18 to 24 months.
Vertical take-off and landing electric aircraft (eVTOL) are considered a hot market for the future, with the technology also being used for flying taxis. While Beta celebrated the new financing round, its German competitor Lilium officially filed for insolvency last week after the German Federal Government decided not to give the green light for state aid.
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