Oct 31 - Electric aerospace company Beta Technologies

said on Thursday it had raised more than $300 million in equity

capital to support the continued production of its all-electric

fixed-wing and eVTOL aircraft that can takeoff and land

vertically.

The investment was led by Qatar Investment Authority (QIA),

Qatar's sovereign wealth fund, and saw the participation of

other investors including Fidelity and TPG. Beta's longtime

customer United Therapeutics ( UTHR ) also joined as an

investor.

WHY IT'S IMPORTANT

The funding could accelerate Beta's progress in the air

transport industry as it works to lower carbon emissions.

In an effort to reduce its climate impact, the global

aviation industry is focusing on the advancement of sustainable

aviation fuel and next-generation aircraft powered by electric,

hybrid and hydrogen propulsion technologies.

Last year, Beta said it was pursuing Federal Aviation

Administration (FAA) certification of the CX 300 - a

conventional takeoff and landing version of its Alia 250 eVTOL

aircraft.

BY THE 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. It did not disclose its new valuation.

Beta closed a $375 million Series B funding round in 2022,

led by TPG and including a second investment from Amazon's ( AMZN )

Climate Pledge Fund.

KEY QUOTE

"This investment validates (Beta's) progress and milestones

toward commercializing electric aviation," said CEO Kyle Clark.