Beta Technologies, the pioneering electric aircraft manufacturer in South Burlington, has raised another $318 million in equity capital to fund its continued growth at a production facility opened last fall at Patrick Leahy Burlington International Airport, according to a news release.
The Series C funding, characterized as a late-stage round of investment for a start-up that has already raised significant capital, included some of Beta’s largest investors, as well as longtime customer United Therapeutics. Fidelity Management & Research Company and TPG Rise Climate increased their ownership in Beta, which has raised more than $1 billion in equity capital to date.
Beta’s Alia aircraft on the production line at the company’s facility in South Burlington.
“This investment validates progress and milestones toward commercializing electric aviation,” Kyle Clark, Beta’s founder and chief executive officer, said in a statement. “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. The continued belief and trust in this team and our vision will be good for investors and good for the world. We are grateful for their shared vision.”
Qatar’s investment authority sees Beta becoming a ‘category leader’
The new funding will support the continued production, certification and commercialization of Beta’s all-electric fixed-wing and eVTOL (vertical take-off and landing) aircraft, Alia, as well as advanced high-performance electric propulsion systems and multimodal charging systems, not to mention a growing infrastructure network to support electric aircraft.
Mohammed Al-Sowaidi, chief investment officer for Americas at QIA, Qatar’s investment authority, said QIA seeks out companies that are poised to become “category leaders.”
“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 the companies that are making the energy transition a reality,” Al-Sowaidi said in a statement.
In late 2023, Beta opened a nearly 200,000 square foot manufacturing facility near Williston Road, where its team is currently producing aircraft for delivery to customers, and charging cubes for deployment to the network. As they come off the production line, these aircraft will begin to fulfill Beta’s deposit-backed contracts with companies including Air New Zealand, UPS, United Therapeutics, Blade Urban Air Mobility, Bristow, Helijet, LCI, the U.S. Air Force and the U.S. Army.
The latest capital raise of $318 million will be used to “propel” the certification of Beta’s aircraft and electric motors, the company said. It will also directly support the continued “ramp-up” of production. Beta’s production facility has the capacity to produce up to 300 aircraft per year.
While it has already begun production of aircraft to be delivered to customers in the coming months, Beta said it will continue to increase production rates over the next 18 to 24 months.