ESG Today writes that Vermont-based BETA Technologies, a company founded 8 years ago, plans to use the funds to continue the research for its vertical take-off electric aircraft, which can travel up to 250 nautical miles with six people, as well as the pilot. Alternatively, one pilot can travel with up to 680 kilograms of cargo in the aircraft.

BETA officials say that the company seeks to certify two of its aircraft, the model that uses a runway to take off and land ALIA CTOL, as well as the vertical unit ALIA VTOL. Compared to traditional aircraft, these models offer an emissions-reduction of 83% and 65% respectively, as well as lower operational costs per hour, by 50% and 75%.

Kyle Clark, BETA’s founder and CEO, said that "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."

QIA, Fidelity Management & Research Company and TPG Rise Climate were among the investors who contributed to the 318 million USD funding round.

Photo source: BETA