
- 28 Feb 2022 11:14 AM
- 0
Electra.Aero Adds Funding, Partners
Electra.Aero, a developer of hybrid-electric eSTOL aircraft based in Falls Church, Virginia, announced that it has secured new funding and partnerships. On Jan. 18, Electra announced that it received an investment in its Series A funding round from Lockheed Martin Ventures, the venture capital arm of Lockheed Martin Corporation. The investment, the size of which has not been disclosed publicly, will support Electra’s plans to begin flight testing a demonstrator later this year. On Feb. 8, Electra announced that it had received a Phase III Small Business Innovation Research (SBIR) contract from the US Air Force’s Agility Prime program to accelerate plans to begin flight testing; the award follows a Phase II SBIR contract in June 2021.
On Feb. 10, Electra and Yugo, a Singapore-based air mobility platform, announced a partnership to bring Electra’s eSTOL aircraft to the Asia-Pacific region. Yugo intends to acquire up to 12 Electra eSTOL aircraft and will work with Electra to jointly pursue urban and regional markets to be served by the aircraft.
The partnership is the latest is a series of planned orders for the Electra aircraft. In addition to the Yugo deal, Electra has received conditional orders for at least 280 eSTOL aircraft, according to SMG Consulting.
Leave a Comment