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Business/Financial

Raytheon Technologies Leads Funding Round In Hybrid-Electric Propulsion Startup

By Cal Biesecker

Wednesday, July 27th, 2022

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Raytheon Technologies Leads Funding Round In Hybrid-Electric Propulsion Startup

VerdeGo Aero hybrid powerplant. Photo: VerdeGo

VerdeGo Aero, a startup company developing hybrid-electric propulsion for aircraft, on Wednesday announced a $12 million funding round led by RTX Ventures, the corporate capital group of Raytheon Technologies [RTX]. The specific value of RTX’s investment wasn’t disclosed. Other participants in the Series A investment include DiamondStream Partners, aerospace precision machining company Seyer Industries, Avfuel Technology Initiatives Corporation (ATIC), which is part of aviation fuel supplier Avfuel Corp., and Standish Spring Investments. VerdeGo, which was founded in 2017 and is…

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