VerdeGo Aero Closes A‑1 Investment Round, “Exceeds USD4 Million Target”

VerdeGo Aero announced this week that in July, the com­pa­ny closed an A‑1 invest­ment round, exceed­ing the USD4 mil­lion tar­get, set to accel­er­ate devel­op­ment of its key hybrid-elec­tric prod­uct lines, reports a press release. VerdeGo is a leader in hybrid-elec­tric propul­sion tech­nolo­gies that enables cus­tomers to devel­op high-per­for­mance and reli­able elec­tric air­craft. 

The release states, “The pow­er­plants are a key enabler for the next gen­er­a­tion of air­craft and drones for both com­mer­cial and mil­i­tary mar­kets. The two flag­ship prod­uct lines, the hybrid VH‑3 and VH-4T hybrid, were on dis­play at the recent UK Farn­bor­ough and U.S Oshkosh Air­shows.” 

Eric Bartsch, CEO of VerdeGo Aero, com­ment­ed, “We are excit­ed to have closed this round on sched­ule, with a very attrac­tive val­u­a­tion and in a dif­fi­cult invest­ment mar­ket.”

Dave Spitzer, VP of Prod­uct Devel­op­ment, added, “In 2023, we received strong sig­nals that a high­er pow­er, high­er-per­for­mance hybrid sys­tem was required, result­ing in the VH-4T pro­gram. Now we have the abil­i­ty to con­tin­ue to mature that prod­uct line to address strong demand from both mil­i­tary and com­mer­cial cus­tomers.”

VerdeGo Aero Team Along­side the VH-4T 400kW Hybrid-Elec­tric Pow­er­plant

This new fund­ing accel­er­ates the devel­op­ment of the VH-4T 400 kW hybrid-elec­tric pow­er­plant that is designed for both high-per­for­mance elec­tri­fied air­craft and car­go drones, achiev­ing both enhanced sus­tain­abil­i­ty as well as increased range, pay­load and speed. Full-scale pro­to­type test­ing of the VH-4T is cur­rent­ly under­way at Verde­Go’s Day­tona Beach Tech­ni­cal Cen­tre.

The Flori­da Oppor­tu­ni­ty Fund is a sig­nif­i­cant new investor in this A‑1 Round recog­nis­ing VerdeGo as an impor­tant part of the grow­ing high-tech aero­space and green tech­nol­o­gy indus­tries in the State. 

Mean­while, six of VerdeGo Aero’s Series A investors have returned to increase their stake includ­ing:- 

: RTX Ven­tures. 

: Dia­mond­Stream Part­ners. 

: Cloud­break. 

VerdeGo was fea­tured at the Flori­da Ven­ture Cap­i­tal Con­fer­ence (FVCC) in both Mia­mi and Orlan­do ear­li­er this year, result­ing in new investor rela­tion­ships for both the cur­rent round as well as the upcom­ing Series B planned for mid-2025. Giv­en the strong inter­est, the round size has been increased above the ini­tial tar­get lev­el to allow for addi­tion­al new investors. 

Matt Thomas, the com­pa­ny CFO, remarked, “Our investors saw the com­pelling busi­ness case for VH-4T and have giv­en us a vote of con­fi­dence that we are on the right track.” And David Eich­st­edt, VP of Prod­uct Man­age­ment, added, “The mar­kets are ready for our prod­ucts, and with a grow­ing order book, investors will appre­ci­ate the growth they will see in VerdeGo in both the near- and long-term.”

For more infor­ma­tion

https://www.verdegoaero.com

(Images: VerdeGo Aero)

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