Deals
Fidelity, Amazon Back E-Plane Startup in $368 Million Funding
- Beta Technologies to build electric aircraft for cargo, people
- Funds to allow manufacturing for 2023 delivery to Air Force
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Beta Technologies Inc., a startup planning to make an electric plane that takes off like a helicopter, roped in $368 million of funding from Fidelity Management & Research Co. and Amazon.com Inc.
The funding will take Beta from the test aircraft it flies now through the construction of a factory and the first deliveries to the U.S. Air Force in 2023, said Kyle Clark, founder and chief executive officer. Fidelity offered to fund the entire round, but the amount was increased to add investors, including Amazon’s Climate Pledge Fund, which seeks startups that can help the internet retailer reach net-zero carbon emissions by 2040, he said.