Franco-American hydrogen aviator Beyond Aero has raised an additional $20m in a Series A round led by Giant Ventures and the French Sovereign Fund (Bpifrance).
Seeing participation from Initialized Capital, the founders of Airbnb and Dropbox; Nate Blecharczyk and Arash Ferdowsi; as well as “several high-profile athletes,” the round brings the company’s total raised capital to $44m.
With plans of developing the first hydrogen-powered electric business aircraft, the Toulouse-headquartered aviator completed France’s “first” manned fully hydrogen-electric test flight in February.
Read more: Beyond Aero completes France’s ‘first’ manned fully hydrogen-electric flight test
However, the company’s commercial aircraft design “One” is planned to carry six to 8 passengers for 800 nautical miles, using fuel cells; aiming the aircraft at high-net-worth individuals.
The firm says it has secured Letters of Intent (LOIs for 108 aircraft, representing $914m.
Beyond Aero co-founder and CEO, Eloa Guillotin, said the new investments brought “invaluable” guidance, scaling experience, and commitment to the France 2030 plan.
“With prominent figures who share our vision, we are making aviation electric and achieving our global ambitions,” she said.
Brett Gibson, Managing Partner at Intialized, stressed, “We led Beyond Aero’s seed because we saw in Eloa both the determination and the skills to make hydrogen-powered business planes a reality, and there was no question that we would continue our support in their Series A.”
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