Fund Helps BETA Technologies with Electric Aircraft

BETA Technologies raised $368 million in a private round of funding led by Fidelity Management & Research Company to support continued development of an integrated system for Electric Vertical Aviation (EVA), which will reshape how people and cargo move while reducing the environmental impact of aviation.

At the heart of this system is ALIA, BETA’s electric vertical aircraft, which can carry 1,500 pounds of cargo or up to six people. BETA’s team of aerospace engineers is serving key aviation market segments including Logistics (United Parcel Service or “UPS”), Medical (United Therapeutics), Government (the United States Air Force), and Passenger travel (Blade Urban Air Mobility).

The Series A funding round was led by Fidelity Management & Research Company and joined by Amazon’s Climate Pledge Fund as well as new and returning investors. Proceeds will be used by BETA to continue refinement of its electric propulsion systems and controls, as well as the construction of manufacturing facilities, while the company advances toward Federal Aviation Administration (FAA) certification of ALIA. Goldman Sachs & Co. LLC acted as exclusive placement agent for BETA in connection with this capital raise.

The additional funds will allow BETA to continue building out technological capabilities to best support and serve its diverse customer needs across commercial, cargo, and defense applications. Further funding will be allocated to accelerate production and manufacturing of BETA’s aircraft and the rollout of charging infrastructure, currently on track for a 2024 delivery.

“Each of our current and future customers, whether they are moving people, medicine, or goods, need the same vital things from a certified commercial aircraft: safety, reliability, and sustainability,” said Kyle Clark, BETA’s Founder and CEO. “We are pleased that the aircraft we’re building can service these needs across so many applications.”

UPS announced its partnership with BETA in April, reserving the right to order 150 of BETA’s aircraft and charging stations to enhance its air service for small and mid-sized markets and create a foundational solution to reduce fleet emissions.

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Also in April, Blade Urban Air Mobility became BETA’s first passenger service customer, ordering five ALIA aircraft to be delivered in 2024 and an option for up to 20 more. Blade will use these aircraft for a diverse set of mission profiles, from five-minute airport transfers to longer distance commuter routes.

The U.S. Air Force will continue to partner with BETA on the Agility Prime Program, wherein ALIA has secured the first eVTOL airworthiness approval for a manned electric aircraft.

United Therapeutics will use BETA aircraft as air taxis to transport its synthetic organs for human transplant.

In March, BETA advanced to the next phase of flight testing, completing an interstate flight with ALIA from its Plattsburgh, New York, home airport test facility to the company’s headquarters on the grounds of Burlington International Airport in South Burlington, Vermont. In the same week ALIA flew its first interstate flight, the aircraft set a new BETA record for endurance, range, and altitude.

In April, ALIA received the first-ever airworthiness approval from the U.S. Air Force for a manned eVTOL flight.

BETA’s ALIA aircraft, which will be capable of flying 250 nautical miles on a single charge and carrying six people, or a pilot and 1,500 pounds, is more than ten times quieter than a helicopter and much quieter than cars on a highway and produces zero operational emissions.

BETA has initiated the permitting process to expand its footprint in Vermont with a new facility to be built on unused land at Burlington International Airport. The project, which when completed will include office space, research and development, and manufacturing space, is expected to create hundreds of new jobs in the coming years.