Electric aerospace company Beta Technologies announced Thursday that it has raised more than $300 million in equity capital to support continued production of its all-electric fixed-wing and eVTOL aircraft that can take off and land vertically.

The investment was led by the Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, and saw participation from other investors including Fidelity and TPG. Long-time Beta customer United Therapeutics also joined as an investor.

WHY IT IS IMPORTANT

This funding could accelerate Beta’s progress in the airline sector, as part of its efforts to reduce carbon emissions.

In an effort to reduce its climate impact, the global aviation industry is focused on advancing sustainable aviation fuel and next-generation aircraft powered by electric, hybrid and hydrogen propulsion technologies.

Last year, Beta announced that it was seeking Federal Aviation Administration (FAA) certification of the CX 300 – a conventional takeoff and landing version of its Alia 250 eVTOL aircraft.

IN NUMBERS

The Vermont-based company raised $318 million in the Series C funding round, bringing the total raised to more than $1 billion to date. He did not disclose his new valuation.

Beta closed a $375 million Series B funding round in 2022, led by TPG and including a second investment from Amazon’s Climate Pledge Fund.

KEY QUOTE

“This investment validates (Beta’s) progress and steps toward commercializing electric aviation,” said CEO Kyle Clark.

(This story has been refiled to add reporting and editing credits)