“Electra Raises USD115 Million” Via Series B Funding Round

Elec­tra announced this week it has secured USD115 mil­lion via a Series B Fund­ing Round, to enter the pre-pro­duc­tion and cer­ti­fi­ca­tion phase of its EL9 elec­tric air­craft, which can take off and land in just 150 ft, reports a press release. The Round was led by Prysm Cap­i­tal. The invest­ment company’s co-Founder, Jay Park, has also joined Electra’s Board of Direc­tors. 

Elec­tra Chair­man, John Lang­ford, com­ment­ed, “We are delight­ed to wel­come Jay and Prysm to the Elec­tra fam­i­ly. They’ve already become an indis­pens­able part­ner and advi­sor as we tran­si­tion from pro­to­type to prod­uct with the EL9.”

The release states, “With the elec­tric air­craft, com­mer­cial oper­a­tors can con­nect com­mu­ni­ties that lack tra­di­tion­al avi­a­tion infra­struc­ture, fly into air­ports with strict noise restric­tions, cre­ate new oppor­tu­ni­ties and busi­ness mod­els for car­go ser­vices and save trav­ellers sig­nif­i­cant time. 

“For defence oper­a­tors, the EL9 intro­duces nov­el logis­tics and troop trans­port capa­bil­i­ties, includ­ing the abil­i­ty to take off and land with a low sig­na­ture in heli­copter-sized spaces in remote, aus­tere areas and pro­vid­ing mobile pow­er capa­bil­i­ties, while build­ing on the safe­ty, cost and range advan­tages of a fixed-wing air­craft.”

Marc Allen, Elec­tra’s CEO, remarked, “We are on a mis­sion to deliv­er a new era of avi­a­tion, a leap for­ward in advanced air mobil­i­ty that is both trans­for­ma­tion­al and prac­ti­cal. The Ultra Short opens the door to oppor­tu­ni­ties to estab­lish new com­mer­cial routes, con­nect com­mu­ni­ties cur­rent­ly lack­ing avi­a­tion infra­struc­ture and enable entire­ly nov­el logis­tics capa­bil­i­ties for warfight­ers. We look for­ward to work­ing with our part­ners at Prysm to con­tin­ue the devel­op­ment of this air­craft.”

Park added, “Electra’s EL9 is a game-chang­ing air­craft that unlocks impor­tant new capa­bil­i­ties for com­mer­cial and defence users.”

The EL9 can deliv­er up to 3,000 lbs of pay­load and a range of up to 1,100 nau­ti­cal miles, with in-flight bat­tery recharg­ing that elim­i­nates the need for ground charg­ing sta­tions. The abil­i­ty to oper­ate from com­pact spaces and unim­proved sur­faces opens new routes and eco­nom­ic oppor­tu­ni­ties, mak­ing region­al air mobil­i­ty for pas­sen­gers and car­go more afford­able and acces­si­ble than ever before.

Elec­tra has around 80 employ­ees and secured more than 2,200 pre-orders val­ued at over USD10 bil­lion for the air­craft, while secur­ing one of the largest pro­vi­sion­al order pipelines in the Advanced Air Mobil­i­ty sec­tor. 

The com­pa­ny has also won over 20 Small Busi­ness Inno­va­tion Research con­tracts from the U.S Air­force, Army, Navy and NASA, and is cur­rent­ly per­form­ing on a Strate­gic Fund­ing Increase con­tract with the USAF to devel­op the EL9 for mil­i­tary use cas­es.

Jay Park

Prysm Cap­i­tal joins oth­er investors includ­ing Lock­heed Mar­tin Ven­tures, Hon­ey­well and Safran as well as Statkraft Ven­tures and Vir­ginia Inno­va­tion Part­ner­ship Cor­po­ra­tion.

For more infor­ma­tion

https://www.electra.aero

https://www.prysmcapital.com

(Top image: Elec­tra EL9 )

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