31 July 2022 || 5 min read
VerdeGo Aero, one of the world’s only companies specializing in hybrid-electric aerospace propulsion systems, has announced a $12M Series A round led by RTX Ventures (Raytheon Technologies). The funds raised will go towards the acceleration of new hybrid-propulsion technologies.
Above: VerdeGo Aero’s VH-3 Hybrid Power plant
Founded in 2017 by the grandson of famed aviator Charles Lindbergh, VerdeGo is on the forefront of electric propulsion with high-efficiency flexible power plants that enable electrification to be applied to a broad array of aircraft types and mission requirements.
VerdeGo Aero was originally founded as a potential eVTOL aircraft developer, but pivoted its strategy in 2018 in to focus on providing hybrid propulsion solutions for electrically-powered aircraft such as eVTOLs, eSTOLs and more. Since adjusting its strategy, VerdeGo has gained a solid reputation in this field by forming partnerships with Airflow (now acquired by Electra.aero), Continental Aerospace, XTI Aircraft, and even Jaunt Air Mobility, which was formerly part of the Uber Elevate project. It also recently announced the development of its VH-3-185 hybrid power plant, which is 40% more efficient than comparable internal combustion plants, and could power all kinds of commercial-grade electric aircraft.
Now, VerdeGo has announced a successful Series A fundraising round of $12M, prominently backed by RTX Ventures of Raytheon Technologies, a highly experienced multinational company with several decades of experience in developing new technology products. In particular, VerdeGo will work with Pratt & Whitney, a famed subsidiary of Raytheon that has been making aircraft engines since as early as 1925, and provided engines for the United State’s f-35 fighter jets. Together, Pratt & Whitney and VerdeGo will collaborate by leveragingP&W’s capabilities including engine development, certification experience and global powerplant support.
Above: XTI Aircraft’s TriFan 200, an unmanned cargo eVTOL that will be powered by VerdeGo’s Hybrid-Electric propulsion system
Said Pat CTO and co-founder of VerdeGo Aero Dr Pat Anderson, ““Electrification of aircraft enables new aircraft designs and new mission types that are only possible by leveraging the responsiveness, light weight, and adaptability of electric motors. However, most commercial and military missions require performance and endurance that go far beyond the capabilities of battery technologies. VerdeGo’s hybrid systems create an efficient
method for combining sustainable liquid fuels and electrification to get the best of both worlds.”
Daniel Ateya, managing director of RTX Ventures, commented, “Delivering sustainable aviation technologies to help our customers bend the emissions curve remains one of Raytheon Technologies’ most important priorities. Our investment represents one of the ways we’re working to deliver a more sustainable future.”
Why it’s important: VerdeGo Aero, having already made immense progress in creating its own hybrid-propulsion system business, will now have access to Pratt & Whitney’s immense sum of aircraft powerplant system knowledge and expertise. By partnering with VerdeGo, Raytheon Technologies has furthered its effort to bring net-zero carbon emissions to the civil aviation industry by 2050. Together with the resources now being offered by P&W and Raytheon, VerdeGo’s hybrid systems will now likely be utilized in a large number of the hybrid-electric aircraft soon arriving on the market.
Source // VerdeGo Aero, Raytheon Technologies
Article originally published on transportup.com as Verdego Aero Raises $12M in Series A Funding Round, Partners with Raytheon – TransportUP
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