Electra has announced it has secured USD115 million in Series B funding to enter the pre-production and certification phase of the EL9 Ultra Short aircraft which can take off and land in 150 feet – roughly 10% of the footprint required for similarly-sized legacy airplanes, said the company in a press statement.
The round was led by Prysm Capital, and Jay Park, Co-Founder and Managing Partner at Prysm, has joined Electra’s Board of Directors.
“By integrating blown lift technology with hybrid-electric propulsion, Electra’s nine-passenger EL9 Ultra Short offers a range of transformative dual-use capabilities,” continued the press statement. “It operates with the landing and takeoff versatility of a helicopter, the quiet of an electric vehicle, and the cost advantage and safety of a fixed-wing, fixed-propeller aircraft. With the EL9, commercial operators can connect communities that lack traditional aviation infrastructure, fly into airports with strict noise restrictions, create new opportunities and business models for cargo services, and save travelers significant time.
“For defense operators, the EL9 introduces novel logistics and troop transport capabilities, including the ability to take off and land with a low signature in helicopter-sized spaces in remote, austere areas and providing mobile power capabilities while building on the safety, cost, and range advantages of a fixed-wing aircraft.
“Electra has secured more than 2,200 pre-orders valued at over USD10 billion for the EL9 – marking one of the largest provisional order pipelines in the commercial Advanced Air Mobility sector. Additionally, Electra has won over 20 Small Business Innovation Research (SBIR) contracts from the U.S. Air Force, U.S. Army, U.S. Navy, and NASA, and is currently performing on a Strategic Funding Increase contract with the U.S. Air Force to develop the EL9 for military use cases.
Lockheed Martin Ventures, Honeywell and Safran are among Electra’s strategic investors along with Prysm Capital, Statkraft Ventures, the Virginia Innovation Partnership Corporation (VIPC), and other private investors.
For more information
https://www.electra.aero/news/electra-raises-115-million