Electra.aero on Monday said it has raised $115 million in Series B funding to enter the pre-production and certification phase of its EL9 ultra short aircraft it is developing for commercial and military use.
The funding round was led by Prysm Capital
with participation by Honeywell‘s [HON] ventures arm.
The EL9 features blown lift technology and hybrid-electric propulsion—allowing it to take-off and land in 150 feet—the quiet of an electric aircraft, and the ability to operate similar to a helicopter but with the safety and range advantages of a fixed-wing aircraft. The EL9 can carry up to nine passengers with baggage, or 3,000 pounds of payload up to 30 nautical miles. The aircraft’s batteries recharge in-flight, eliminating the need for ground charging stations.
The company has more than 2,200 pre-orders for operators that would use the EL9 in the commercial advanced air mobility sector, and more than 20 Small Business Innovation Research contracts with the Air Force, Army, Navy, and NASA. Electra also has a Strategic Funding Increase contract with the Air Force to develop the EL9 for military uses.
“The EL9 Ultra Short opens the door to opportunities to establish new commercial routes, connect communities currently lacking aviation infrastructure, and enable entirely novel logistics capabilities for warfighters,” Marc Allen, Electra’s CEO, said in a statement.
Electra aims to begin flight testing the aircraft in 2027, and to achieve Federal Aviation Administration type certification in 2028 or 2029 with a goal of entering commercial service in 2029.
With the investment, Jay Park, co-founder and managing partner of Prysm, has been added to Electra’s board of directors. Electra is based in Northern Virginia and has about 80 employees.
Previous funding rounds included Lockheed Martin’s [LMT] ventures unit, Honeywell, and France’s Safran.