BETA Technologies raises $368M to fund electric aircraft development
Summary
The development trajectory of electric aircraft received a big boost on Tuesday when BETA Technologies announced it had raised $368 million in a private round of fundraising led by Fidelity Management & Research Company. “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 Kyle Clark, founder and CEO of BETA. The package giant, which already has more than 12,000 alternative fuel and advanced technology vehicles in its global fleet, with an order for 10,000 electric delivery vans from Arrival (NASDAQ: ARVL), will receive the first batch of eVTOL aircraft in 2024. Agility Prime seeks to expand technology transition paths to accelerate emerging dual-use markets by leveraging government resources for rapid and affordable fielding. “This agreement will enable Air Force acquisition professionals to make data-driven decisions informed by real assessments of military utility,” said Col. Nathan Diller, AFWERX director.
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