ImpactAlpha, April 21 – Green aviation startups are raising big rounds from big-name investors. Vermont-based Beta is building electric battery-powered planes that take off like a drone and can carry up to 1,500 pounds of cargo, or six people, including the pilot, the company says.
With a 30-minute charge, Beta’s planes can fly up to 250 miles, farther than the distance between Washington, D.C. and New York City.
Beta is targeting the short-range cargo delivery market, including transporting organs and other last-mile deliveries. It has several partnerships, including biotech company United Therapeutics and UPS, which already ordered 10 of Beta’s electric aircraft.
Beta’s $345 million Series B round, led by TPG Rise Climate and Fidelity, brings Beta’s total raised to nearly $800 million. It raised a $368 million Series A round last year.
The financing “allows us to complete the construction of our production facilities” said Beta’s Kyle Clark. Beta’s immediate focus is on cargo and logistics, with passenger aircraft to follow.