BETA Technologies Raises “Over USD300 Million in Series C Funding Round to Support Production, Certification and Commercialisation of eVTOL Aircraft”

BETA Tech­nolo­gies, an elec­tric aero­space com­pa­ny based in Ver­mont, USA has raised USD318 mil­lion via a Series C Equi­ty Cap­i­tal Round, reports a press release. 

QIA, a Qatar-based glob­al invest­ment organ­i­sa­tion with over 60 nation­al­i­ties led the raise, while sev­er­al of BETA’s largest investors includ­ing Fideli­ty Man­age­ment & Research Com­pa­ny and TPG Rise Cli­mate, increased their stake. Long­time client, Unit­ed Ther­a­peu­tics, also joined this Round as an investor. The financ­ing was priced at an increased val­u­a­tion rel­a­tive to pri­or equi­ty cap­i­tal rais­es, yet was still over­sub­scribed. To date, BETA has raised more than USD1 bil­lion.

Kyle Clark, then com­pa­ny’s Founder and CEO, com­ment­ed, “This invest­ment val­i­dates fur­ther our progress and mile­stones toward com­mer­cial­is­ing elec­tric avi­a­tion.”

He con­tin­ued, “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.” Adding, “This con­tin­ued belief and trust in this team and our vision will be good for the investors and good for the world.”

Mohammed Al-Sowai­di, Chief Invest­ment Offi­cer for Amer­i­c­as at QIA, remarked, “QIA seek out com­pa­nies that are well-posi­tioned to become cat­e­go­ry lead­ers by address­ing crit­i­cal chal­lenges with inno­v­a­tive solu­tions. 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 com­pa­nies that are mak­ing the ener­gy tran­si­tion a real­i­ty.”

This new fund­ing will sup­port the con­tin­ued pro­duc­tion, cer­ti­fi­ca­tion and com­mer­cial­i­sa­tion of BETA’s Air­craft the ALIA CTOL and ALIA VTOL along­side the company’s mul­ti­modal charg­ing sys­tems and grow­ing infra­struc­ture net­work. It will also direct­ly assist the con­tin­ued ramp-up of pro­duc­tion and deliv­ery of BETA’s air­craft and charg­ers to cus­tomers.

The com­pa­ny is the only pro­duc­er of UL Cer­ti­fied grid-tied charg­ing sys­tems for air­craft. These have been adopt­ed by mul­ti­ple cus­tomers includ­ing sev­er­al oth­er air­craft man­u­fac­tur­ers.  

BETA is sell­ing such sys­tems as well as build­ing a net­work of charg­ers at air­ports across the Unit­ed States. The release explains, “The com­pa­ny is fund­ing the major­i­ty of this infra­struc­ture build­out through a com­bi­na­tion of cus­tomer orders and gov­ern­ment grants. To date, the U.S firm has com­plet­ed instal­la­tion of its infra­struc­ture across the east­ern and south­ern regions of Amer­i­ca. BETA aims to con­nect the net­work across the coun­try and expand glob­al­ly in com­ing years.” 

Late last year, the com­pa­ny opened a 200,000 sq. ft man­u­fac­tur­ing facil­i­ty at Patrick Leahy Burling­ton Inter­na­tion­al Air­port in Ver­mont, where it is cur­rent­ly pro­duc­ing air­craft for deliv­ery to cus­tomers as well as charg­ers for its net­work. Clients include Air New Zealand, UPS, Unit­ed Ther­a­peu­tics, Blade Urban Air Mobil­i­ty, Bris­tow, Heli­jet, LCI, the USAF Air Force and U.S Army.

BETA’s pro­duc­tion facil­i­ty has the capac­i­ty to pro­duce up to 300 air­craft per year. The busi­ness will con­tin­ue to increase pro­duc­tion rates over the fol­low­ing 18 to 24 months.  

Gold­man Sachs act­ed as exclu­sive place­ment agent for this cap­i­tal raise. Kirk­land & Ellis served as coun­sel.

For more infor­ma­tion 

https://www.beta.team/

(Images: BETA Tech­nolo­gies)

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