BETA has raised $318m from its Series C funding round led by the Qatar Investment Authority.
The Vermont-based electric aircraft developer has now raised more than $1bn in equity capital to date. The oversubscribed round saw several of BETA’s largest investors, including Fidelity Management & Research Company and TPG Rise Climate, increase their ownership in the company. Long-time customer United Therapeutics also joined the round as an investor.
The Series C was priced at a higher valuation relative to previous equity capital raises. Goldman Sachs acted as exclusive placement agent and Kirkland & Ellis served as counsel on the fundraise.
Mohammed Al-Sowaidi, chief investment officer for the Americas at Qatar Investment Authority (QIA), said: “At QIA, we seek out companies that are well positioned to become category leaders by addressing critical challenges with innovative solutions. BETA is a leader in the electric aviation market and our participation in this funding round is fully aligned with QIA’s efforts to invest in companies making the energy transition a reality.”
BETA said equity raised will feed directly into certification and ramp-up to production of the firm’s Alia CTOL and VTOL aircraft variants and electric motors. The funding will also support the build-out of BETA’s multimodal charging systems and growing infrastructure network.
“This investment validates progress and milestones towards commercialising electric aviation,” said Kyle Clark, BETA’s founder and CEO. “For years, we’ve flown across the country and deployed with partners to prove the safety and reliability of our aircraft and chargers. Now, we’re beginning to produce products for our customers. This continued belief and trust in this team and our vision will be good for the investors and good for the world. We are grateful for their shared vision.”
Owning and controlling key enabling technologies for electric aviation — such as the electric motor, inverter, battery packs, high-voltage distribution and safety-critical flight controllers — forms the basis of BETA’s approach to commercialisation. The company has also partnered with legacy suppliers on components where it makes sense to do so. This approach, BETA claims, has optimised production timelines, clarified certification pathways and diversified revenue streams within BETA’s business.
In late 2023, BETA opened a manufacturing facility, just shy of 200,000 square feet in size, where it is producing aircraft and charging cubes today. The facility has capacity to produce up to 300 aircraft per year, with first deliveries expected in the “coming months”, the company revealed. The company has deposit-backed contract orders with global operators including UPS, United Therapeutics and Bristow. It also has government orders from the US Air Force and the US Army.
BETA plans to continue to increase production rates over the next 18 to 24 months.
