BETA Technologies, an electric aerospace firm based in Vermont, has successfully raised $318 million in Series C equity funding. The round was led by the Qatar Investment Authority (QIA), with participation from existing major investors such as Fidelity Management & Research Company and TPG Rise Climate, who increased their stakes in the company. Notably, longtime customer United Therapeutics also joined this investment round. The financing was priced at a higher valuation than previous capital raises and was significantly oversubscribed. To date, BETA has secured over $1 billion in equity funding.
Over the last eight years, BETA has focused on creating sustainable solutions that enhance the safety and reliability of transporting goods and people. The new funding will further the production, certification, and commercialization of BETA’s innovative products, including its all-electric fixed-wing and eVTOL aircraft, ALIA, along with advanced electric propulsion systems and a growing network of multimodal charging solutions.
Kyle Clark, BETA’s Founder and CEO, expressed gratitude for the investment, stating, “This investment validates progress and milestones toward commercializing electric aviation. We’ve flown across the country to prove the safety and reliability of our aircraft and chargers. Now, we’re producing products for our customers. This continued belief in our vision will benefit both our investors and the world.”
Mohammed Al-Sowaidi, Chief Investment Officer for Americas at QIA, highlighted BETA’s position as a leader in the electric aviation market, aligning with QIA’s mission to invest in companies facilitating the energy transition.
BETA’s aircraft are designed for optimal payload and range, supporting the company’s goal of making air travel greener and more cost-effective. The company is currently certifying two variants of its aircraft with the FAA: the ALIA CTOL, which operates from runways, and the ALIA VTOL, capable of vertical takeoff and landing. Both models share design features and leverage BETA’s advanced propulsion technologies.
In addition to aircraft, BETA is manufacturing multimodal charging systems compatible with its own aircraft and various ground EVs. It is the sole provider of UL Certified grid-tied charging systems for aircraft, with several other manufacturers adopting its chargers. BETA is actively building a network of charging systems across U.S. airports, funding this expansion through customer orders and government grants. The company has already established infrastructure in the eastern and southern U.S. and plans to extend its network nationally and internationally.
In late 2023, BETA inaugurated a nearly 200,000-square-foot manufacturing facility dedicated to producing aircraft and charging systems. As production ramps up, BETA is set to fulfill contracts with major clients such as Air New Zealand, UPS, United Therapeutics, and the U.S. military.
The capital raised in the Series C round will accelerate the certification of BETA’s ALIA aircraft variants and electric motors, supporting increased production and delivery efforts as electric aviation takes off.
BETA has been operating its aircraft and charging systems for over four years, successfully navigating busy airspace and completing missions with the U.S. Department of Defense. The company has demonstrated significant cost savings over traditional fuel-based aircraft and achieved industry milestones, including the first crewed transition of a production-intent eVTOL.
BETA’s commercialization strategy involves controlling key electric aviation technologies while collaborating with top aerospace suppliers for other components. This approach streamlines production, clarifies certification paths, and diversifies revenue streams.
The facility has a production capacity of up to 300 aircraft annually, and BETA is ramping up its manufacturing capabilities in the coming months. Alongside increasing production, BETA will work with customers to establish robust training and support programs to enhance operational efficiency and promote sustainable aviation.
Goldman Sachs & Co. LLC acted as the exclusive placement agent for BETA in this capital raise, with Kirkland & Ellis, LLP serving as legal counsel.
