QIA helps raise $318m for US electric aircraft maker

Beta

• US company’s funding passes $1bn
• Aircraft due in coming months
• ‘Making energy transition a reality’

A funding round led by the Qatar Investment Authority (QIA) has raised $318 mlllion for Beta Technologies, a US electric aerospace company that is developing all-electric aircraft and infrastructure. 

Beta, based in Vermont, said the series C equity capital funding would help support the production, certification and commercialisation of its fixed-wing and eVTOL (electric vertical take-off and landing) aircraft.

“At QIA, we seek out companies that are well-positioned to become category leaders by addressing critical challenges with innovative solutions,” said Mohammed Al-Sowaidi, chief investment officer for Americas at QIA.

“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.” 

• Saudia prepares to launch electric jet service

• Dubai to launch air taxi service in 2026

• Archer Aviation says UAE is ahead in air taxi race

The funding round was backed by previous investors including Fidelity Management & Research Company and TPG Rise Climate. It brings the total raised to date to more than $1 billion. 

Kyle Clark, Beta’s founder and CEO, said: “This investment validates progress and milestones toward commercialising electric aviation.”

The company is certifying two variants of its all-electric aircraft with the US Federal Aviation Administration: ALIA CTOL (conventional take-off and landing), which uses a runway, and ALIA VTOL. 

In addition to its aircraft, Beta has designed and certified, and is manufacturing, charging systems for aircraft, as well as ground EVs of all types.

Beta has orders for its electric aircraft from Air New Zealand, UPS, the US Air Force and the US Army, among others. The orders, which are being produced at its 200,000 sq ft (18,600 sq m) manufacturing facility, will be delivered to customers in the coming months, the company said.

In May, Qatar’s Ministry of Transport announced plans to start eVTOL trials by early next year.

Saudi Arabia and the UAE also have plans to introduce air taxis in the coming years. Saudi Arabia had a trial run in June of unmanned air taxis during the Hajj pilgrimage. 

The US company Joby Aviation has revealed plans to launch air taxi services in Dubai in 2025, while the eVTOL manufacturer Archer Aviation is seeking approvals to launch flights by the end of 2025 from Dubai to Abu Dhabi. 

A report from the consultancy Markets and Markets has predicted that the global flying car market will grow from $74 million in 2022 to $921 million by 2030.