Vermont-based eVTOL developer startup BETA Technologies raises $368M funding led by Fidelity and backed by Amazon’s Climate Pledge Fund
BETA Technologies hasn’t announced a plan to go public yet but investors are pouring millions of dollars into the Vermont-based eVTOL manufacturer of electric vertical takeoff and landing (eVTOL) aircraft and recharging pad systems.
Today, BETA announced it has raised $368 million in a Series A funding round led by Fidelity Management & Research Company, with participation from Amazon’s Climate Pledge Fund as well as new and returning investors. BETA will use the funding proceeds to continue the 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.
These funds will also support the 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.
Founded in 2017 by Kyle Clark, Beta specializes in the design and development of electric aircraft including advanced flight control and electric propulsion systems, with a focus on clean aviation technology. BETA’s team comes from leading firms and organizations, including the Federal Aviation Administration, the armed services, Boeing, Tesla, SpaceX, Lockheed Martin, and General Electric.
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).
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, BETA’s Founder and CEO. “These funds allow us to continue hiring the best talent, meet aggressive certification milestones, ramp up production of ALIA, and accelerate the rollout of an extensive high-speed universal charging infrastructure.”
“We support BETA Technologies’ mission to reshape air transportation through zero-emission aviation and are proud to invest in them through Amazon’s $2 billion Climate Pledge Fund,” said Kara Hurst, Vice President, and Head of Worldwide Sustainability at Amazon. “The development of sustainable and decarbonizing technologies will help facilitate the transition to a low-carbon economy and protect the planet for future generations.”