A joint U.S and European aerospace startup, has raised USD4.5 million in seed financing for the development of an electric aircraft, reports a press release. The company, Cosmic Aerospace, says it will be the world’s first electric example, capable of flying more than 600 miles.
The release states, “Instead of relying on future battery improvements, Cosmic is focusing its engineering efforts on the development of an airframe and propulsion system.”
The new funds will help develop the company’s embedded wing design, a key enabler for achieving the energy efficiency Cosmic is targeting for its zero-emission aircraft that can carry 24 passengers.
The full-scale flight demonstrator is on track for its first flight in 2026, with entry into service targeted at the end of the decade. The company has already built and tested a full-scale operational electric engine.
Christopher Chahine, co-Founder and CEO of Cosmic, commented, “The technology exists to build long-range electric aircraft, but needs to be developed into a commercial product that is certifiable in current and future regulatory frameworks.”
Christopher Chahine
The seed round was led by climate tech-focused venture capital firm, Pale Blue Dot, with participation from fellow climate tech investors including Aera VC, Visionaries Club Tomorrow, Fifty Years, Possible Ventures, Syndicate One, Course Corrected, Understorey Capital and Samurai Incubate.
Joel Larsson, general partner at Sweden-based Pale Blue Dot, remarked, “We are impressed by the pragmatic development approach the team at Cosmic has demonstrated and are convinced that this is the right way forward to enable the true decarbonisation of aviation. We believe the Cosmic team has what it takes to lead the aviation industry into a sustainable future.”
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