US-based electric aviation technology developer Beta Technologies picked up $368m in a funding round yesterday backed by e-commerce and cloud computing company Amazon.
Fidelity Management and Research led the round, which also featured Redbird Capital and undisclosed new and existing backers. Amazon contributed through its Climate Pledge Fund and the oversubscribed round valued Beta at $1.4bn, according to CNBC.
Beta Technologies is working on electric vertical aircraft that can carry 1,500 pounds of cargo or up to six people, covering a distance of 250 nautical miles (463 kilometres) on a single charge.
The funding has been allocated to continued development of Beta’s electric propulsion systems and controls, and the construction of manufacturing facilities.
Kara Hurst, vice-president, and head of worldwide sustainability at Amazon, said: “We support Beta Technologies’ mission to reshape air transportation through zero-emission aviation and are proud to invest in them through Amazon’s $2bn Climate Pledge Fund.
“The development of sustainable and decarbonising technologies will help facilitate the transition to a low-carbon economy and protect the planet for future generations.”
Beta Technologies previously obtained $143m in funding in March 2021, according to TechCrunch, but further details could not be ascertained.
