BETA Technologies, a Vermont-based electric aviation startup, has secured over $300 million in equity funding. The round was led by QIA, with participation from Fidelity Management & Research Company, TPG Rise Climate, and United Therapeutics. The funds will be used to continue the production, certification, and commercialization of BETA’s solutions.
These include the all-electric fixed-wing and eVTOL aircraft ALIA, advanced high-performance electric propulsion systems, multimodal charging systems, and infrastructure network expansion. BETA Technologies, led by CEO and Founder Kyle Clark, produces all-electric aircraft, interoperable charging infrastructure, and training programs for next-generation pilots and maintainers. The company serves both commercial and military customers in cargo, logistics, medical, and passenger applications.
BETA is certifying two variants of its all-electric aircraft with the FAA. The ALIA CTOL uses a runway for conventional takeoff and landing, while the ALIA VTOL takes off and lands vertically.
Beta secures pivotal $300M funding
In late 2023, BETA opened a nearly 200,000 square foot manufacturing facility to produce aircraft and charging cubes. These aircraft are scheduled to fulfill BETA’s deposit-backed contracts with global operators. The list includes Air New Zealand, UPS, United Therapeutics, Blade Urban Air Mobility, Bristow, Helijet, LCI, the U.S. Air Force, and the U.S. Army.
The recent funding success and the commencement of ALIA’s production signify a major step forward for BETA Technologies in the eVTOL industry. Meanwhile, other players in the market face various financial and regulatory challenges that could shape the future landscape of this evolving sector. Lilium, a German air-taxi startup, is facing potential delisting from Nasdaq and is scrambling for funds.
The company may be forced to file for insolvency protection. Vertical Aerospace, another eVTOL manufacturer, is also facing a liquidity crunch, with major shareholders demanding additional funding to keep the company operational. Despite these challenges, the eVTOL industry continues to evolve, with new developments and milestones being achieved by various companies in the sector.
